The Global Legal Technology Market size is expected to reach $45.1 billion by 2030, rising at a market growth of 9.3% CAGR during the forecast period

The legal industry in Asia Pacific is experiencing rapid growth thanks to the increasing adoption of artificial intelligence and machine learning technology. As a result, by the year 2030, the Asia Pacific region is projected to account for around 22% of the market.

Reportlinker.com has recently released a report titled "Global Legal Technology Market Size, Share & Industry Trends Analysis Report By Solution, By End User, By Type, By Regional Outlook and Forecast, 2023 - 2030." The report discusses the growing trend of businesses in the Asia Pacific region adopting new technologies for various legal tasks such as document management, legal research, contract analysis, and review. Moreover, the legal industry is witnessing the advantages of utilizing blockchain technology, which allows legal professionals to efficiently handle tasks like contract management and dispute resolution, all while ensuring a secure and unchangeable record of transactions.

Market participants are adopting Product Launches as their main strategy to meet the changing demands of customers. For example, in May 2023, Icertis introduced ExploreAI, their advanced AI-driven contract intelligence solution. ExploreAI combines Icertis' own AI models with the capabilities of large language AI models to analyze enterprise data, customer contract data, the Icertis Data Lake, and ChatGPT. This allows it to provide valuable business insights and outcomes. Furthermore, Everlaw, Inc. formed a strategic partnership with Sandline Global, a top service provider for eDiscovery, iManage, and Litera. This collaboration allows them to offer a unique and unparalleled solution for European clients, leveraging the expertise of Sandline Global.

According to the analysis in the KBV Cardinal matrix, RELX PLC is leading the way in the market. Additionally, in March 2023, Casetext announced CoCounsel, an AI legal assistant. This new product utilizes OpenAI's advanced language model, which has been customized by Casetext for legal purposes. By using CoCounsel, lawyers can rely on AI to handle tasks like legal research, document review, deposition preparation, and contract analysis, allowing them to focus on more important aspects of their work. Other companies such as Icertis, Inc., Filevine, Inc., and Casetext, Inc. are also driving innovation in the market.

Increasing demand for making decisions based on data The importance of using data to inform decisions is on the rise

Expert witnesses play a vital role in a case, and their expertise, credibility, and past experiences can have a significant impact on the outcome. Conducting thorough research and investigations on expert witnesses can be challenging, time-consuming, and demanding, as even a single mistake can have serious consequences for the case. When conducting such research, AI-powered technologies can be advantageous as they provide attorneys with access to crucial information about the expert, including their qualifications, involvement in previous cases, media appearances, and real-time updates on the latest data. Achieving success in business relies on organizations being able to adapt, respond, learn, and grow like living organisms. This can be achieved through a wide range of adaptable and comprehensive services.

Raising consciousness about the advantages of applying technology in the field of law

Companies are realizing that legal technology can improve the quality of legal services and eliminate the need for time-consuming administrative tasks. By quickly processing information, businesses can track essential data such as clients, billings, and cases using artificial tracking systems. This data can be analyzed in multiple ways, allowing businesses to anticipate changes in legal workflow and find effective solutions. As a result, the demand for legal technology is rapidly expanding, and this trend is expected to continue in the future.

Insufficient collaboration and creativity within the legal industry

A major obstacle to progress is the lack of real innovation among industry leaders, particularly when it comes to case management software. Efficient and successful legal case management requires the use of such software. According to experts in the field, the majority of cloud-based case management systems are still basic customer contact management systems, rather than providing comprehensive case management capabilities. This lack of innovation is particularly problematic for case management, as it prevents practices from keeping up with the evolving needs of the legal sector. Consequently, these factors may impede market expansion in the future.

The market is divided into two categories: software and services. The software section had the highest percentage of revenue in 2022. This increase is due to the increased utilization of legal software by legal departments and law firms, with the aim of reducing expenses, enhancing effectiveness, and optimizing operations. By incorporating innovative technologies such as artificial intelligence, machine learning, and blockchain, the industry is expected to have promising opportunities for profitable growth.

The software category is divided into two parts: cloud and on-premise. The on-premise section dominated the market revenue in 2022. By opting for an on-premise solution, businesses have complete authority over their data and can enforce security measures. This is especially crucial for sectors and organizations that have stringent privacy and security demands, like law firms managing sensitive client data or government agencies handling classified information. On-premise solutions enable organizations to adhere to specific regulations or industry standards effectively.

The market is divided into several categories, including e-discovery, legal research, practice management, analytics, compliance, document management, contract lifecycle management, time-tracking and billing, and others. The contract lifecycle management category was the top revenue earner in the market in 2022. Contract lifecycle management software takes care of all stages of contract management, from drafting to execution, ongoing management, and eventual termination or renewal. With businesses having a growing need to manage contracts more efficiently, the demand for this category in the market has increased.

In terms of users, the market can be categorized into law firms, corporate legal departments, and other entities. Among these, corporate legal departments accounted for a large portion of the market's revenue in 2022. Corporate legal departments are focusing strongly on minimizing their expenditure on external legal counsel and integrating time-saving technologies to simplify manual tasks and workflows. This is because in the past, numerous lawyers have reported that their department's adoption of new technologies and procedures has been sluggish, with only a few changes implemented each year or, in some cases, no changes at all, despite technology investment being consistently emphasized.

The market has been analyzed in different regions including North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment generated the highest revenue in the market. This region is projected to witness considerable growth as automation increases through the utilization of machine learning and artificial intelligence. Additionally, the adoption of cloud-based applications is on the rise in North America due to their cost-effectiveness, scalability, and flexibility, which creates numerous growth opportunities for the market. The integration of blockchain technology is also expected to drive the development of legal technology in North America, ensuring transparency and security in legal transactions.

The market research report contains an assessment of the important individuals and organizations involved in the market. Prominent companies featured in the report are Icertis, Inc., DocuSign, Inc., Knovos, LLC, RELX PLC (LexisNexis Risk Solutions, Inc.), Filevine, Inc., Casetext, Inc., ProfitSolv Corporation, Anaqua, Inc. (WiseTime), Paradigm, and Everlaw, Inc.

New Approaches Implemented in the Legal Tech Industry

Working together, joining forces, and reaching understandings.

In May 2023, Icertis, Inc. entered into a partnership with PwC and Microsoft, a renowned maker of software systems and applications for personal computers. This alliance aims to enhance the worth for businesses worldwide by combining the specialized knowledge of Microsoft, PwC, and Icertis in areas like contract management, artificial intelligence, and business revolution.

In May 2023, Everlaw, Inc. and Sandline Global joined forces in a strategic collaboration. Sandline Global, a leading provider of eDiscovery, iManage, and Litera services, brings its expertise to this partnership. Together, they have created an exceptional and unrivaled solution for clients in Europe.

June 2022: DocuSign revealed the widening of its alliance with Microsoft, a prominent creator of software for personal computers. Through this collaboration, the two companies aimed to introduce fresh connections and features that would improve the satisfaction of their users. These enhancements would allow customers to conveniently prepare, sign, and handle agreements in the cloud, irrespective of their location.

January 2022: Icertis, Inc. has grown its collaboration with SAP SE, a supplier of enterprise application software and software-related services. This partnership allows the company to introduce its contract intelligence, powered by AI, to the market. It aims to assist organizations in enhancing efficiency and reducing risk by providing advanced contract management solutions.

In November 2021, Icertis, Inc. established a collaboration with Accenture, a renowned Irish American enterprise that specializes in providing IT services and consultation. This collaboration aims to combine Icertis' contract intelligence technology with Accenture's expertise in digital transformation, thereby assisting organizations in elevating contract management to a strategic business function.

Introducing New Products and Broadening Product Offerings:

In May 2023, Icertis introduced ExploreAI, its cutting-edge contract intelligence companion powered by artificial intelligence. ExploreAI merges Icertis' exclusive AI algorithms with the capabilities of advanced language AI models to extract valuable information from various sources such as enterprise data, customer contracts, the Icertis Data Lake, and ChatGPT. This innovative technology delivers significant and advantageous results for businesses.

In May 2023, LexisNexis Legal and Professional, a division of RELX Group, introduced a brand-new tool called Nexis Hub. This innovative solution was designed to address the needs of busy individuals in the workforce by assisting them in streamlining the complex and time-consuming tasks of gathering research and generating reports. With Nexis Hub, users can now easily manage the research process, efficiently gathering and arranging information to create reports that are both accessible and editable.

In April 2023, Filevine made an exciting announcement about the introduction of Demands.ai, a brand new integrated facility. Demands.ai is designed to handle confidential information within the Filevine system, ensuring minimal chances of mistakes made by humans and the resulting charges. The purpose behind launching this novel service is to utilize advanced technology for the benefit of certified demand-drafting partners associated with Filevine. These partners will have secure access to AI-enhanced tools, enabling them to quickly organize and send out demands. Once the demands are prepared, they will be returned to the lawyer who made the request for a final review.

In March 2023, Casetext introduced CoCounsel, an innovative AI tool designed specifically for the legal field. This groundbreaking product harnesses the cutting-edge capabilities of OpenAI's sophisticated language model, extensively tailored by Casetext to cater to the needs of legal professionals. By entrusting tasks such as legal research, document examination, deposition organization, and contract scrutiny to CoCounsel, lawyers are empowered to dedicate their time and expertise to the more consequential facets of their profession.

In October 2022, Icertis introduced the Icertis Contract Intelligence solution tailored specifically for the banking and financial services sector. This solution offers more than just contract types and rules for identifying obligations; it also includes features such as workflow management and reporting capabilities to assist with various business processes in front, middle, and corporate offices within the industry. By utilizing this solution, teams can enhance their business efficiency while effectively managing risks and ensuring compliance with regulatory requirements in areas like anti-money laundering (AML), International Swaps and Derivatives Association (ISDA) credit support, and credit risk reviews.

In October 2022, LexisNexis Risk Solutions, a division of RELX Group, introduced LexisNexis Gravitas Network, a data hub that is compatible with various systems. This innovative platform provides access to anonymized data that has been carefully organized by medical professionals. By using unique and patented technology, this data can be connected with exceptional accuracy. This groundbreaking capability empowers researchers to uncover crucial information, allowing for the development of efficient and safe treatments for those who require them the most.

June 2022 witnessed the grand introduction of AllSearch, a revolutionary document search tool, by Casetext. This cutting-edge tool, powered by neural networks, a promising form of artificial intelligence, empowers litigators with an enhanced search experience, enabling them to swiftly and dependably locate the information they require.

March 2022: Knovos has unveiled an updated version of its Knovos Discovery platform. The latest addition to this leading eDiscovery software is the incorporation of chat or Instant Messaging (IM) data discovery. This enhancement was designed with the intention of assisting customers in their legal proceedings, internal investigations, and compliance endeavors.

In November 2022, LexisNexis Legal & Professional, a division of RELX, acquired IPlytics, a prominent provider of intellectual property analytics. With this purchase, the Plytics platform will be integrated into LexisNexis' suite of Intellectual Property workflow and analysis tools. This exciting addition allows LexisNexis to offer their global clientele top-notch insights and information concerning standards that are essential to their businesses.

In May 2022, LexisNexis Legal & Professional purchased Parley Pro, a leading software that helps manage contracts throughout their lifecycle. This acquisition is a great addition to the company's CounselLink platform, which helps businesses manage legal matters. With Parley Pro, users can improve their negotiation processes and gain valuable insights to make smarter decisions and add value to their businesses.

In December 2021, LexisNexis Legal & Professional successfully acquired Closd, a leading European company that specializes in legal transaction management. This acquisition aligns perfectly with LexisNexis' strategy of organic growth. Additionally, LexisNexis will integrate Closd's advanced analytics and workflow automation solutions into its existing business operations.

In May 2021, Filevine successfully acquired Outlaw, a software solution for managing contracts. This acquisition allows Filevine to provide a connected and smooth experience for both legal teams and their clients. With this integration, all legal professionals can now concentrate on achieving desired outcomes instead of being burdened with time-consuming administrative tasks.

June 2022: DocuSign has made its presence in EMEA (Europe, Middle East, and Africa) stronger by establishing dedicated operations in these regions. By setting up specialized teams for sales, marketing, and customer success in Italy and Spain, the company aims to assist organizations in enhancing the security, dependability, and efficiency of their digital agreements.

The Purpose of the Research

Various segments of the market discussed in the report:

• Legal departments within companies

• Management of contractual lifecycles

• Managing the use of time and invoicing

o Other parts of North America

Other European countries

o Other countries in the Asia Pacific region

o Remaining countries in the LAMEA region

(RELX PLC, also known as LexisNexis Risk Solutions, Inc.)

Anaqua, Inc. is also known as WiseTime.

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