TMCnet News

Legal Practice Management Software Market Size to Reach USD 3532.5 Million by 2027 at a CAGR of 12.7% | Valuates Reports
[October 13, 2021]

Legal Practice Management Software Market Size to Reach USD 3532.5 Million by 2027 at a CAGR of 12.7% | Valuates Reports


BANGALORE, India, Oct. 13, 2021 /PRNewswire/ -- The Legal Practice Management Software Market is Segmented by Type (Cloud Based, On Premise), by Application (Law Firms & Attorneys, Courts). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Legal Services Category.

Valuates_Reports_Logo

The global Legal Practice Management Software market size is projected to reach USD 3532.5 Million by 2027, from USD 1529.7 Million in 2020, at a CAGR of 12.7% during 2021-2027.

Legal practice management software is software designed to manage a law firm's case and client records, billing and bookkeeping, schedules and appointments, deadlines, computer files and to facilitate any compliance requirements such as with document retention policies, courts' electronic filing systems, etc.

Major factors driving the growth of legal practice management software are: 

  • The widespread adoption of cloud-based legal practice management software, as well as easy access to advanced IT infrastructure, are likely to affect the growth of the legal practice management software business.
  • The rise of the legal practice management software industry will be accelerated by the increased penetration of law businesses in emerging economies as well as developed countries.
  • Furthermore, the incorporation of features such as reporting, sharing, contact databases, and appointment scheduling will accelerate the growth of the legal practice management software market.

View Full Report: https://reports.valuates.com/reports/QYRE-Auto-36M602/global-legal-practice-management-software 

TRENDS INFLUENCING THE GROWTH OF LEGAL PRACTICE SOFTWARE MANAGEMENT MARKET

The legal practice management software market is expected to increase significantly over the next decade, since critical information and data are easily accessible via the software, and the confidentiality and security of the stored data can be assured through its backup. Furthermore, the legal practice management software market is expected to benefit from the integration of new technologies such as artificial intelligence (AI) with legal practice management software in the near future.

Legal practice management software aids in the investigation of management practices from a legal standpoint. The program aids in the organization and management of client records and legal cases, as well as scheduling appointments, billing, bookkeeping, computer filing, and meeting deadlines. In addition, legal practice management software aids in meeting court requirements such as electronic filing structures and document retention laws. Because law schools rarely teach new lawyers about the commercial aspects of running a legal firm, many firms have turned to technology to shorten the learning curve and eliminate clerical errors. Thus the advantages offered by the legal practice management software are likely to boost the legal practice management software market in the near future.

Furthermore, the emergence of legal process outsourcing will be a key driver for the growth of the legal practice management software market. Many larger companies are outsourcing legal services because it reduces operational expenses and allows them to achieve maximum economies of scale. Companies may focus more on their core business activities using LPO, and they can get legal expertise at a cheaper cost at the outsourced site. This will also be linked to businesses' greater concentration on core competencies, which will promote the expansion of legal process outsourcing, which will, in turn, fuel the growth of the legal practice management software industry.

Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-36M602/Global_Legal_Practice_Management_Software_Market 

LEGAL PRACTICE SOFTWARE MANAGEMENT MARKET SHARE ANALYSIS

Based on type, the cloud-based segment is expcted to be the most lucrative segment in the legal practice management software market as companies are significantly adopting the cloud-based deployment model. The set of specialized solutions for legal service professionals, which includes time tracking, automatic invoicing, and flexible pricing, seamlessly integrates with cloud-based legal practice management software.



Based on application, the Law firms & attorneys are expected to be the most lucrative during the forecast period. Legal practice management software helps with the management of client files and law firm cases, as well as scheduling and appointments, billing and bookkeeping, computer files, and deadlines. It also makes any compliance needs, such as electronic filing systems, document retention policies, and so on, easier to meet. Law firms can use legal practice management software to help them manage their day-to-day tasks.

Based on the region, China is the largest market, accounting for about 20%. Next is Southeast Asia, accounting for about 15%.


Inquire for Regional Data: https://reports.valuates.com/request/regional/QYRE-Auto-36M602/Global_Legal_Practice_Management_Software_Market 

TOP COMPANIES IN THE LEGAL PRACTICE SOFTWARE MANAGEMENT MARKET

The main enterprises of legal practice management Software include Thomson Reuters, ELX Group, DPS Software, Hemis Solutions, Leap, etc. The top three accounting for about 35%.

Key Companies:

  • Themis Solutions
  • AppFolio
  • TrialWorks
  • Needles
  • The Legal Assistant
  • Legal Files
  • Smokeball
  • Rocket Matter
  • Leap
  • LawYee
  • Executive Data Systems
  • Eclipse Legal Systems
  • Abacus Data Systems
  • CaseFlow
  • Matrix Pointe Software
  • SmartAdvocate
  • BHL Software.

LEGAL PRACTICE SOFTWARE MANAGEMENT MARKET SEGMENTATION

Segment by Type

  • Cloud-based
  • On-premises

Segment by Application

  • Law Firms & Attorneys
  • Courts
  • Other Users.

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Russia
  • Nordic
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia
  • Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
  • Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA.

Inquire for Customized Report: https://reports.valuates.com/request/customisation/QYRE-Auto-36M602/Global_Legal_Practice_Management_Software_Market 

Buy Now for Single User: https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-36M602&lic=single-user 

Buy Now for Enterprise User: https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-36M602&lic=enterprise-user 

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS

Click here to see related reports on Legal practice management software market

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs. 

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources

CONTACT US:
Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call  +1-(315)-215-3225
For IST Call  +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com 
Follow on Twitter - https://twitter.com/valuatesreports
Follow on Linkedin - https://in.linkedin.com/company/valuatesreports
Follow on Facebook - https://www.facebook.com/valuatesreports

 

Cision View original content:https://www.prnewswire.com/news-releases/legal-practice-management-software-market-size-to-reach-usd-3532-5-million-by-2027-at-a-cagr-of-12-7--valuates-reports-301399030.html

SOURCE Valuates Reports


[ Back To TMCnet.com's Homepage ]