- 25. February 2021
- Posted by: Christoph H. Vaagt
- Categories: Clear text EN, Kanzleiinformationsbrief, law firm information letter EN, Law firms, Medium-sized companies, Publications
The first neutral market study on the law firm software market (version for software providers).
How are software vendors in the law firm market actually preparing for the increasing demands of the digital world? We have investigated this question:
Which of the vendors has adapted to how the market has changed over the past 10 years and will continue to change?
Which provider has convincingly mapped the needs of a modern law firm today?
Software providers are also affected by changes in the market, and many have major tasks ahead of them. What mistakes they should not make now, we have compiled in the study.The first neutral market study of law firm software providers that addresses all relevant issues on the demand and provider side. It offers:
- an overview of the demand market and its development, which is relevant for software providers
- trace the evolution of the vendor side since the early 1980s, tracing technology leaps and the emergence and disappearance of vendors
- to show the main functionalities used in law firms and how software vendors compare,
- identify the overall market, market shares, price positioning and target group orientation of the providers
- to describe the challenges for providers and to find out the reasons for change from the perspective of law firms.
- The study provides a market overview for the year 2020.
There is an increasing interest in the market (keyword “legal tech”) and the generation change in law firms (and partly also on the provider side). Also due to the increasing interest of investors in the market for law firm software, we assume that the market will become more dynamic. For example, the relatively young SaaS provider of law firm software in the USA was sold for USD 193 million just 10 years after it was founded (“Mycase”).
What mistakes providers must not make now
- Thinking that the pace of change will remain as slow as it has been in the past
- Ignoring the power of numbersUnderestimating how law firms’ needs must function as information-processing businesses in an increasingly competitive, and now clearly digital, marketplace
- Underestimating market developments on the demand side: where existing IT is often still a barrier to market entry (not only due to insufficient integration of the beA, but especially in sophisticated workflow designs)
- Ignoring the opportunities that arise due to increasing digitization, the core competence of software companies in the law firm market.
For providers, it is crucial how they will position themselves. This study provides initial answers.
I. Executive Summary
II. market analysis (law firm market as a whole)
III. typical processes in law firms and software requirements incl. coverage analysis
IV. Competitive analysis: price positioning, market coverage, market shares,
V. Environment analysis, esp. trends
VI. market access and market entry barriers
Download the white paper on the law firm software market. You may then order it with or without presentation.