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Global Legal Services Industry Report: Country Overview; Recent Events; Value Chain Analysis; Production Process; Cost Structure; Market Dynamics: Drivers & Constraints, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Key Factors Influencing the Quotation; Key Supplier Analysis, 2022-2027

Legal Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices


The global Legal Services market reached a value of about USD 754 billion in 2021. The industry is projected to grow at a CAGR of around 4% in the forecast period of 2022-2027 to reach a value of about USD 954 billion by 2027.

The global Legal Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The industry is being driven by the rising rate of disagreements in various sectors globally. North America is the highest category spender by region, driving the demand for the Legal Services industry.

Legal Services: Industry Definition and Segmentation

Legal services are legal or law-related services; any service that may only be offered by a person who is licenced, admitted, or otherwise competent to practise law in the jurisdiction in which the service is delivered is referred to as a legal service. These include services such as issuing legal opinions, filing, pleading, and defending court actions, among other things. The Legal Services industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The North American Region is Driving the Growth of the Industry

North America holds the largest share in the industry due to the rising assignment loads in corporate legal departments in the United States. Due to the abundance of legal service providers, the country and the region have emerged on top in the North American market. Additionally, the growing number of mergers and acquisitions in the area is driving up demand for these services.

The market is being driven by changes in political structure, legal reforms, and trade agreements throughout the world. International businesses and organisations must abide by a variety of national laws and regulations and exceptional trade agreements. Furthermore, the need for legal services is being driven by an increase in transactional practice areas such as corporate, real estate, and tax work, further propelling the industry's development. In addition, due to the rising prevalence of cybercrime, law firms worldwide are providing cybercrime legal consultation services to their customers, thus resulting in the industry's expansion.

However, the threat of security breaches is likely to hamper the market growth.

Best Procurement Practices

The global Legal Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Legal Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Outsourcing legal processes might help save a lot of money. Rather than using specialised corporate resources, specific legal services are outsourced to outside firms, local lawyers, or paralegals. one may save time and money and minimise their workload by using the expertise of others, which frees them up to focus on what they do best. In another way, bringing in new business and providing excellent service to existing clients.

Integration of Technology, Further Propelling the Legal Services Market

The market is being propelled by the emergence of Artificial Intelligence (AI). (AI)-enabled software is critical for allowing attorneys and law firms to save time. Creating documents and proofreading becomes more efficient with the help of automation software. These advancements and technology provide excellent value to attorneys by reducing costs and increasing convenience. In-house digital strategies are also available from service providers to modify and improve a company's procedures and activities. Law firms may find previously unknown connections among data by using AI and ML to massive datasets, giving them more power to minimise risk, optimise delivery, forecast outcomes, and personalise solutions to customer desires. Furthermore, law companies and legal departments have been steadily increasing their use of cloud technology. Cloud computing is becoming a safer place to manage crucial files and customer information as stricter laws and regulations are implemented. These advancements are likely to impact the market positively.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Legal Services Industry Report

  • Baker McKenzie
  • Latham & Watkins LLP
  • Freshfields Bruckhaus Deringer LLP
  • Skadden, Arps, Slate, Meagher & Flom LLP
  • Allen & Overy LLP

Market Landscape

Market participants concentrate on growing their consumer base and acquiring a competitive advantage over their competitors. Partnerships, mergers & acquisitions, collaborations, and new product/technology development are among the strategic goals they are pursuing. Financial data, revenue breakdown by segment and location, risk analysis, critical facts, company description, business strategy, leading product offers, marketing and distribution strategies, new product development, and current news are all included in the competitive landscape study.

Key Initiatives by Companies

  • Kirkland and Ellis opened their third location in Texas in April 2021. The company's total number of sites has expanded to 17 due to this growth. The ten offices are located in the United States, with three in Asia and four in Europe.
  • In January 2021, Latham and Watkins announced the addition of a new partner in Tokyo who would specialise in Japanese law. Hiroaki Takagi comes from Nishimura & Asahi, where he has served as a partner advising on securities and business transactions since 2015.

1.    Executive Summary
2.    Legal Services Market Snapshot

    2.1.    Legal Services Market Outlook
    2.2.    Regional Overview
        2.2.1.    North America
        2.2.2.    Europe
        2.2.3.    Asia Pacific 
        2.2.4.    Latin America
        2.2.5.    Middle East and Africa
3.    Impact of Recent Events 
4.    Legal Services Value Chain Analysis 
5.    Legal Services Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Legal Services Cost Structure
9.    Legal Services Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Legal Services Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    Swot Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New Entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Industry Best Practices
    13.1.    Sourcing Strategy
    13.2.    Procurement Model
    13.3.    Contract Structure
    13.4.    Negotiation Levers
    13.5.    Pricing Model
    13.6.    Key Factors Influencing the Quotation 
14.    Key Supplier Analysis
    14.1.    Baker McKenzie
    14.2.    Latham & Watkins LLP
    14.3.    Freshfields Bruckhaus Deringer LLP
    14.4.    Allen & Overy LLP
    14.5.    Skadden, Arps, Slate, Meagher & Flom LLP

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Key Questions Answered in the Report

The global Legal Services market size was valued at  USD 754 billion in 2021.

In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 4%.

The significant demand for cybercrime-related services is one of the essential drivers of the Legal Services market growth.

Baker and McKenzie, Latham & Watkins, Freshfields Bruckhaus Deringer LLP, Allen & Overy, Skadden, Arps, Slate, and Meagher& Flom LLP are some of the key companies in the market.

The North American region of the Legal Services industry holds a significant share in the market.

Analyst Review

The global Legal Services market attained a value of USD 754 billion in 2021, driven by the changes in political structure, legal reforms, and trade agreements throughout the world. Aided by the growing technological advancements, like the emergence of Artificial Intelligence (AI), using AI and ML to massive datasets, and Cloud computing, the market is expected to witness further growth in the forecast period of 2022-2027 growing at a CAGR of 4%. The market is projected to reach  USD 954 billion by 2027. Some of the leading players in the industry are Baker and McKenzie, Latham & Watkins, Freshfields Bruckhaus Deringer LLP, Allen & Overy, Skadden, Arps, Slate, Meagher& Flom LLP.

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.

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