nForming Legal Services Market Smart Book

The nForming Legal Services Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the legal services market. The legal services market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

Legal Services Market: Recent Developments 

The legal services industry is seeing a variety of developments. Among the major development areas are:

• Recent Developments

  • In June 2022, LATHAM advised VEON on DASTGYR’S series A, and a cross-border team speaks for a worldwide digital service provider for mobile connections.
  • In March 2022, Baker McKenzie saw a significant increase in brand index in the United States and mainland Europe.

Read more opportunities in the Legal Services market in the Smart Book.

Legal Services Market Drivers

Improvements in artificial intelligence (AI) and machine learning (ML) to drive market growth

The market for legal services is expanding significantly due to improvements in artificial intelligence (AI) and machine learning (ML). Modern tools like machine learning (ML) and artificial intelligence (AI) enable professionals to automate some tasks, freeing up their time and resources to concentrate on more important legal processes. Using these technologies, organizations can create and evaluate contracts, mine documents, and perform due diligence on them. Another area with strong growth potential is extensive data analysis. As a result, emerging businesses like FiscalNote, Ravel Law, and InvestCEE Tanacsado Kft. have prospered by offering their clients top-notch and modern analytical insights.

Legal Services Market: Restraints

Lack of awareness as a whole hinders market growth.

The ineffectiveness of the legal aid delivery system is yet another significant barrier facing the worldwide legal aid movement. It is necessary to increase the value of free legal aid to solicitors and to spread the word about its availability through a public awareness campaign. The goal of the legal aid movement cannot be accomplished if people are not informed of their basic rights. When people with low incomes are ignorant of their legal rights, they are open to abuse and are eventually cheated out of the benefits and rights to which they are legally entitled. Therefore, for a free legal aid system to be successful, increased public knowledge and more efficient delivery techniques are crucial.

Read all the major drivers and trends of the legal services market in the Smart Book.

Legal Services Market: Regional Landscape

North America dominated the Legal Services market in 2022

In North America, the United States has risen to the top of the market. A significant portion of the North American region will account for rising assignment volumes among corporate legal departments in the United States in 2020. The United States has become one of the leading nations in the North American region as a result of the profusion of legal service providers. Additionally, it is anticipated that a rise in mergers and acquisitions in the North American region will boost demand for legal services.

Read more competitive developments in the Legal Services Market Smart Book.

Legal Services Market Key Companies

• Baker & McKenzie

• Clifford Chance LLP

• Deloitte

• DLA Piper

• Ernst & Young (E&Y)

• Kirkland & Ellis LLP

• KPMG

• LATHAM & WATKINS LLP

• PwC

• Skadden

• Arpss

• Slate

• Meagher & Flom LLP

Legal Services Market Segmentation:

The global legal services market has been segmented into service, end-user, and mode of transit.

Service, corporate, taxation, litigation, bankruptcy, advice, notarial activities, and research are segments of the global legal services market. The corporate segment dominated the market in 2022. This large share is credited with the advent of novel forms of financial exchange on corporate fronts. Additionally, it is anticipated that during the forecast period, the corporate segment will dominate the service market due to the growth in complaints about employee harassment, organizational discrimination audits, copyright violations, and patent infringement. It is anticipated that the category will expand faster due to the corporate sector’s increasing demand for services related to intellectual property.

Based on application, the market is classified into corporate, financial & commercial law, personal injury, commercial and residential property, wills, trusts, probate, family law, employment law, criminal law, and other applications. In 2022, the corporate, financial, and commercial law categories dominated the global market. A selected few worldwide law firms control the majority of the corporate, financial, and commercial legal services market. The rise of new technologies, like blockchain and artificial intelligence, which are creating new legal challenges and opportunities, will also contribute to this growth. These factors include the increasing globalization of business, the increasing complexity of business transactions, and the growing need for businesses to comply with a wide range of regulations.

Based on end-users, the market is classified into private practicing attorneys, legal business firms, and government agencies. In 2022, the legal business firms category dominated the global market. The market share of legal business firms is significant. Legal service providers’ strategic investments are to blame for this high percentage. Legal firms make investments in client education, pipeline management, community involvement, and public relations as business development tactics. Some businesses have cut costs or raised prices to maintain profitability as a result of the slow market expansion throughout the years.

In order to extract information, identify patterns, and predict trends, law firms are also beginning to use predictive analytics technologies to examine huge databases. Business organizations can use predictive analytical technology to enhance their decision-making abilities. A deep learning model is employed by a U.S.-based software startup company named Intraspexion, Inc. to advise businesses on prospective legal problems and assist them in reducing legal expenses. An important market trend that is expected to spur paralegals to start new businesses is the development in demand for Alternative Legal Services Providers (ALSPs).

Segmentation:

Frequently Asked Questions (FAQs):

1. Which key factors will influence legal services market growth over 2023-2030?

The main reasons anticipated to propel the legal services market during the forecast period are disruptions brought about by technology in the legal sector and an increase in the availability of substitute legal service providers.

2. What will be the value of the legal services market during 2022-2030?

According to the report, the global legal services market size was worth USD 827.15 billion in 2022 and is estimated to grow to USD 1,212.80 billion by 2030, with a compound annual growth rate (CAGR) of approximately 4.90% over the forecast period.

3. Which region will contribute notably towards the legal services market value?

North America is anticipated to continue leading the legal services market throughout the projected period.

4. Which are the major players leveraging the legal services market growth?

Some of the main competitors dominating 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; Skadden, Arps, Slate, Meagher & Flom LLP.