PUBLISHER: The Business Research Company | PRODUCT CODE: 1522273
PUBLISHER: The Business Research Company | PRODUCT CODE: 1522273
Online legal services encompass digital platforms and tools offering legal aid, advice, document drafting, and other related services via the internet. They offer individuals and businesses convenient and affordable access to legal assistance without requiring face-to-face meetings. These services cater to various legal requirements such as contracts, wills, business setups, and consultations.
The primary service categories within online legal services consist of legal document preparation, legal advice and consultation, legal research, legal representation, and additional offerings. Legal document preparation entails the creation and compilation of legal documents, such as contracts, agreements, and forms, ensuring compliance with relevant laws and regulations. Typically accessible through diverse platform types such as websites, mobile applications, and desktop applications, these services cater to a broad user base, including individuals, small and medium-sized enterprises (SMEs), large enterprises, legal professionals, and others.
The online legal services market research report is one of a series of new reports from The Business Research Company that provides online legal services market statistics, including the online legal services industry global market size, regional shares, competitors with online legal services market share, detailed online legal services market segments, market trends, and opportunities, and any further data you may need to thrive in the online legal services industry. These online legal services market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The online legal services market size has grown rapidly in recent years. It will grow from $19.34 billion in 2023 to $22.05 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to regulatory changes, convenience and accessibility, increased awareness and trust, expansion of service offerings, and globalization.
The online legal services market size is expected to see rapid growth in the next few years. It will grow to $37.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The anticipated growth during the forecast period is driven by heightened demand for economical legal solutions, improved user experiences, integration with other online services, augmented internet accessibility, and technological progress. Significant trends expected in the forecast period encompass heightened adoption of AI and automation, expansion of subscription-based legal services, proliferation of legal tech startups, development of online dispute resolution (ODR), increase in do-it-yourself (DIY) legal platforms, and incorporation of legal analytics and predictive tools.
The surge in remote work is poised to drive the expansion of the online legal services market in the future. Remote work entails the practice of fulfilling job duties and tasks from a location other than the traditional office, often facilitated by digital technology and communication tools. This trend is gaining momentum as advanced collaboration tools streamline team productivity from any location. Moreover, it is fueled by an increasing emphasis on achieving a balance between work and personal life, granting employees greater flexibility and independence. Online legal services play a pivotal role in supporting remote work by offering virtual legal assistance for tasks such as contract drafting and compliance, ensuring smooth operations across distributed teams. For instance, in February 2023, according to the Office for National Statistics, a UK-based non-ministerial department, approximately 38% of employed adults reported working remotely between April 27 and May 8, 2022, when the recommendation to work from home was lifted in Great Britain. During the most recent period, from January 25 to February 5, 2023, about 40% of working adults stated they had worked from home at least once in the past seven days. Thus, the rise of remote work is fueling the growth of the online legal services market.
Prominent companies in the online legal services sector are concentrating on the development of technologically sophisticated solutions, such as AI-driven software, to effectively handle contracts and gain a competitive advantage in the industry. AI-driven software utilizes artificial intelligence and machine learning algorithms to enhance the delivery of legal services via online platforms. For example, in October 2023, Contract Understanding, a legal-tech startup based in South Africa, introduced an AI-powered contract management solution. This platform leverages artificial intelligence (AI) and machine learning technologies to streamline the intricate and error-prone contract management process. The solution provides enhanced insights into contracts, mitigates risks, and automates various procedures. It can analyze and extract crucial data from each contract, offering comprehensive visibility into all contracts managed by a company.
In March 2021, MyCase Inc., a US-based company specializing in legal practice management software, acquired CASEpeer for an undisclosed sum. This acquisition allowed MyCase Inc. to augment its legal practice management solutions by incorporating advanced case management features, enhancing client service capabilities, and broadening its market presence. CASEpeer, also based in the US, specializes in providing personal injury law software and case management solutions.
Major companies operating in the online legal services market are Thomson Reuters Corporation, Axiom Law, Upstart Holdings Inc., LegalZoom.com Inc., LegalShield, Rocket Lawyer, JustAnswer, LegalMatch, Lateral Link Group, LegalVision, Ironclad, MyCase, LawDepot, PracticePanther, Lexly AB, Priori Legal Inc, Lawpath Operations, LegisOne, LawTrades Inc., LawTarazoo, LegalNature, UpCounsel, DirectLaw Inc., NetLaw Inc.
North America was the largest region in the online legal services market in 2023. The regions covered in the online legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the online legal services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The online legal services market includes revenues earned by entities by providing services such as legal education and training delivered through online platforms, virtual legal consultations, and electronic signature services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Online Legal Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on online legal services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for online legal services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The online legal services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.