This report presents a detailed analysis of the COVID-19 impact on the online legal services market.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall online legal services market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The US online legal services market is fragmented with many major market players operating worldwide. The key players of the online legal services market are LegalZoom, Rocket Lawyer, Priori Legal, Inc., LegalVision and LawAdvisor are also profiled with their financial information and respective business strategies.
Company Coverage
- LegalZoom
- Rocket Lawyer
- Priori Legal, Inc.
- LegalVision
- LawAdvisor
Executive Summary
Legal services can be provided through online communication channels like video calls, emails, voice calls and more. Providing legal assistance to people using the internet and associated techniques as the primary mode of communication is known as online legal services. Lawyers and law firms have stopped using the old method of providing assistance i.e., planning meetings with clients, brain storming, negotiating and then starting the work.
Now, lawyers or law firms or emerging lawyers give legal help or assistance online to their clients while saving time and effort of both the parties.
The US online legal services market can be segmented on the basis of type, B2B legal services, B2C legal services and others; on the basis of segments, such as Law firms and corporate legal departments and on the basis of law firms size, such as small, large and mid-size law firms.
The US online legal services market has increased significantly during the years 2016-2020 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously.
The online legal services market is expected to increase due to the rising gig economy, increasing digital enablement, growing globalization, increasing cybercrimes, growing urbanization and rising demand for transactional practice areas. Yet, the market faces some challenges such as rising costs and decreasing margins and high degree of competition.
The COVID-19 pandemic had a mixed effect on the US online legal services market. It negatively affected the market in 1st and 2nd quarter but the market picked up in 3rd and 4th quarter. So, the pandemic had a neutral impact on the market.
Table of Contents
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Companies Mentioned
- LawAdvisor
- LegalVision
- LegalZoom
- Priori Legal, Inc.
- Rocket Lawyer
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 62 |
| Published | September 2021 |
| Forecast Period | 2021 - 2025 |
| Estimated Market Value ( USD | $ 8.49 Billion |
| Forecasted Market Value ( USD | $ 10.27 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | United States |
| No. of Companies Mentioned | 5 |
