The global legal services market is anticipated to garner US$ 627.12 Billion while expanding at a CAGR of 4.6% during the projected timeframe ranging from 2022 to 2032. The market is estimated to reach US$ 400 Billion in 2022. The rising use of cutting-edge technology in delivering legal services will fuel the industry’s growth in the future years.
Strong emphasis on preserving openness in client interactions is also expected to drive market growth. Furthermore, the legal services industry is expected to develop more swiftly as more secure/confidential methods are included into the process.
Moreover, the rise of alternative legal service providers (ALSPs) is a significant market trend. ALSPs are non-traditional, specialty firms that specialize in delivering in-demand legal services such as document review, contract administration, litigation assistance, electronic discovery, contract attorneys and staffing, legal research, and intellectual property management.
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They are primarily concerned with the “business of law,” utilizing a combination of legal, business, and technological capabilities to deliver services to both corporations and law firms. ALSPs are increasingly being used by businesses for many regular legal services, and law firms are outsourcing non-revenue producing functions such as project management, business analysis, billing, and spending to ALSPs.
Due to the increasing adoption of regulatory and legal requirements, particularly in India and China, Asia Pacific accounted for a substantial portion of the market in 2020. In India, for example, legal service providers have begun to offer advanced cross-border judicial services to their commercial clients, opening up significant opportunities for growth in the country. On the other hand, the market participants are concentrating their efforts on expanding their customer base and acquiring an edge over its competitors.
Key Takeaways from the Market Study
- 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 to 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
“Firms in the legal services sector are increasingly digitalizing as a result of the rise of information, communication, and technology. Investor expectations, increased competitiveness, new regulatory requirements, and expanding prospects all put pressure on firms to digitalize their operations and management, which is forecasted to positively impact the market during the projected timeframe.”
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Competitive Landscape
Key players in 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 and Skadden, Arps, Slate, Meagher & Flom LLP, among others. 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 organisations. 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 it’s 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.
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 on the basis by Services Type (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment and Corporate), by Firm Size (Large Firms, Medium Firms and Small Firms), by Provider (Private Practicing Attorneys, Legal Business Firms, Government Departments and Others) & Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa)
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Key Segments Covered in the Legal Services Industry Survey
Legal Services Market 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
Legal Services Market by Firm Size:
- Large Legal Services Firms
- Medium Legal Services Firms
- Small Legal Services Firms
Legal Services Market by Provider:
- Legal Services by Private Practicing Attorneys
- Legal Services by Legal Business Firms
- Legal Services by Government Departments
- Legal Services by Other Providers
Legal Services Market by Region:
- North America Legal Services Market
- Europe Legal Services Market
- Asia Pacific Legal Services Market
- Latin America Legal Services Market
- Middle East & Africa Legal Services Market
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The post Worldwide Legal Services Market is estimated to garner a revenue of US$ 400 Bn by the end of 2022 and is anticipated to attain a value pool of US$ 627.12 Bn by year 2032 appeared first on Future Market Insights.
