The global legal services market is anticipated to garner US$ 627.12 Billion while expanding at a CAGR of 4.6% during the projected timeframe ranging from 2022 to 2032.
The global legal services market is anticipated to garner US$ 627.12 Billion while expanding at a CAGR of 4.6% during the projected timeframe ranging from 2022 to 2032. The market is estimated to reach US$ 400 Billion in 2022. The rising use of cutting-edge technology in delivering legal services will fuel the industry’s growth in the future years.
Strong emphasis on preserving openness in client interactions is also expected to drive market growth. Furthermore, the legal services industry is expected to develop more swiftly as more secure/confidential methods are included into the process.
Moreover, the rise of alternative legal service providers (ALSPs) is a significant market trend. ALSPs are non-traditional, specialty firms that specialize in delivering in-demand legal services such as document review, contract administration, litigation assistance, electronic discovery, contract attorneys and staffing, legal research, and intellectual property management.
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They are primarily concerned with the “business of law,” utilizing a combination of legal, business, and technological capabilities to deliver services to both corporations and law firms. ALSPs are increasingly being used by businesses for many regular legal services, and law firms are outsourcing non-revenue producing functions such as project management, business analysis, billing, and spending to ALSPs.
Due to the increasing adoption of regulatory and legal requirements, particularly in India and China, Asia Pacific accounted for a substantial portion of the market in 2020. In India, for example, legal service providers have begun to offer advanced cross-border judicial services to their commercial clients, opening up significant opportunities for growth in the country. On the other hand, the market participants are concentrating their efforts on expanding their customer base and acquiring an edge over its competitors.
B2B legal services refer to the legal services that are provided by law firms or legal practitioners to businesses. These services include a wide range of legal areas, including corporate law, commercial law, labor and employment law, intellectual property law, and taxation law.
Key Takeaways from the Market Study
“Firms in the legal services sector are increasingly digitalizing as a result of the rise of information, communication, and technology. Investor expectations, increased competitiveness, new regulatory requirements, and expanding prospects all put pressure on firms to digitalize their operations and management, which is forecasted to positively impact the market during the projected timeframe.”
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Competitive Landscape
Key players in the global legal services market include Baker & McKenzie, Clifford Chance LLP, Deloitte, DLA Piper, Ernst & Young (E&Y), Kirkland & Ellis LLP, KPMG, LATHAM & WATKINS LLP, PwC and Skadden, Arps, Slate, Meagher & Flom LLP, among others. Recent key developments among players are:
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Legal Services market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis by Services Type (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment and Corporate), by Firm Size (Large Firms, Medium Firms and Small Firms), by Provider (Private Practicing Attorneys, Legal Business Firms, Government Departments and Others) & Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa)
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Key Segments Covered in the Legal Services Industry Survey
Legal Services Market by Service Type:
Legal Services Market by Firm Size:
Legal Services Market by Provider:
Legal Services Market by Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 26, 2023