|Fastest Growing Market:||South East Asia|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the legal services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. The COVID-19 pandemic led to an increased demand for civil legal services. The combined effects of a global pandemic, a serious economic downturn, social activism, and political uncertainty around the globe clearly make 2020 a year for the record books in which law firms experienced unprecedented disruptions in their operations and were forced to adapt rapidly to dramatic market changes.
Despite international economic and financial obstacles, the legal services sector is relatively immune to cyclical or seasonal changes, allowing it to continue to grow at a healthy rate. The legal market, on the other hand, is not immune to the upheavals and changes that are occurring in the rest of the economic sector. Due to a bleak economic outlook around the world, many of a law firm's top clients are cutting their legal costs in an effort to improve efficiency and profitability. In the coming years, the industry's growth will be fueled by the increasing use of cutting-edge technology in providing legal services. Artificial intelligence (AI) enables businesses to review contracts in bulk and analyze data to better forecast the results of legal procedures than people. A significant emphasis on maintaining transparency in client relationships is also predicted to result in market development.
Law firms are looking into different ways to assist their clients in minimizing risk and compliance costs by assisting them in better managing information, paving the road for the adoption of document automation software in legal services. End users are guided through the full document generation process by document automation software, which guides them via a questionnaire to collect important data. End users are relieved of the time-consuming task of deciphering the document's terminology with this method.
Scope of the Report
Legal services include various services like representation, advice, notarial activities, and research-related services. There are law firms operating as legal cells for big corporate firms and offering services to individuals as well. A complete background analysis of the legal services market, including the assessment of the economy and contribution of the sectors in the economy, market overview, market size estimation for key segments and emerging trends in the market segments, market dynamics and insights, along with key statistics, is covered in the report. The Legal Services Market is Segmented by End Users (Legal Aid Consumers, Private Consumers, SMEs, Charities, Large Businesses, and Government). By Application ( Corporate, Financial and Commercial Law, Personal Injury, Commercial and Residential Property, Wills, Trusts and Probate, Family Law, Employment Law, Criminal Law, and Other Application). By Services (Representation, Advice, Notarial Activities, and Research). and By Geography ( North America, Europe, Asia-Pacific, South America, and Middle East).
|By End User|
|Legal Aid Consumers|
|Corporate, Financial, and Commercial Law|
|Commercial and Residential Property|
|Wills, Trusts, and Probate|
Key Market Trends
Security Breaches in the Law Firms are Increasing
The nature of law firm operations has made legal service companies increasingly appealing targets for ransomware attackers. Law firms and in-house legal teams collect a lot of secret company information and sensitive data including tax returns as part of their corporate legal and M&A work, litigation, and other legal services. If they are hacked, they risk losing their reputation and money, especially if data is leaked. Because they handle enormous amounts of sensitive client information, data, and money, law firms have been attractive targets for hackers in recent years. Many businesses, on the other hand, have "less-than-ideal information security strategies and procedures."
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Impact of Legal Technology in Law Firms is Increasing.
The expanding impact of technology on legal work procedures is a reality that has been apparent for some time. There is little doubt that the pace of such technology-driven change has accelerated dramatically in recent years, and there is mounting evidence that a number of law firms are not simply embracing but actively nurturing such change. Chatbots are increasingly being used by law firms to assist in the optimization of work processes, saving time and money for both themselves and their clients. Chatbots can assist law companies with a variety of activities, including digitizing the material and looking for lawyer-specific papers. They also aid with the follow-up of unresponsive clients and the gathering of essential information via automated dialogues.
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The competitive landscape analysis provides detailed strategic analysis of the company’s business and performance, such as financial information, revenue breakup by segment and geography, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, and recent news.
- In April 2021, Kirkland and Ellis expanded its third outpost in Texas. With this expansion, the total number of locations of the company has increased to 17. The 10 offices are based on the US whereas 3 are in Asia and 4 are based in Europe.
- In January 2021, Latham and Watkins have added a new partner in Tokyo focusing on Japanese law matters. Hiroaki Takagi joins from Nishimura & Asahi where he’d been a partner since 2015 advising securities and corporate transactions.
Table of Contents
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulation Shaping the Market
4.7 Insight on Technological Innovation in the Market
4.8 Impact of Covid-19
5. MARKET SEGMENTATION
5.1 By End User
5.1.1 Legal Aid Consumers
5.1.2 Private Consumers
5.1.5 Large Businesses
5.2 By Application
5.2.1 Corporate, Financial, and Commercial Law
5.2.2 Personal Injury
5.2.3 Commercial and Residential Property
5.2.4 Wills, Trusts, and Probate
5.2.5 Family Law
5.2.6 Employment Law
5.2.7 Criminal Law
5.2.8 Other Applications
5.3 By Service
5.3.3 Notarial Activities
5.4 By Geography
5.4.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.4.4 South America
5.4.5 Middle East
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle East
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Kirkland & Ellis LLP
6.2.2 Latham & Watkins LLP
6.2.3 Baker McKenzie
6.2.4 Skadden, Arps, Slate, Meagher & Flom
6.2.5 Clifford Chance
6.2.6 DLA Piper
6.2.7 Allen & Overy
6.2.8 White & Case
6.2.9 Sidley Austin
6.2.10 Norton Rose*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Legal Services Market market is studied from 2018 - 2027.
What is the growth rate of Global Legal Services Market?
The Global Legal Services Market is growing at a CAGR of 2% over the next 5 years.
Which region has highest growth rate in Global Legal Services Market?
South East Asia is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Legal Services Market?
North America holds highest share in 2021.
Who are the key players in Global Legal Services Market?
Kirkland & Ellis LLP, Latham & Watkins LLP, Baker McKenzie, Skadden, Arps, Slate, Meagher & Flom, Clifford Chance are the major companies operating in Global Legal Services Market.