Legal Services Procurement Evolution 2023-2030: Exploring the Changing Dynamics

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The legal services category is expected to grow at a CAGR of 5.3% from 2023 to 2030. The iIncreasing importance of legal technology and the adoption of automation tools such as artificial intelligence, and private cloud tech are driving the category growth. The move towards toward a multidisciplinary approach is being incorporated into various fields like technology, finance, and business. This shift allows lawyers to offer holistic solutions by merging their legal skills with industry-specific expertise. As the data volume is rising day by day, in-house corporate legal departments must adopt automated AI software to streamline data management, which would result in enhanced client experience. For instance, in September 2023, Rally announced an "Open AI-powered" contract/legal writing add-in application known as Spellbook. It uses the GPT-3 large language model and has the ability to suggest new language in contract.

The global legal services category size was valued estimated at USD 952.29 billion in 2022. Private cloud technology is a form of cloud-based computing and data storage exclusively owned by the utilizing law firm. It is inaccessible to the public, ensuring complete privacy. This exclusive access is especially beneficial for law firms dealing with sensitive information regularly. With the increasing prevalence of cybercrimes, private cloud technology provides a secure and dependable operational solution for law firms.