Legal Services Market Size
|Study Period||2019- 2028|
|Market Size (2023)||USD 752.5 Billion|
|Market Size (2028)||USD 938.65 Billion|
|CAGR (2023 - 2028)||4.52 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Legal Services Market Analysis
The Global Legal Services Market size is expected to grow from USD 752.50 billion in 2023 to USD 938.65 billion by 2028, at a CAGR of 4.52% during the forecast period (2023-2028).
The coronavirus disease (COVID-19) restrained the legal services market in 2020 as governments imposed lockdowns and restricted trade globally, 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 grow at a healthy rate. On the other hand, the legal market is not immune to the upheavals and changes 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 growth during the forecast period.
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.
Legal Services Market Trends
This section covers the major market trends shaping the Legal Services Market according to our research experts:
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 Driving the Market Growth
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.
An array of technologies are being deployed to provide legal services at a cheaper, more efficient, and improved standard. Artificial intelligence (AI), natural language processing (NLP), and robotic process automation (RPA) are just some of the tools used to facilitate this, both in business-to-business (B2B) and business-to-consumer (B2C) settings. Furthermore, 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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Legal Services Industry Overview
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.
Legal Services Market Leaders
Kirkland & Ellis LLP
Latham & Watkins LLP
Skadden, Arps, Slate, Meagher & Flom
*Disclaimer: Major Players sorted in no particular order
Legal Services Market News
- In February 2023, Latham & Watkins Advises on Tactile Systems Technology, Inc.’s US$32.5 Million Public Offering of Common Stock. Tactile Systems Technology, is a medical technology company focused on developing medical devices for the treatment of patients with underserved chronic diseases at home
- October 2022: Kirkland & Ellis advised Nordic Capital, a leading European private equity investor, on the recently closed Nordic Capital Fund XI. The fund was closed at its hard cap with aggregate capital commitments of €9 billion. The fund will focus on buyouts in Nordic Capital’s focus sectors of healthcare, technology and payments, and financial services, as well as selectively in industrial and business services. The fundraising exceeded its €8 billion target and was raised in nine months
Legal Services Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insight on Various Government Regulation Shaping the Market
4.6 Insight on Technological Innovation in the Market
4.7 Impact of COVID-19 on the Market
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
5.3.6 Notarial Activities
5.4 By Geography
5.4.1 North America
5.4.4 South America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration 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*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Legal Services Market Research FAQs
How big is the Global Legal Services Market?
The Global Legal Services Market size is expected to reach USD 752.5 billion in 2023 and grow at a CAGR of 4.52% to reach USD 938.65 billion by 2028.
What is the current Global Legal Services Market size?
In 2023, the Global Legal Services Market size is expected to reach USD 752.5 billion.
Who are the key players in Global Legal Services Market?
Kirkland & Ellis LLP, Latham & Watkins LLP, Baker McKenzie, Skadden, Arps, Slate, Meagher & Flom and Clifford Chance are the major companies operating in the Global Legal Services Market.
Which is the fastest growing region in Global Legal Services Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Legal Services Market?
In 2023, the North America accounts for the largest market share in the Global Legal Services Market.
Legal Services Industry Report
Statistics for the 2023 Legal Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Legal Services analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.