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Industry Landscape
The US legal services industry is mature, driven by corporate transactions, litigation, and evolving regulatory landscapes. Technology, like AI, is impacting efficiency and access to justice. Competition remains high, with firms specializing or expanding services to meet diverse client needs.
Total Assets Under Management (AUM)
Total Legal Services Revenue in United States
~Approximately $400 billion
(3-5% CAGR)
- Driven by corporate M&A activity.
- Increase in litigation across various sectors.
- Growing demand for specialized legal advice.
Total Addressable Market
400 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Legal Research
Generative AI can automate legal research, summarize documents, and draft preliminary legal opinions, significantly reducing time and cost for legal professionals.
Blockchain for Contract Management
Blockchain technology can enhance the security, transparency, and immutability of legal contracts, streamlining processes like real estate transactions and corporate agreements.
Predictive Analytics for Litigation
Predictive analytics utilizes data to forecast litigation outcomes, assess case risks, and optimize legal strategies, offering data-driven insights to attorneys and clients.
Impactful Policy Frameworks
New York State's Online Notarization Act (2023)
The New York State's Online Notarization Act of 2023 permanently authorizes remote online notarization (RON) for documents across the state, allowing individuals to have documents notarized virtually.
This policy streamlines the execution of legal documents for Twomey, Latham's clients, particularly in real estate and estate planning, by allowing virtual notarization, improving convenience and efficiency.
New York Shield Act (2020)
The Stop Hacks and Improve Electronic Data Security (SHIELD) Act of 2020 requires businesses handling private information of New York residents to implement reasonable safeguards to protect that data and expand data breach notification requirements.
This act necessitates Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP to invest further in robust cybersecurity measures to protect sensitive client data, directly impacting operational costs and compliance efforts.
Adult-Use Marijuana Regulation and Taxation Act (MRTA) (2021)
New York's Marihuana Regulation and Taxation Act (MRTA) of 2021 legalized adult-use cannabis, establishing a framework for its cultivation, processing, distribution, and sale, and creating new business opportunities and regulatory complexities.
The MRTA opens up new practice areas for Twomey, Latham in corporate law, real estate, and regulatory compliance for cannabis-related businesses, creating opportunities for specialized legal services and new client acquisition.
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