Scope of the Study
Legal practice management software (LPMS) offers a completely legal accounting solution and integrated legal practice management in a single application. It can be used by law firms to manage important documents, appointments & schedule, client and case records, accounting & billing and deadlines of cases. Increasing adoption of cloud-based LPMS and limited requirements for hardware infrastructure are the major driving agents in the growth of the very market. Moreover, its flexibility to scale up and down depending on the company's requirements, high speed of deployment, and lower upfront costs, also encourage many companies to adopt the cloud-based LPM software services.
The market study is being classified, by Application (Law Offices, Law Schools and Others) and major geographies with country level break-up. According to AMA, the Global Legal Practice Management Software market is expected to see growth rate of 11.0% and may see market size of USD2.0 Billion by 2024.
Eclipse Legal Systems (United Kingdom), Matrix Pointe Software (United States), MITRATECH (United States), Orion Law Management Systems (United States), Rippe & Kingston (United States), Select Legal Systems (United Kingdom), Solicitors Own Software (United Kingdom), TimeSolv (United States), The Legal Assistant (United States), Wise Owl Legal (Australia) and AppleSource Software (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are BHL Software (Australia), CosmoLex (United States) and DPS Software (United Kingdom).
The market is dominated by key players as they have wide geographical presence. Vendors are focusing on launching innovative products in order to establish their business presence to sustain in highly competitive market, vendors are focusing on unique product design and marketing strategy. Research Analyst at AMA predicts that United States and United Kingdom Players will contribute to the maximum growth of Global Legal Practice Management Software market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Legal Practice Management Software market by Type, Application and Region.
On the basis of application, Law Offices segment is dominating the market in the year 2018 where as Law Schools segment stood as second largest market.
On the basis of geography, the market of Legal Practice Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment, the sub-segment i.e. On-Premise will boost the Legal Practice Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Pricing Strategy of various vendors
- Surging adoption of cloud-based legal practice management software
- The availability of adequate IT infrastructure and the high penetration of law firms in developing and developed countries
- Increasing adoption of user friendly software to enhance the customer satisfaction
- deployment of mobile legal practice management apps
- Lack of IT infrastructure and low penetration of law firms in underdeveloped economies
- Need to increase productivity and efficiency
- Emergence of outsourcing for legal process
- Integration of artificial intelligence (AI) with legal practice management software
- High implementation and maintenance costs
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact equivalent to 4% of global annual sales
Key Target AudienceLegal Practice Management Software Providers, Service Providers, Software Developers, End Users and Others
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