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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.Extract from commentary by Ron Friedmann
Mitratech’s just-published “Catching the Wave” report sizes the market for legal tech (excluding e-discovery). The survey covers legal software categories that both law firms and law departments use. To reach its findings, the company surveyed law firm and law departments, interviewed a dozen-plus industry experts, and reviewed secondary research.
I report here on some key findings and add my own editorial gloss.
Total Law Department Spend and Potential Spend. The survey finds that corporate law departments spend $1.5B annually on legal software today but that the addressable market is $6.5B. I am perfectly willing to believe that only about 25% have the software that they should. That is consistent with many a story I have heard over the years. Large law departments demanding Big Law efficiency have a great case to make. And they should make sure their own houses are in order.
Total Law Firm Spend and Potential Spend. Law firms also spend $1.5B annually on legal software, with an addressable market of $9.4B. I would have guessed that firms spend far more than law departments. I may be overly influenced by my experience with Big Law, which, by and large, seem buy almost all the software they need. I can see how that would not be true for other law firms.
Read the complete article at Legal Tech Market: Sizing and Opportunities