Legal Services Global Market Report 2024

The legal services market size has grown steadily in recent years. It will grow from $796.76 billion in 2023 to $829.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth observed in the historical period can be attributed to various factors, including an increase in government initiatives, a rise in divorce rates, the growing number of cybercrimes, and the deregulation of the legal industry.

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.