The legal services market size is expected to see steady growth in the next few years. It will grow to $1006.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to government support, the escalating global drug crises and related lawsuits, the expanding legal tech industry, and the increasing demand for transactional practice. Significant trends expected in this period include the adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), the launch of legal learning programs and platforms by law firms, law firms investing in data security, and advancements in technology.
The escalation of cybercrime globally has led law firms to offer cybercrime legal consulting services to clients. Cybercrime involves illicit activities conducted through an internet connection and a computer, encompassing offenses such as cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion utilizing the internet and electronic devices. The UK alone faces an estimated annual cost of approximately $35 billion due to cybercrime. Law firms providing cybercrime consulting services typically employ lawyers, consultants, and ethical hackers with expertise in crisis management, online financial theft, data loss, data privacy, and intellectual property infringement. Esteemed law firms specializing in data privacy and cybersecurity, such as Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom, are at the forefront of meeting the rising global demand for cybercrime legal consulting services amid growing concerns about cybersecurity.
On a global scale, shifts in political structures, legal reforms, and trade agreements are generating opportunities for law firms. International companies and organizations must adhere to diverse laws and regulations across countries and specific trade agreements, increasing the demand for legal services. Noteworthy legal changes, such as the UK's departure from the European Union, create complexities in regulatory and legislative frameworks related to jurisdiction, judicial structures, and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have established specialized BREXIT teams to assist clients in navigating these changes. Additionally, the USA's withdrawal from agreements such as the Trans-Pacific Partnership, the Paris Agreement, and the Korea trade deal is anticipated to further drive the demand for legal services in the future.
Leading companies in the legal services market are innovating by introducing new products, such as legal generative AI platforms, to cater to larger customer bases, boost sales, and increase revenue. A legal generative AI platform employs artificial intelligence (AI) to aid legal professionals in their work. For instance, LexisNexis launched Lexis+ AI, a generative AI platform designed for the modernization of legal services. The technology offers conversational search, smart summarization, and intelligent legal writing capabilities, simplifying and enhancing the legal research process for lawyers.
Major companies in the legal services market are rolling out new products such as legal generative AI legal services hubs to expand their customer reach, drive sales, and augment revenue. A generative AI legal services hub, exemplified by ContractPodAi's Leah, utilizes artificial intelligence (AI) powered by GPT-4 to support legal professionals in tasks beyond contracts. Leah, part of the ContractPodAi CLM platform, assists with legal practice areas such as Mergers and Acquisitions (M&A), legal transactions, regulatory compliance, governance, and litigation, offering users conversational and interactive capabilities in the legal domain.
Major companies operating in the legal services market report are Johnson Matthey PLC, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, DSK Legal, Baker McKenzie, Uría Menéndez, Latham & Watkins, Szuchy Ügyvédi Iroda, J Sagar And Associates (JSA), Amarchand and Mangaldas and Suresh A. Shroff and Co, Norton Rose Fulbright, ZICO Law, Allen and Gledhill LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Kim and Lee LLC, King and Wood Mallesons, Dudkowiak and Kopeć Business Layers, Jones Day, Nishimura and Asahi, Heskia-Hacmun Law Firm, Beijing Yingke Law Firm, Kirkland & Ellis LLP, Dacheng Law Offices, Kim and Chang, Gleiss Lutz, Luther, Cuatrecasas Gonçalves Pereira, Flick Gocke Schaumburg, BonelliErede, Han Kun Law Offices, Meagher & Flom, Arendt and Medernach, Garlicke and Bousfield, Hogan Lovells, Nagashima Ohno and Tsunematsu, Liouta and Partners Law Firm, Osler, Slate, DLA Piper, Lobo de Rizzo Advogados, Fidal, Elham Ali Hassan & Associates, CGO Finance sp. z o.o., Andrékó Ferenczi Kinstellar Ügyvédi Iroda, Webber Wentzel, Linklaters, SEgorov Puginsky Afanasiev and Partners, India Law Offices LLP, Cravath Swaine & Moore, Tilleke and Gibbins, Arps, VJT and Partners Law Firm, Menwer & Associates, Pinheiro Guimarães, Hoskin & Harcourt, Jun He Law Offices, KPMG, Demarest Advogados, Loyens and Loeff, Sidley Austin LLP, Carpena Advogados Associados, Al Sulaiti law firm, Al Tamami & Co., Heuking Kühn Lüer Wojtek, Alya Al Zeera, ASAR Al Ruwayeh and Partners, Mischcon de Reya, Erward Nathan Sonnenbergs, Afridi & Angell, Garrigues, Cliffe Dekker Hofmeyr, Eversheds Sutherland, Rajah and Tann, B M Musau and Company, Dentons and Pepeliaev Group, Bitala and Co Advocates, Bowmans.
North America was the largest region in the legal services market in 2023. Western Europe was the second largest region in the legal services market. The regions covered in the legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the legal services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The legal services market consists of revenue earned by entities by providing services such as advising clients (individuals, businesses or other entities) about their legal rights and responsibilities, and representing clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The primary types of legal services include B2B legal services, B2C legal services, hybrid legal services, and criminal law practices. B2B legal services are typically offered by commercial law firms, catering to clients such as listed corporations, government agencies, small and medium-sized businesses, and high-net-worth individuals. Various legal practices, including litigation, corporate law, labor/employment law, real estate law, patent litigation, tax law, bankruptcy law, and others, serve companies of different sizes, ranging from large law firms to SME law firms. These services can be accessed through different modes, including online legal services and offline legal services. End users of legal services span individuals, financial services, mining and oil & gas industries, manufacturing, construction, IT services, and others.
The legal services market research report is one of a series of new reports that provides legal services market statistics, including legal services industry global market size, regional shares, competitors with a legal services market share, detailed legal services market segments, market trends and opportunities, and any further data you may need to thrive in the legal services industry. This legal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
Executive Summary
Legal Services Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on legal services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for legal services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: B2B Legal Services; B2C Legal Services; Hybrid Legal Services; Criminal Law Practices
2) By Type Of Practice: Litigation; Corporate; Labor or Employment; Real Estate; Patent Litigation; Tax; Bankruptcy; Others (Regulatory, M and A, Antitrust, Environmental)
3) BY Size: Large Law Firms; SME Law Firms
4) By Mode: Online Legal Services; Offline Legal Services
5) By End-user: Individuals; Financial Services; Mining and Oil & Gas; Manufacturing; Construction; IT Services; Others
Sub segments: B2B Legal Services - Large Law Firms; B2B Legal Services - SME Law Firms; B2C Legal Services - Large Law Firms; B2C Legal Services - SME Law Firms; Criminal Law Practices - Large Law Firms; Criminal Law Practices - SME Law Firms; Hybrid Legal Services - Large Law Firms; Hybrid Legal Services - SME Law Firms.
Key Companies Mentioned: Johnson Matthey Plc; BASF SE; Heraeus Holding; Evonik Industries AG; Umicore SA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Johnson Matthey Plc
- BASF SE
- Heraeus Holding
- Evonik Industries AG
- Umicore SA
- DSK Legal
- Baker McKenzie
- Uría Menéndez
- Latham & Watkins
- Szuchy Ügyvédi Iroda
- J Sagar And Associates (JSA)
- Amarchand and Mangaldas and Suresh A. Shroff and Co
- Norton Rose Fulbright
- ZICO Law
- Allen and Gledhill LLP
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- Kim and Lee LLC
- King and Wood Mallesons
- Dudkowiak and Kopeć Business Layers
- Jones Day
- Nishimura and Asahi
- Heskia-Hacmun Law Firm
- Beijing Yingke Law Firm
- Kirkland & Ellis LLP
- Dacheng Law Offices
- Kim and Chang
- Gleiss Lutz
- Luther
- Cuatrecasas Gonçalves Pereira
- Flick Gocke Schaumburg
- BonelliErede
- Han Kun Law Offices
- Meagher & Flom
- Arendt and Medernach
- Garlicke and Bousfield
- Hogan Lovells
- Nagashima Ohno and Tsunematsu
- Liouta and Partners Law Firm
- Osler
- Slate
- DLA Piper
- Lobo de Rizzo Advogados
- Fidal
- Elham Ali Hassan & Associates
- CGO Finance sp. z o.o.
- Andrékó Ferenczi Kinstellar Ügyvédi Iroda
- Webber Wentzel
- Linklaters
- SEgorov Puginsky Afanasiev and Partners
- India Law Offices LLP
- Cravath Swaine & Moore
- Tilleke and Gibbins
- Arps
- VJT and Partners Law Firm
- Menwer & Associates
- Pinheiro Guimarães
- Hoskin & Harcourt
- Jun He Law Offices
- KPMG
- Demarest Advogados
- Loyens and Loeff
- Sidley Austin LLP
- Carpena Advogados Associados
- Al Sulaiti law firm
- Al Tamami & Co.
- Heuking Kühn Lüer Wojtek
- Alya Al Zeera
- ASAR Al Ruwayeh and Partners
- Mischcon de Reya
- Erward Nathan Sonnenbergs
- Afridi & Angell
- Garrigues
- Cliffe Dekker Hofmeyr
- Eversheds Sutherland
- Rajah and Tann
- B M Musau and Company
- Dentons and Pepeliaev Group
- Bitala and Co Advocates
- Bowmans
Methodology
LOADING...