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 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).
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.
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.
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.
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.
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.
1. Executive Summary
2. Legal Services Market Snapshot
2.1. Legal Services Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. 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
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.
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.
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