Consolidation in the legal research market has recently spurred some concern among law firms of all sizes. Swiftly emerging start-ups are often eagerly acquired by a select few committed legacy corporations. This trend has led to an increasing reliance on one or two major companies within the legal fraternity.
Such industry consolidation may cause fears of growing unchecked costs and stifle competitive diversity. Another related issue is a potential decrease in transparency with regard to how subscription prices are set. In essence, consumers might now find themselves facing a reduced availability of affordable options as larger providers dominate, echoing the dilemma of a ‘few giants’ scenario within the market.
There is a shared belief, however, that such consolidation is not an absolute in this sector. While centralization seems to currently lie in the grasp of two dominant corporations, the landscape of the legal research software market may still witness significant changes in the foreseeable future. Legaltech News offers a more nuanced exploration of the phenomenon.