![]() These digital tools improve the capacity of legal services firms to handle more cases by streamlining workflows. On the other hand, the spending on outside counsel is projected to grow by 8.86% from $70 billion in 2020 to $76.2 billion in 2022.įurthermore, this growth is not only supported but also fueled by technological innovations. This reached $40 billion in the next year and is pegged to reach $40.7 billion by the end of 2022. In 2020, the recorded corporate legal department spending was $39.1 billion. ![]() In 2021, it already accounts for more than 25% of the market, the same percentage share as the litigation market.Īlso in the US, the spending on both corporate legal departments and outside counsel has increased. This is because of the increase in legal issues concerning employee harassment, copyright violations, patent infringement, and organizational discrimination audits. ![]() The main driver of this growth, according to experts, will be the corporate segment. By 2030, at a CAGR of 5.3%, the figure is poised to reach more than $1.4 trillion. In 2021, the size of the global legal services market reached $901.8 billion, with the US accounting for 39.89% at $359.5 billion. Hopefully, you can find a solution that fits both your needs and budget. This includes brief but useful information on their target users, key features, integrations, and pricing. In this article, we will provide you with our list of the best billing software for law firms. If you are shopping for such products, you have come to the right place. In this way, they can spend more time and energy on more mission-critical processes. This is because they provide legal firms with useful automation tools to save time on clerical tasks. Among the most popular digital solutions being adopted are billing platforms. Hence, to cater to this surge, law firms have enlisted the help of digital technology to automate key operational areas such as financial management. This surge offers opportunities to legal services providers as many of these businesses need legal counsel in some way or form. In 2021, there were a million more new business applications filed in the country compared to 2020. This is very apparent in the United States. This is thanks-in no small part-to the entrepreneurial spirit. While the litigation segment continues to account for a considerable market share, it is closely rivaled by the expansion of the corporate segment. The legal services market is poised for steady growth through 2030. Aside from its quick invoice creation and billing management solutions, it also sports enterprise-grade security and revenue protection protocols. Using machine learning, AI, and automation, the app modernizes billing processes. It is a specialized billing management solution for law firms. The best billing software for law firms in 2022 is Bilr. ![]()
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