Global Legal Services Market Size, Share, and COVID-19 Impact Analysis, By Mode (Online Offline), By Firm Size (Large Firms, SME Firms), By Service Type (B2B Legal Services, B2C Legal Services, Hybrid Legal Services & Criminal Law Practices), By Practice Type (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment & Corporate) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
Key Market Insights
The global legal services market was valued at USD 901.8 Billion in 2021. The market is projected to grow USD 1037.3 Billion in 2030, at a CAGR of 5.5%. The advent of artificial intelligence has changed the legal industry (AI). The software coupled with artificial intelligence (AI) has been helpful in helping law firms and attorneys save time. Document generation and evaluation are more productive because to automation tools. Tools for team collaboration could make documentation processes even more straightforward. By reducing costs and improving comfort, these technological developments benefit lawyers.
COVID-19 ANALYSIS
The (COVID-19) has impacted negatively on the legal services industry in 2020. Since, governments globally have implemented lockdowns and restricted trade, consequently reducing the need for professional services. The pandemic of COVID-19 boosted the demand for civil legal services. The combined effects of a global pandemic, a severe economic slump, social activism, and political unpredictability make 2020 a year for the record books in which law firms encountered enormous disruptions to their operations and were forced to quickly react to drastic market shifts.
Adoption of Advanced Technologies in Legal Services Supporting Market Growth
Professionals can automate some processes with the use of cutting-edge technology like machine learning (ML) and artificial intelligence (AI), freeing up time and resources for crucial legal tasks. With the use of these tools, firms may create and assess contracts as well as conduct document mining and due diligence.
Rising Civil Legal Services Around the World Aiding the Market Growth
The demand for transactional practice areas, growth in fraud and other economic crimes, and rising demand for civil services are likely to fuel the growth of the global legal services market.
Lack of Skilled Workforce and Pressure from In-House Teams Hampering the Market Growth
The impact of COVID-19, skills shortages, increased pressure from in-house legal teams on traditional law firms, and a lack of openness all had a detrimental influence on growth during the historical period. Future market growth for legal services may be hampered by factors like increasing costs, shrinking margins, and data security concerns.
Segmentation Insights
Based on the mode, the market is categorized into online & offline. Based on firm size, the market is categorized into large firms, sme firm. Based on service type, the market is categorized into b2b legal services, b2c legal services, hybrid legal services & criminal law practices. Based on practice type, the market is categorized into taxation, real estate, litigation, bankruptcy, labor/employment & corporate. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Regional Insights
The global legal services market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is expected to dominate the market share of global legal services market owing to increasing assignment volumes in the legal departments of American firms. The United States has become the leading nation in the North American market as a result of the major presence of legal service providers and established network of legal providers.
However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global legal services market due to swift adoption of legal and regulatory requirements, especially in China and India. In India, for instance, legal service providers have started to offer their corporate clients sophisticated cross-border judicial services, creating tremendous growth prospects. Additionally, service providers like Venable LLP, Baker & McKenzie, and Allen & Overy LLP have entered the Indian market, which is anticipated to spur market expansion in the area during the ensuing years.
List of Key Companies Profiled:
- Baker McKenzie
- Clifford Chance
- Deloitte Touche Tohmatsu Limited
- Dentons
- DLA Piper
- Ernst & Young Global Limited
- Kirkland & Ellis LLP
- KPMG
- Latham & Watkins
- Morgan, Lewis & Bockius LLP
- PwC
- SIDLEY AUSTIN LLP
- Skadden, Arps, Slate, Meagher & Flom LLP
- White & Case LLP
- Others
Key Industry Developments:
July 2022-
- Sidley has setup a new office in Miami to expand their presence and widen their customer reach.
- KPMG has joined forces Microsoft, Intapp and other technology firms to widen integrated solutions which can empower the legal departments and law firms of the future.
Segmentation:
By Mode
- Online
- Offline
By Firm Size
- Large Firms
- SME Firms
By Service Type
- B2B Legal Services
- B2C Legal Services
- Hybrid Legal Services
- Criminal Law Practices
By Practice Type
- Taxation
- Real Estate
- Litigation
- Bankruptcy
- Labor/Employment
- Corporate
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Legal Services Market Size
- September-2022
- 1 4 8
- Global
- information-technology-communication-iot
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