The global legal services market during the estimated period, which spans from 2022 to 2032, the global market for legal services is expected to generate US$ 627.12 billion while growing at a CAGR of 4.6%. In 2022, the market is anticipated to generate US$ 400 billion in revenue. In the coming years, the industry’s growth will be fuelled by the increasing use of cutting-edge technology in the provision of legal services.
Additionally, a strong focus on maintaining openness in client relationships is anticipated to fuel industry expansion. Furthermore, when more secure/confidential procedures are incorporated into the process, it is anticipated that the legal services sector will grow more quickly.
Additionally, a noteworthy industry development is the growth of alternative legal service providers (ALSPs). ALSPs are non-traditional, specialized businesses that focus on providing in-demand legal services such as contract administration, litigation support, electronic discovery, contract attorneys and staffing, document review, intellectual property management, and contract administration.
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They generally focus on the “business of law,” providing services to businesses and law firms by combining their legal, commercial, and technology expertise. Businesses are increasingly turning to ALSPs for a variety of routine legal services, while law firms are outsourcing to ALSPs non-revenue-generating tasks including project management, business analysis, billing, and spending.
Asia Pacific accounted for a sizeable chunk of the market in 2020 because of the rising acceptance of legal and regulatory requirements, particularly in China and India. Legal service providers, for instance, have started to supply cutting-edge cross-border judicial services to their business clients in India, creating sizable prospects for the nation to flourish. The market participants, however, are focusing their efforts on growing their consumer base and gaining an advantage over their rivals.
Key Takeaways from the Legal Services Market Report:
- By service type, corporate legal services accounted for 25% of total revenue in 2021
- By firm size, legal services through big firms contributed over 36% of the global market share
- S to be a promising market for legal services, expected to flourish at a 4.5% CAGR
- K to be a key contributor to the market for legal services, registering a 4.4% CAGR
- India and China register identical growth trajectories, growing at a CAGR of 4.3% each
- Global legal services market to grow nearly 1.6x from 2022 to 2032
Competitive Landscape:
Recent key developments among players are:
- In November 2021, EY announced the acquisition of TAO Leadership Development, Inc., a consultancy focused on supporting fast-paced cultural change and organizational transformation in organizations. The purchase sought to accelerate the growth of EY People Advisory Services by boosting the firm’s well-known technology-enabled transformational leadership and culture change capabilities.
- In July 2022, Kirkland & Ellis advised I Squared Capital, and its ISQ Global Infrastructure Fund III on a definitive agreement to acquire VLS Environmental Solutions (“VLS”) from Aurora Capital Partners, a leading middle-market private equity firm, in connection with the acquisition.
Leading Key Players:
- 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
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More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Legal Services market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on service type (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, and Corporate), Firm Size (Large Firms, Medium Firms, and Small Firms), Provider (Private Practicing Attorneys, Legal Business Firms, Government Departments and Others) & Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
Legal Services Market Segmentation:
By Service Type:
- Legal Services for Taxation
- Legal Services for Real Estate
- Legal Services for Litigation
- Legal Services for Bankruptcy
- Legal Services for Labor/Employment
- Legal Services for Corporate
By Firm Size:
- Large Legal Services Firms
- Medium Legal Services Firms
- Small Legal Services Firms
By Provider:
- Legal Services by Private Practicing Attorneys
- Legal Services by Legal Business Firms
- Legal Services by Government Departments
- Legal Services by Other Providers
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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