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20 Trends and Statistics Virtual Paralegals Should Know in 2024

6 Jan 2024 8:34 PM | Cordina (Administrator)

1.     The legal services market has grown at an average annual rate of about 3% in recent years.

2.     The global legal services market is over $1 trillion.

3.     The COVID-19 pandemic accelerated remote work adoption in the legal industry, reevaluating traditional office setups.

4.     Legal Process Outsourcing services continue to grow, with companies outsourcing legal work to reduce costs.

5.     Alternative Fee Arrangements (AFAs), such as fixed fees and value-based billing, have gained popularity, accounting for about 20-30% of legal billing.

6.     Law firms are pressured to lower hourly rates due to client demands for cost savings.

8.     Corporate law services account for a significant portion of the legal market, driven by mergers, acquisitions, and regulatory compliance.

9.     Intellectual Property law services are in demand as companies seek to protect their innovations and trademarks.

10. The criminal law sector is influenced by changes in legislation, criminal justice reform, and cybersecurity concerns.

11. The e-discovery market is projected to reach over $17 billion by 2027 due to the increasing volume of digital data.

12. The rise in cyber threats has led to increased demand for legal services related to cybersecurity and data breaches.

13. Legal work related to blockchain technology and cryptocurrencies is growing as regulations evolve.

14. Automating routine legal tasks, such as contract creation, reduces costs and improves efficiency.

15. The legal industry is working on improving gender diversity, with women representing about 37% of lawyers in the U.S.

16. Increasing attention is being given to racial and ethnic diversity, particularly in leadership roles within law firms.

17. Legal analytics platforms are gaining traction, helping law firms make data-driven decisions.

18. Changes in environmental regulations are driving legal work related to sustainability and environmental compliance.

19. The legal tech startup ecosystem is expanding, focusing on automation, e-discovery, and access to justice.

20. Law firms increasingly rely on digital marketing, including SEO and content marketing, to attract clients.

Written by Joshua Davis, VP of Platform