US Alternative Legal Service Providers Market Expected to Grow with a CAGR of 23% by 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Alternative Legal Service Providers Market in US - Industry Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The US alternative legal service providers market is expected to grow at a CAGR of over 23% during the period 2019-2025.
The following factors are likely to contribute to the growth of the alternative legal providers market during the forecast period:
The US alternative legal service providers market will grow at a staggering CAGR during the forecast period due to the intense business and regulatory changes driving the need for sweeping, company-wide transformations, and creating expansive hurdles for compliance and legal functions. While alternative legal services are currently in the nascent stage, they are driving a future focus that is centered on the growth and advancement of end-to-end solutions.
Alternative legal service providers increasingly appear on the horizon - they are mostly less expensive than in-house counsel and are better attuned to help confront legal struggles. Alternative legal service providers can aid with augmenting business operations and are thus gaining popularity. While historically in-house departments acted as low-cost alternatives to traditional law firms, the cost of conducting business and climbing salaries of law professionals is looming threats for in-house law management, thereby increasing the popularity of alternative legal services. Another major driver for their growth in the market has been that these services offer integrated solutions to more than merely legal challenges; they help corporations solve global business challenges (such as risk management, cybersecurity, and data privacy), making them attractive partners.
The study considers the present scenario of the US alternative legal service providers market and dynamics for the period 20192025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Key Vendor Analysis
Alternative legal service providers have essentially entered the landscape around 2000, evolving with spurts across two time periods: from 1999-2007 wherein outsourcers such as Axiom, Integreon, and Exigent made their way into the market. The market is witnessing a growing number of global law firms, which are imparting credibility to the concept of legal service delivery. With clients increasingly moving further afield in the Rogers Diffusion Curve, lawyers and law firms will account for a less dominant share.
Key Market Insights
The analysis of the alternative legal service providers market sizing and growth opportunities for the forecast period 2020-2025.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of The Study
4.4 Market Segments
4.4.1 Market Segmentation by Service
4.4.2 Market Segmentation by End-user
4.4.3 Market Segmentation by Provider
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 State of the US Economy
7.2 success Factors
7.3 Trends in the Overall Legal Industry
8 Market Growth Enablers
8.1 Legal Departments in Overdrive
8.2 Expanding Legal Spends
8.3 Prevalence of Dissatisfaction with Law Firms
8.4 Intense Focus on Technology Adoption
9 Market Restraints
9.1 High Data Security and Privacy Concerns
9.2 Lack of Proper Articulation of Client Challenges
9.3 Misplaced Perceptions About Customer Value
9.4 Resistance and Lack of Reconfiguration to Alternative Legal Service Providers
10 Growth Opportunities & Trends
10.1 Focus Shifts to Delivery
10.2 Injection of Investments
10.3 The Rise of Self-service Functions
10.4 Blurring Lines between Traditional and Alternative
11 Market Landscape
11.1 Market Size & Forecast
11.2 Five Forces Analysis
11.2.1 Threat of New Entrants
11.2.2 Bargaining Power of Suppliers
11.2.3 Bargaining Power of Buyers
11.2.4 Threat of Substitutes
11.2.5 Competitive Rivalry
12 By Service
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 e-Discovery
12.4 Investigation and Litigation Support
12.5 Contract Management
12.6 Document Review and Coding
12.7 Legal Research
12.8 Regulatory Risk and Compliance
12.9 Others
13 By Provider
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 New Law Companies
13.4 Staffing and Contract Lawyer Companies
13.5 Captive LPOs
13.6 Others
14 By End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Law Firms
14.4 Corporations
15 Competitive Landscape
15.1 Competitive Scenario
16 Market Vendor Analysis
16.1 Market Ranking Analysis
17 Key Company Profiles
17.1 Allen & Overy
17.2 Axiom
17.3 Elevate
17.4 UnitedLex
18 Other Prominent Vendors
18.1 BlackStone Discovery
18.2 Clifford Chance
18.3 Consilio
18.4 Driven
18.5 Epiq
18.6 Everlaw
18.7 Exigent
18.8 Greenberg Traurig
18.9 Integreon
18.10 KLDiscovery
18.11 LegalZoom
18.12 LOD (Lawyers on Demand)
18.13 Mindcrest
18.14 Reed Smith
18.15 Legility
18.16 Lumen Legal
18.17 Morae Global
18.18 Orrick
18.19 QuisLex
18.20 Thomson Reuters
19 Report Summary
19.1 Key Takeaways
19.2 Strategic Recommendations
20 Quantitative Summary
20.1 By Service
20.2 By Provider
20.3 By End-User
21 Appendix
21.1 Abbreviations
For more information about this report visit https://www.researchandmarkets.com/r/i1seac
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