2020 saw the world come to a standstill as we collectively faced the wrath of a raging pandemic. We stood in solidarity as our lives as we knew it had changed. Today in 2021, we’re on the road to recovery with governments issuing massive stimulus packages and businesses adapting to the new normal. We’ve seen many businesses across verticals use technology to overcome these challenges. Some are even seeing business booming after going online. One of them is Online Legal Consulting businesses. Let us know more about how the industry has been expanded and why it can be one of the best and booming marketplace.
The Legal Industry and the Pandemic
The legal industry has borne the brunt of the pandemic with many transactions and deals coming to an indefinite stop. Everyone in the industry from lawyers with their practice to large corporate law firms has seen the demand for services drop over the last year. This is not because the demand doesn’t exist but simply because these services are not easily accessible online. The online marketplace for legal services could change that.
The legal industry has been notoriously slow to adopt the technology. Law firms didn’t use technologies like document automation until recently. The idea of an online marketplace for legal services is a promising idea that could help lawyers offer services easily.
The world today is still riddled with problems that only lawyers can solve. But the solution to the problems is not as accessible as it used to be. There is demand for an online, virtual legal team that can do everything that their offline counterparts could.
How can an online legal marketplace help?
With about 4 million lawyers around the world, there is certainly no dearth of legal professionals. However, there is a large contingent of lawyers who fail to find work in a landscape dominated by large corporates. Over 1/3rd of clients start looking for attorneys online.
The online legal consulting model democratizes the industry by offering a much-needed online platform for legal services.
SMEs are likely to rapidly adopt services offered on legal marketplaces. This is because SMEs are unsure of what kind of legal help they need and are at risk of being overcharged.
An online legal marketplace would solve this issue by connecting legal professionals with customers. The legal professionals can list their services and billable rates, allowing small businesses to be sure they’re getting legal help within their budgets. With most people looking for attorneys online, it’s important to have a strong online presence.
The online legal consulting model is truly disruptive in the same way the world adopted online shopping. By offering legal services online, legal professionals can get greater visibility and better opportunities.
On the flip side, consumers can access legal help more readily. The model is inclusive of smaller players, unlike the traditional legal services industry that is overshadowed by large law firms. Online legal consulting has a promising future for sure.
Benefits of Online Legal Consulting Marketplace
- Brimming with Demand: The legal industry has made a name for itself for being averse to adopting technology. Change within the industry has been rather incremental. But the demand for online legal services is exploding and the market will likely usurp any solutions that cater to it.
- Efficiency: It’s no surprise that legal services have stayed rather inefficient. There is little room to innovate within the framework of the legal industry as it is. The online marketplace would change that by offering an alternate mode of delivering these services and making them accessible to anyone.
- Great collaborations: A digital marketplace for legal professionals will allow lawyers to collaborate with other legal professionals. You can build full-service legal teams with professionals across specializations.
Building Your Online Marketplace is Easy!
While it might sound like a challenge to develop your online marketplace from scratch, and admittedly, it is!
Building a marketplace from scratch involves a lot of coding and time to perfect. That’s why we did that for you already with Panther!
You can build your marketplace and have it up and running in a matter of minutes. You don’t even need any coding experience. Are you ready to cash in on the demand for online legal services? Get in touch with us to see how truly easy it is to set up your online marketplace.
Subscribe to stay ahead with the latest updates and entrepreneurial insights!
Subscribe to our newsletter
Get access to the latest industry & product insights.