Digitalization of legal services A study of business models of legal lech companies digitalizing the legal industry
Publicerad
Författare
Typ
Examensarbete för masterexamen
Master's Thesis
Master's Thesis
Modellbyggare
Tidskriftstitel
ISSN
Volymtitel
Utgivare
Sammanfattning
The legal industry is still traditional and conservative where the lawyers typically
charge by the hour (Simmons, 2015; Kronblad, 2019; 2021). But as society
develops, so does the legal industry. We are moving from the lawyer’s market to
the consumer market through digitalization where services within law are being
more accessible and transparent. (Kronblad, 2019; 2021)
With this study, the researchers aim to understand digitalization within contract law.
That includes the business models that are being used, the main differences in how
these services are being delivered and their different revenue models, and their
strengths and weaknesses. To reach a satisfying result, the researchers have used a
more overlooking review of twenty (20) different companies as well as a narrower
review of five (5) different companies.
Looking at the results, there are only a few revenue models that are being used such
as subscriptions, freemium, and add-ons, and almost every company still uses
hourly rates to some extent. The strengths and weaknesses are similar in all
companies within the study, no matter which business model they are using. The
strengths are increased scalability and competitive pricing for the companies and
flexibility and ease for consumers, whereas weaknesses can be linked to difficulties
to predict the amount of one-on-one help that is needed as well as the high amount
of one-on-one help from lawyers that still is needed as well as lack of trust for the
customer. The weaknesses are mainly connected to the insecurities on how much to
charge, get people to try online services, and decrease the amount of help from
lawyers.
Beskrivning
Ämne/nyckelord
business model, legal tech, digitalization, lawyer