Artificial Intelligence In The Global Legal Services Market, As Per TBRC
Posted by sainath on October 10th, 2018
Legal services companies advise clients (individuals or corporations) about their legal rights and responsibilities and represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought. Establishments providing legal services include office of lawyers, title abstract and settlement offices and offices of notaries.
The global legal services market grew at a compound annual growth rate (CAGR) of around 4% in 2017. As per TBRC’s latest report, this growth can be attributed to factors which include emerging markets growth, technology development, increased mergers and acquisitions (M&A), globalization and other such factors. This industry is expected to grow at a CAGR of 4.5% by 2021.
Legal Services Industry Trends
The legal services industry is expected to be driven by advances in technologies such as Artificial Intelligence (AI), wearable technologies and cloud computing. These technologies are enabling legal services companies to increase service offerings, but are also leading to cybersecurity challenges.
The proliferation of these technologies in a wide range of industries such as manufacturing, healthcare, electronics and retail is also driving the demand for legal services due to the cybersecurity risks associated with it. Social media platforms and digital marketing technologies are also aiding legal service providers to promote their services to diverse clients across the world.
TBRC’s report also covers law firm industry trends and business law trends.
Download sample report:
Also, many companies are investing in artificial intelligence technologies designed to automate basic legal research, administrative legal support, legal document generation and other such services, which enable legal services companies to increase their profit margins. For instance, Luminance is a US-based artificial intelligence platform that specializes in the legal profession. The company employs trained legal experts to help law firms adopt digital and AI technologies. In August 2017, Australian law firm, Corrs Chambers Westgarth, invested in Luminance’s artificial intelligence technology to streamline its due diligence processes for M&A transactions.
Service providers included in the report are Latham & Watkins, Kirkland & Ellis, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom and DLA Piper.
About The Business Research Company.
The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Like it? Share it!
About the Authorsainath
Joined: June 13th, 2018
Articles Posted: 1,123
More by this author