Legal Services Market Is Expected To Expand At A CAGR Of 5.3% During The Forecast Period

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Jul 26

Legal Services Industry Overview

The global legal services market size is anticipated to reach USD 1.36 trillion by 2030, exhibiting a CAGR of over 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing use of the latest technologies in offering legal services is projected to drive market growth. A strong significance of transparency in the relationship with customers is also projected to drive the development of the market.

Chatbots are increasingly adopted by law firms to help them optimize their work processes and save money and time for themselves and their clients. Chatbots can assist law companies with a variety of activities, including digitization of data and searching for lawyer-specific documents, and other tasks. Chatbots can also assist in the follow-up of non-responsive clients and the gathering of essential information via automated conversations.

Law companies are seeking different ways to assist their clients in minimizing risks and compliance costs by assisting them in better managing information, creating the path for the adoption of document automation software in legal services. End-users are guided through a questionnaire to gather necessary data and direct them through the entire document formation process via document automation software. End-users are relieved of the time-consuming task of deciphering the document's terminology with this method.

Legal Services Market Segmentation

Grand View Research has segmented the global legal services market based on services, firm size, provider, and region:

Based on the Services Insights, the market is segmented into Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, and Corporate.

The corporate segment led the market in 2021, accounting for more than 25% share of the global revenue. The emergence of new types of financial transactions on corporate fronts is attributed to this high share. Additionally, the corporate segment is projected to be the leading service segment during the forecast period, as arguments over harassment of employees, and organizational discrimination audits, and copyright violation & patent infringement continue to rise.
The litigation segment held a considerable revenue share in 2021 as establishments continue to experience remarkable expenses in their litigation management. In addition, the service providers involved in third-party legal financing and litigation funding are gradually expanding their global capacity and diversifying their jurisdiction range. This has created numerous opportunities for litigation service providers.

Based on the Firm Size Insights, the market is segmented into Large Firms, Medium Firms, and Small Firms.

The large firm division led the market in 2021, accounting for more than 36% share of the global revenue. Large firms' diversified range of services is attributed to this high share. For instance, large firms deliver most judicial work, such as large-scale litigations, significant business transactions, and criminal defense matters for businesses across various industries. The increased demand from large organizations for corporate, and judicial services is expected to drive the growth of the large firm segment during the estimated period.
Medium-sized, and small-sized legal services organizations are growing internationally by recruiting attorneys worldwide and opening offices worldwide. These firms are primarily targeting overseas clientele to assist them in managing their legal requirements. They're also expanding their global consumer base by providing high-end specialized services that involve complex transactions. Therefore, the medium-firm and small firm segments are anticipated to obtain remarkable revenue share during the estimated period steadily.

Based on the Provider Insights, the market is segmented into Private Practicing Attorneys, Legal Business Firms, Government Departments, and Others.

The legal business firms sector accounted for a significant market share in 2021. The strategic investments done by legal service firms are attributed to this high share. The legal business firms invest in business development tactics, such as client education, pipeline management, local community activities, and public relations. This segment is also projected to show significant growth during the estimated period.
Law firms have begun to employ predictive analytics technologies to study massive datasets to extract information, recognize patterns, and forecast trends. Firms can improve their decision-making capabilities by using predictive analytical technologies. For instance, Intraspexion, Inc., a software startup based in the U. S., uses a deep learning model to advise businesses about potential legal issues and help them minimize legal outlays.

Legal Services Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Market players concentrate on growing their consumer base and acquiring a competitive advantage over their competitors. They are implementing various strategic initiatives, including collaborations, mergers and acquisitions, partnerships, and new product/technology development. In November 2021, Clifford Chance LLP partnered with Green Map System, Inc., an independent non-profit organization, to offer assistance and advice on the design and implementation of the International Guarantee Trust Fund program to facilitate the deployment of renewables on a large scale.

Similarly, In November 2021, EY announced its acquisition of TAO Leadership Development, Inc., a consultancy that focuses on enabling a fast-paced culture change and organizational transformation in enterprises. The acquisition aimed at accelerating the development of EY People Advisory Services by enhancing the firm's highly respected technology-enabled transformational leadership and culture change skills. Some of the prominent players operating 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
Skadden, Arps, Slate, Meagher & Flom LLP

Order a free sample PDF of the Legal Services Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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