GITNUX MARKETDATA REPORT 2024

Must-Know Legal Tech Industry Statistics [Current Data]

In this post, we will explore a comprehensive set of statistics that shed light on the thriving legal tech industry. From significant investment figures and market size projections to adoption rates of various technologies within law firms, these data points offer valuable insights into the evolving landscape of legal technology.

Statistic 1

"Legal tech has attracted more than $1 billion in investment over the last two years."

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Statistic 2

"In 2020 alone, legal tech startups raised $1.8 billion in investment."

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Statistic 3

"The global legal tech market size was valued at $15.1 billion in 2021 and is projected to reach $37.9 billion by 2027."

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Statistic 4

"Artificial intelligence in the legal tech market is expected to grow at a CAGR of 31.3% from 2020 to 2027."

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Statistic 5

"The US accounted for over 40% of the total legal tech market share in 2019."

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Statistic 6

"The litigation software held the largest legal tech market share in 2019, at around 50%."

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Statistic 7

"In 2021, 69% of law firms reported using practice management software."

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Statistic 8

"In a 2020 Gartner survey, 47% of legal departments have dedicated legal technology support."

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Statistic 9

"81% of lawyers anticipate the pace of legal technology adoption will increase significantly over the next five years."

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Statistic 10

"As of 2021, 58% of law firms in the UK have invested in legal technology to automate mundane and administrative tasks."

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Statistic 11

"The legal tech firms experienced an increase of 714% in funding from 2016 to 2019."

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Statistic 12

"Since 2016, about $3.6 billion has been invested into legal technology around the world."

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Statistic 13

"The most adopted legal technology in law firms is Document Management, with 87% usage in 2020."

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Statistic 14

"75% of legal departments expect their technology budgets to increase in the next two years."

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Statistic 15

"Legal tech companies grew fivefold in only three years, from 51 in 2017 to more than 250 in 2020 in all of Europe."

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Statistic 16

"Legal services firms using CRM software saw an increase in sales by up to 29%, and productivity increased by up to 34%."

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Statistic 17

"64% of general counsel will spend more on technology in 2022 than they did in 2021."

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Statistic 18

"In 2020, cybersecurity was the most significant area of technology spending for law firms, with 46.1% of respondents reporting this factor."

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Statistic 19

"Only 7% of legal departments reported using AI tools in their everyday work in 2020."

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The legal tech industry has shown remarkable growth and investment over the past few years, with billions of dollars pouring in and significant market value projections for the future. Key trends indicate a rapid adoption of technology in the legal sector, with a focus on automation, AI integration, and practice management software. The increasing pace of technology adoption among law firms and legal departments highlights a shift towards efficiency and productivity. As legal tech companies continue to evolve and innovate, the industry is poised for further expansion and transformation in the coming years.

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