In 2024, the U.S. legal service market size is just under $400 billion, with a projected growth of 2.5% through 2030. While small, medium, and large law firms are responsible for these numbers, small and medium firms emerged, surprisingly, as the dominant contributors.
According to Grand View Research, the small firm segment held the largest market share this year, citing their ability to offer “flexible and cost-effective legal services” to clients, with medium firms expected to show great contributions to “significant” CAGR growth in the coming years.
“The market is moving litigation down-market to smaller firms, relatively speaking. And why is that? It’s about cost,” noted Jim Jones, Senior Director of Ethics and the Legal Profession at Georgetown University Law Center, back in 2022.
Mr. Jones’s assessment has withstood the test of time.
But small and medium firms still face a unique set of challenges when compared to their Big Law counterparts.
Limitations
Hindered by fewer resources – time, manpower, and money – small and medium-sized firms often struggle to attract high-profile attorney talent, or worse, adequate support staff.
Work-life balance is an industry-wide concern, with more than 80% of surveyed attorneys reporting they work outside of their typical workday hours. However, with fewer team members and overloaded schedules, the burden of responsibility for small and medium firm members is reasonably greater.
Beyond billable hours and team size, smaller firms often contend with restrictive budgets and limited access to capital.
Constrained financial resources limit firm access to sophisticated technology, impede a firm’s ability to maximize its caseload, and may even damper the quality of cases pursued.
LawGPT: Offering Small and Medium Firms the Solution
LawGPT levels the legal playing field, allowing small and medium firms to maximize their potential and contend with even the largest, most reputable firms in the country.
Equipped with LawGPT, firms can:
- Make more productive use of billable hours by automating mundane, time-consuming legal tasks
- Automate paralegal responsibilities
- Quickly summarize case data and complex documents, including deposition transcripts, medical records, and expert records
- Enhance organizational efforts through strategic case file management, allowing firms to tag, categorize, and sort their documents and folders
- Streamline the upload and summarization research process
- Recognize when it’s time to withdraw from a case, if the facts are not on their side
- Harness the power of AI without costly licensing or a staffed IT team
Adding these capabilities to any firm’s arsenal offers an instant advantage, bolstering the opportunity to compete, grow, and expand, while reinforcing trending contributions to the market.
Unlike our competitors, LawGPT offers reasonable, transparent pricing options catered to meet the needs of ALL firm sizes. With simple plans to select from, firms simply choose the option that best accommodates their team (or case) size.
Assign an unlimited number of users to your LawGPT workspace with the ability to assign users to specific cases, streamlining your team’s responsibilities. Customer support and guided walkthrough videos are also included in all plans, offering small-to-medium-sized firms instant access to state-of-the-art AI technology.
Don’t get left behind…
