Legal Services Market

Legal Services Market by Services (Real Estate, Taxation, Litigation, Labor/Employment, Bankruptcy, and Corporate), Firm Size (Small, Medium, and Large), Providers (Legal Business Firms, Private Practicing Attorneys, Government Departments, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: EP-466
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 194
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  • Pub. Date: Upcoming
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The global legal services market was valued at USD 794.45 billion in 2020 and is expected to reach USD 1,045.20 billion by 2028, expanding at a CAGR of 4.05% during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing use of modern technology in legal services.
 

Legal Services Market Key Takeaways

Market Trends, Drivers, Restraints, and Opportunities:

  • Increasing use of artificial intelligence in legal services is estimated to transform the judicial profession.
  • Artificial intelligence software controls natural language processing and helps analyze legal documents. This is driving the market.
  • Use of web-based technologies allows legal professionals to work online from remote locations. This is estimated to boost the market.
  • The comfort of working remotely is offering professionals an alternative method of practicing law and nurturing an optimal work-life balance.
  • Legal service organizations are collaborating with virtual assistant providers to hire a virtual assistant, who can help in practicing law. This is anticipated to fuel the market.
  • Virtual assistants help companies to minimize overhead costs incurred on sick leave entitlements, payroll taxes, and staff training.

Scope of the Report:

The report on the legal services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Global legal services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Services (Real Estate, Taxation, Litigation, Labor/Employment, Bankruptcy, and Corporate), Firm Size (Small, Medium, and Large), Providers (Legal Business Firms, Private Practicing Attorneys, Government Departments, and Others), and Regions

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Clifford Chance LLP, Allen & Overy LLP, Baker & McKenzie, Venable LLP, E&Y, and KPMG

 

Market Segment Insights:

The litigation segment held more than 27% share of the total revenue in 2018
Based on services, the global legal services market is segregated as real estate, taxation, litigation, labor/employment, bankruptcy, and corporate. The litigation segment is expected to expand at a rapid pace during the forecast period. Service providers involved in third-party litigation and legal financing are gradually expanding the number of their authorities and building global capacity. Demand for legal services associated with litigation is increasing, as strict regulations affecting areas such as intellectual property and labor relations protection, are imposed in developing and developed countries.

The taxation segment is expected to expand at a high CAGR during the forecast period. Changes in taxation rules are projected to have a significant effect on the economic growth of developing and developed countries. Several key players have started providing a myriad of tax advisory services to fulfill judicial and tax needs of the businesses.
 

Legal Services Market By services


The large firm segment held a key share of around 40% of the total revenue in 2018
On the basis of firm size, the global legal services market is fragmented as small, medium, and large. The large firm segment is projected to expand at a rapid pace during the forecast period. This segment handles most of the judicial work such as criminal defense matters, large scale litigations, and major business transactions for companies. Increasing demand for corporate judicial services from large enterprises is anticipated to boost the segment during the forecast period.

Medium and small-size firms are opening offices globally and employing lawyers from all over the world. These firms mostly approach global clients to help them handle their legal obligations. They offer specialized services including complex transactions to broaden their global reach.

The legal business firm segment held a key share of more than 45% of the total revenue in 2018
In terms of providers, the global legal services market is segregated as legal business firms, private practicing attorneys, government departments, and others. Legal business firms find it difficult to maintain profitability, as the growth of the market is declining in the last few years. Therefore, legal companies are reducing their expenses or increasing their rates. They are participating in business development strategies such as pipeline management, client education, local community activities, and public relations. Legal service companies are using analytical tools to analyze huge datasheets for determining patterns, extracting information, and predicting future trends and outcomes.

The market in North America held a key share of the total revenue in 2018
On the basis of regions, the global legal services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a high CAGR during the forecast period. The US contributes majorly to the growth of the regional market. Growing work dimensions within legal departments of corporate companies in the US are demanding alternative ways to minimize workload of legal service providers.

Growing market share of Asia Pacific is attributed to firm implementation of judicial requirements, particularly in developing countries such as China and India. Legal service companies such as Allen & Overy LLP, Venable LLP, and Baker and McKenizie have started establishing their presence in India, which in turn, is expected to boost the regional market.
 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Legal Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Legal Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Legal Services Market - Supply Chain
  4.5. Global Legal Services Market Forecast
     4.5.1. Legal Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Legal Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Legal Services Market Absolute $ Opportunity
5. Global Legal Services Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Legal Services Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Legal Services Demand Share Forecast, 2019-2026
6. North America Legal Services Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Legal Services Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Legal Services Demand Share Forecast, 2019-2026
7. Latin America Legal Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Legal Services Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Legal Services Demand Share Forecast, 2019-2026
8. Europe Legal Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Legal Services Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Legal Services Demand Share Forecast, 2019-2026
9. Asia Pacific Legal Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Legal Services Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Legal Services Demand Share Forecast, 2019-2026
10. Middle East & Africa Legal Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Legal Services Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Legal Services Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Legal Services Market: Market Share Analysis
  11.2. Legal Services Distributors and Customers
  11.3. Legal Services Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Clifford Chance LLP
     11.4.2. Allen & Overy LLP
     11.4.3. Baker & McKenzie
     11.4.4. Venable LLP
     11.4.5. E&Y
     11.4.6. KPMG

The global legal services market has been segmented on the basis of

Services

  • Real Estate
  • Taxation
  • Litigation
  • Labor/Employment
  • Bankruptcy
  • Corporate

Firm Size

  • Small
  • Medium
  • Large

Providers

  • Legal Business Firms
  • Private Practicing Attorneys
  • Government Departments
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key players in the global legal services market include Clifford Chance LLP, Allen & Overy LLP, Baker & McKenzie, Venable LLP, E&Y, and KPMG. Increase in mergers and acquisitions are fueling the demand for legal services. Service providers are focusing on technological developments, introduction of products based on advanced technology such as deep learning, AI, and increased deployment of e-discovery to maintain the market position. For instance, in June 2018, Baker McKenzie launched an AI system, named Lancelaw as a part of digital transformation strategy.
 

Legal Services Market By Key Players

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