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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 SpendThe 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.

 

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