MarketResearchNest.com adds “Global Legal Practice Management Software Market 2017-2021” new report to its research database. The report spread across 77 pages with table and figures in it.
Research analysts forecast the global legal practice management software market to grow at a CAGR of 13.71% during the period 2017-2021.
About Legal Practice Management Software
Legal practice management software helps to manage legal case and client records, time tracking and billing, document management, centralized case management, and calendar and case schedules. The software also handles all front and back office needs including general ledger, time recording, billing, and accounting. It is mainly used by law firms, in-house legal professionals, corporate, and government departments. The implementation of software allows end-users to maintain a leadership position by controlling every aspect of financial practice management while managing stringent compliance protocols.
Covered in this report
The report covers the present scenario and the growth prospects of the global legal practice management software market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sale of legal practice management software licenses, maintenance and support, installation, customization, and training. Only the software services market is taken into consideration, which includes ongoing support, maintenance services, and education and training services.
Browse full table of contents and data tables at https://www.marketresearchnest.com/global-legal-practice-management-software-market-2017-2021.html
The market is divided into the following segments based on geography:
Technavio’s report, Global Legal Practice Management Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Legal Practice Management Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global legal practice management software market: Eclipse Legal Systems, Matrix Pointe Software, MITRATECH, Orion Law Management Systems, and Rippe & Kingston.
Other Prominent Vendors in the market are: Abacus Data Systems, Actionstep, AppleSource Software, BHL Software, CosmoLex, DPS Software, Drive Revenue, FilePro, Firm Central, GoMatters, Intuit, Jarvis Software, LawGro, LawPro Legal Systems, LawWare, LEAP Legal Software, Legal Software Systems, LEGALTREK, LegalXGen, Linetime, LexisNexis, LexRex, Needles Case Management Software, Peapod LegalOffice, Quill Pinpoint, Redbrick Solutions, Select Legal Systems, Solicitors Own Software, TimeSolv, The Legal Assistant, WinYou-Law, Wise Owl Legal, Wolters Kluwer, and Zelican Technologies.
Commenting on the report, an analyst from Research team said: “The latest trend gaining momentum in the market is Introduction of mobile legal practice management apps. The growing use of mobile devices and smartphones for professional purposes is a key trend in the global legal practice management software market. Law firms are increasingly focusing on adopting legal practice management mobile apps because these provide them the flexibility to access case and client information whenever and wherever they need. Lawyers use mobile devices to keep themselves up to date with what is happening in the office including the progress of matters, documents, and billing. Remote working has become a necessary option for all modern legal businesses as client expectations and technology preferences have changed.”
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According to the report, one of the major drivers for this market is Vendor’s pricing strategies. To thrive in the competitive market environment, software vendors are adopting customer-centric pricing strategies enabled by advances in technology. Several vendors in the legal practice management software market are focusing on providing value-based pricing models depending on the customer’s needs and value perception. The pricing of the software is based on the differentiating features of the software solution and the value-added features provided to the customers.
Further, the report states that one of the major factors hindering the growth of this market is High implementation and maintenance costs. The high cost of deploying on-premise legal practice management software solutions is one of the major challenges in the market for small law firms. The price of the legal practice management software includes the cost of software licensing, system design and customization, implementation, training, and maintenance. Companies that purchase these software solutions require IT staff with the requisite skill sets. The implementation of the software requires self-assessment, planning, adequate funding, clear vision, and cooperation at all managerial levels. Enterprises also need to train their employees to use the application efficiently. Post implementation, the software requires continuous upgrades to keep up with the market trends. These factors lead to high implementation and maintenance costs, which adversely affect the adoption of these software solutions among end-users.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key questions answered in this report: What will the market size be in 2021 and what will the growth rate be; What are the key market trends; What is driving this market; What are the challenges to market growth; Who are the key vendors in this market space; What are the market opportunities and threats faced by the key vendors; What are the strengths and weaknesses of the key vendors;
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