Make that $400 billion for US Legal Market Size (2.3% of US Economy)
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The entire US legal market can be valued at well over $400 billion. [US GDP in December 2013 : $17.1 trillion] Mind you this is when all the segments of the market are combined. So while this is a holistic approach, in practice any “legal market” aimed business will be focused more specifically on its narrower relevant market. But I wanted to be bombastic. While this is more of a “back of the napkin” approach, I have attempted to use “normalized” figures and logical extrapolation.
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With the combination of the above “latent” or “untapped” market along with the connected and tangent verticals – the total legal market gets to $400bb quite easily (ignoring other obvious markets like the law firm consulting market, litigation finance, and new tech – LegalZoom, Clio, WireLawyer, and ERM Legal). There are other areas that could be added to this number as well but it gets truly challenging and takes some genuine ingenuity. How much “legal related” work do the big accounting firms do? How is the massive plaintiff market calculated? What new areas of legal practice are being created that did not exist before (such as breaking cell phone carrier contracts like CellBreaker or ensuring TOS compliance as some other startups are taking on?)
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