LEGAL SERVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

Market Overview

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).

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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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