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The US Online Legal Services Market: Size & Forecast with Impact Analysis of COVID-19 (2021-2025)

  • ID: 5441016
  • Report
  • September 2021
  • Region: United States
  • 62 Pages
  • Daedal Research

FEATURED COMPANIES

  • LawAdvisor
  • LegalVision
  • LegalZoom
  • Priori Legal, Inc.
  • Rocket Lawyer

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.

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • LawAdvisor
  • LegalVision
  • LegalZoom
  • Priori Legal, Inc.
  • Rocket Lawyer
1. Executive Summary

2. Introduction
2.1 Legal services: Overview
2.2 Functions of Legal services
2.3 Online Legal Services: Overview
2.4 Advantages of Online Legal Services
2.5 Online Legal Services Segmentation: Overview

3. The US Market Analysis
3.1 The US Online Legal Services Market: An Analysis
3.1.1 The US Online Legal Services Market by Value
3.1.2 The US Online Legal Services Market by Type (B2B legal services, B2C Legal Services and Others)
3.1.3 The US Online Legal Services Market by Segment (Law firms and Corporate Legal Departments (Small, Large and Mid-Size Firms))
3.2 The US Online Legal Services Market: Type Analysis
3.2.1 The US B2B Online Legal Services Market by Value
3.2.2 The US B2C Online Legal Services Market by Value
3.2.3 The US Other Online Legal Services Market by Value
3.3 The US Online Legal Services Market: Segment Analysis
3.3.1 The US Corporate Legal Department Online Legal Services Market by Value
3.3.2 The US Law Firms Online Legal Services Market by Value
3.3.3 Small Law Firms Online Legal Services Market by Value
3.3.4 Large Law Firms Online Legal Services Market by Value
3.3.5 Mid-Size Law Firms Online Legal Services Market by Value

4. Impact of COVID-19
4.1 COVID-19 Impact on Online Legal Services Market
4.2 Impact of COVID-19 on Law Firms Revenue
4.3 COVID-19 Rates of Test Positivity, Death and Recovery

5. Market Dynamics
5.1 Growth Drivers
5.1.1 Rising Gig economy
5.1.2 Increasing Digital Enablement
5.1.3 Growing Globalization
5.1.4 Increasing Cybercrimes
5.1.5 Growing Urbanization
5.1.6 Rising Demand for Transactional Practice Areas
5.2 Challenges
5.2.1 Rising Costs and Decreasing Margins
5.2.2 High Degree of Competition
5.3 Market Trends
5.3.1 Adoption of Electronic Discovery
5.3.2 Partnerships among Major Players
5.3.3 Emergence of Alternative Legal Service Providers (ALSPs)

6. Competitive Landscape
6.1 The US Online Legal Services Market Players: A Service Comparison

7. Company Profiles
7.1 LegalZoom
7.1.1 Business Overview
7.1.2 Financial Overview
7.1.3 Business Strategy
7.2 Rocket Lawyer
7.2.1 Business Overview
7.2.2 Business Strategy
7.3 Priori Legal, Inc.
7.3.1 Business Overview
7.3.2 Business Strategy
7.4 LegalVision
7.4.1 Business Overview
7.4.2 Business Strategy
7.5 LawAdvisor
7.5.1 Business Overview
7.5.2 Business Strategy

List of Figures
Figure 1: Functions of Legal Services
Figure 2: Advantage of Online Legal services
Figure 3: Segmentation of Online Legal Services by Type and Application
Figure 4: Online Legal Services Segment
Figure 5: The US Online Legal Services Market by Value; 2016-2020 (US$ Billion)
Figure 6: The US Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 7: The US Online Legal Services Market by Type; 2020 (Percentage, %)
Figure 8: The US Online Legal Services Market by Segment; 2020 (Percentage, %)
Figure 9: The US B2B Online Legal Services Market by Value; 2019-2020 (US$ Billion)
Figure 10: The US B2B Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 11: The US B2C Online Legal Services Market by Value; 2019-2020 (US$ Billion)
Figure 12: The US B2C Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 13: The US Other Online Legal Services Market by Value; 2019-2020 (US$ Million)
Figure 14: The US Other Online Legal Services Market by Value; 2021-2025 (US$ Million)
Figure 15: The US Corporate Legal Department Online Legal Services Market by Value; 2018-2020 (US$ Billion)
Figure 16: The US Corporate Legal Department Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 17: Law Firms Online Legal Services Market by Value; 2018-2020 (US$ Billion)
Figure 18: Law Firms Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 19: Small Law Firms Online Legal Services Market by Value; 2018-2020 (US$ Billion)
Figure 20: Small Law Firms Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 21: Large Law Firms Online Legal Services Market by Value; 2018-2020 (US$ Billion)
Figure 22: Large Law Firms Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 23: Mid-Size Law Firms Online Legal Services Market by Value; 2018-2020 (US$ Billion)
Figure 24: Mid-Size Law Firms Online Legal Services Market by Value; 2021-2025 (US$ Billion)
Figure 25: COVID-19 Impact on Law Firms Revenue in the US; 2020 (Percentage, %)
Figure 26: COVID-19 Data of Countries Depicting approx. Rates of Test Positivity, Death and Recovery; (Percentage, %)
Figure 27: Freelance Workers in the US; 2014-2020 (Million)
Figure 28: Internet Users in the US; 2018-2024 (Million)
Figure 29: Countries in the Globalization Index; 2020 (Points)
Figure 30: Data Breaches and Exposed Records in the US; 2015-2019 (Million)
Figure 31: The US Urban Population; 2016-2020 (Million)
Figure 32: LegalZoom Revenue; 2019-2020 (US$ Million)
Table 1: The US Online Legal Services Market Players: A Financial Comparison; 2020
Note: Product cover images may vary from those shown

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  • LawAdvisor
  • LegalVision
  • LegalZoom
  • Priori Legal, Inc.
  • Rocket Lawyer
Note: Product cover images may vary from those shown

The author's core strengths include a seasoned management team, a highly demonstrable track record of seamless process integration and consistent delivery position. The research team uses its extensive knowledge of the various industries to analyze the market trends from both a vendor and an end-user perspective.

The research strategy is focused on high-quality secondary data combined with elaborate use of primary data. The team of research analysts provides a 360-degree overview of available data.

The analysts begin by searching industry reports, surveys, trade publications, company reports and press releases. They also include information gained by extensive interviews with major players and industry participants.

The background information, related to industry statistics, is provided by the author's proprietary databases.

The information is then analyzed and synthesized into a report - with market forecast, industry trends, and competitive strategies. The team of research analysts use both qualitative tools and quantitative techniques to get an insight into the industry.

The author's core expertise lies in researching, compiling and analyzing vast amounts of publicly available information and premier databases, into widely read reports.

 

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