B2B legal services companies increasingly deal with high amount of paperwork and human resources spend hours of unproductive time filing away and then retrieving that one crucial piece of paper. Technology helps solving this problem, with cloud computing allowing the lawyers to bill, time-track and store documents effectively. Cloud computing is a category of software delivered over the internet rather than being installed on the legal service provider’s computer. It has low upfront costs, easy access, simple setup and configuration and allows unlimited storage. According to a survey, by LTN more than 50% of the Am Law 200 firms use cloud computing for e-discovery and productivity applications.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL B2B LEGAL SERVICES MARKET AT $350 BILLION IN 2017
North America was the largest geographic region in the market, accounting for more than half of the global market. The USA was the largest country accounting for nearly half of the global B2B legal services market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, pressure to control costs have forced law firms to move away from traditional by-the-hour billing models to alternative billing models. The new alternative billing models include fixed, flat blended and capped fees. Many law firms are switching to alternative billing models to build long term relationships with clients and to maximize value they are offering to clients. According to a survey by the US law department, about 72.8% of fees paid to outside counsel was not based on standard hourly rates or the billable hours.
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Clifford Chance was the largest player in the B2B legal services market in 2017, with revenues of $1.9 billion (1.54 billion euros) in 2016. Clifford Chance’s growth strategy aims at focusing on professional standards and risk management.
The B2B legal services market comprises establishments offering practices that deal with the body of law governing the disputes between businesses.
B2B Legal Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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