US Alternative Legal Service Providers Market Expected to Grow with a CAGR of 23% by 2025 - ResearchAndMarkets.com

DUBLIN--()--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:

  • Focus Shifts to Delivery
  • Injection of Investments
  • Rise of Self-service Functions
  • Blurring Lines between Traditional and Alternative
  • Prevalence of Dissatisfaction with Law Firms
  • Intensifying Focus on Technology Adoption

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.

  • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers.
  • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
  • Delivers a complete overview of market segments and the regional outlook of the market.
  • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the market.

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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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900