Industry Research: Online Legal Services
During the current COVID-19 pandemic, we expect a lot of industries to undergo transformations, but the online legal services industry continues its strong growth trend.
Here are a few key findings from our industry research in the online legal services industry:
- This industry experienced growth at a rate of 9.3% over the five years to 2019, while it is expected to grow at an annualized growth rate of 4.6% through 2024
- Subscription revenue is as high as 60% which provides the industry recurring revenue
- The market is fragmented, as there are more than 12,000 businesses in this industry with a variety of services
- The increase in the total number of small and medium-sized businesses (SMBs) enables a rise in demand for online legal services since small businesses require legal assistance at some point of their business path
- The consistent legal needs of businesses prove the industry to be non-cyclical and recession-resistant.
Along with the increase in per capita income, growing online usage, and many other external drivers, the online legal services industry reveals its potential for long-term growth. This highly competitive industry also pushes companies for product differentiation. While online platforms made legal services more accessible to the public, technology development will further support the growth of this industry.¹
¹Cook, D. (2019, June). Online Legal Services. IBISWorld Industry Report OD5638. Retrieved from IBISWorld database.