CEBU CITY, Philippines, Dec 26 (Bernama-GLOBE NEWSWIRE) — As the business-to-business digital commerce market in Southeast Asia is forecasted to reach $130 billion by 2026, a new generation of legal tech entrepreneurs from Southeast Asia looks to enter the U.S. market. According to the latest Wolters Kluwer LegalVIEW Insights report, they are entering a US market that is at a tipping point, characterized by record-high rate volatility and a “Capital Efficiency Mandate.”
Per Wolters Kluwer, despite a slowdown in growth, average hourly rates for associates in primary legal tech markets such as New York City have reached $1214/hour, and double-digit year-over-year increases are being recorded in secondary legal tech markets such as San Diego and Portland. This is increasing the cost of expanding in the US legal market through an HQ-first expansion strategy adopted by many international legal tech startups.