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Online Legal Services

Online legal services market overview

According to a report, Legal Services means those activities designed to assist the person in exercising constitutional and legislatively enacted rights. Online legal services are an affordable alternative for entrepreneurs, and also business leaders who want to save money on legal costs. By choosing an online legal services you have access to various services without being forced to leave your house.

 

This research was developed utilizing the results from business surveys, and econometrics to find out the facts about online legal services market.

Some of online legal services include:

·        Social Justice Organizations

·        Personal Injury Attorney son Contingency

·        Public Defenders

·        Legal Aid Clinics

·        Law School Legal Clinics

 

Key findings on choosing an online legal service market:

·        Google is the most popular search engine used by consumers in their online legal search work.

·        Over the past eight years, online legal services have increased from 21 percent to over 30 percent, as a result of high customer satisfaction, especially for those accessing legal services such as power of attorney, will writing, property surveys, and conveyancing.

·        60 percent of consumers(adult Internet users) in the U.S. have sought an attorney at least once in their lives (110 million people).

·        Over the past 3 years, the industry has grown at an annual rate of 3.6%.

·        There are 174,272 active companies in the industry.

·        3.9% of expenses is spent on health insurance.

·        The industry employment has been estimated about 37,123 individuals

 

According to Fund era 7 Best Online Legal Services are:
  1. LegalZoom:     Best for standard legal needs
  2. RocketLawyer:     Best for legal forms
  3. Incfile:     Best for business formation
  4. LegalMatch:     Best for finding a local lawyer
  5. UpCounsel:     Best for complex legal needs
  6. Atrium:     Best for startups
  7. Avvo:     Best for free online legal advice

 

 

 

Market size and forecast

·        According to a February2021 research result, the market size of online legal services in the U.S. reached a value of approximately 8.5 billion U.S. dollars in 2020, and is expected to grow a further 2.7 percent in 2021.

·        According to The Business research company’s Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To2030, the global legal services market size reached a value of nearly $713.7 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015.

·        The market is expected to grow from $713.7 billion in 2020 to $908.26 billion in 2025 at a rate of4.9%. The market is then expected to grow at a CAGR of 4.8% from 2025and reach $1,145.9 billion in 2030

 

Market Segmentation

The Online Legal Services market is divided into the following segments based on geography:

·        North America Country(United States, Canada)

·        South America

·        Asia Country (China, Japan, India, Korea)

·        Europe Country (Germany, UK, France, Italy)

·        Other Country (Middle East, Africa, GCC)

Online Legal Services Market Segmentation by Application

·        Ordinary People

·        Legal Practitioner

 

Online Legal Services Market Segmentation by Type of practice

·        Litigation

·        Corporate

·        Labor/Employment

·        Real Estate

·        Patent Litigation

·        Tax

·        Bankruptcy

·        Others (Regulatory, M&A, Antitrust, Environmental)

 

Online Legal Services Market Segmentation by end-user:

·        Individuals

·        Financial Services

·        Mining And Oil & Gas

·        Manufacturing

·        Construction

·        IT Services

·        Others

 

Online Legal Services Market Segmentation by size:

·        Large Law Firms

·        SME Law Firms

 

 

Online legal services outlook

Political Trade Agreements Reforms - Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increases the demand for legal services. For instance, the UK's exit from the European Union is expected to increase the demand for law services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure and trade.

 

 

Impact of COVID-19 on the legal service market

The outbreak of Coronavirus disease (COVID-19)has acted as a restraint on the legal services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. However, it is expected that the legal services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Political Trade Agreements Reforms - Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements.

Changes in the legal structure of intrastate agreements increases the demand for legal services. For instance, the UK's exit from the European Union is expected to increase the demand for law services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure and trade.

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