Bloomberg Law
Feb. 25, 2016, 10:28 PM

Study: Corporate Law Departments’ Spend on Software Set to Explode

Lenore Adkins
Lenore Adkins
Bloomberg Law

A new report finds that corporate law departments spend an estimated $1.5 billion per year on legal software, and predicts explosive growth in this area in the next few years.

Compiled by the legal software company Mitratech, the report is calledCatching the Wave: Legal Technology Spend at $3 billion and Growing.” It was based on a survey of 353 law firm and legal department “decision makers,” interviews with 15 leading industry experts and secondary research on legal industry software trends.

According to the report, the total potential market size for corporate legal department software is $6.5 billion — more than four times the current spend. It ...

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