U.S. Legal Services is a $430 billion industry comprising roughly 2% of the domestic economy. However, law firms and corporate law departments are relatively under-penetrated by technology thus we have yet to see a robust volume of venture-backed legal tech companies achieving scale, nor a single Legal Tech company to go public (Appfolio deriving the vast majority of its revenue from its real estate tech product and Thomson Reuters from its information services and non-legal solutions). Candidly, lawyers do not make the best purchasers of technology; law firms and legal departments lack substantial tech budgets, sophistication and willingness to adopt technology.
This being said, legal technology is set to change the market dramatically and that’s because of a confluence of factors catalyzing a transformation in the industry including:
Venture Capital funds are now very interested in making further investments in the $16 billion Legal Tech market.
Catalyst Ventures defines Legal Tech as organizations that provide software and tech-enabled services to the legal vertical (including law firms and internal counsel) as well as tech-enabled legal services delivered to businesses and consumers.
As the rest of the business world has adopted technology to create more efficient business models, law firms have been slower and more hesitant to change. Chief Legal Officers have rated law firms a median score of 3 out of 10 every year from 2009–2016 in the question of “law firms’ seriousness about changing their legal service delivery model.”
It’s clear that the legal landscape is changing dramatically — the time for legal technology is now.
See below for a state of the market map of LegalTech companies.
 2016 Altman Weil Chief Legal Officer Survey
 2016 Altman Weil Law Firms in Transition Survey
 Thomson Reuters Legal Executive Institute
 American Bar Association
 Mitratech Legal Tech. Market Trends 2015
 American Bar Association 2017 National Lawyer Population Survey
 Legal Services Market Global Market Report 2017, Business Research Company
 Thomson Reuters Peer Monitor; Q4 2016
 2012 Survey of Law Firm Economics ALM Legal Intelligence
 2016 ILTA Legal Tech. Purchasing Survey
 ABA Report on the Future of Legal Services in the US — 2016
 Lexis Nexis
 Radicati Group; eDiscovery Market, 2014–2018
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