USD 901.8 billion
Legal Services Market Size, Share, Growth Analysis, By Services(Taxation, Real Estate, Litigation, Bankruptcy), By Firm Size(Small Firms, Medium Firms, Large Firms), By Provider(Private Practicing Attorneys, Legal Business Firms, Government Departments, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25S2026 |
Region:
Global |
Published Date: February, 2024
Pages:
257
|Tables:
94
|Figures:
76
Legal Services Market Insights
Legal Services Market size was valued at USD 901.8 billion in 2019 and is poised to grow from USD 949.6 billion in 2023 to USD 1511.45 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).
The outbreak of COVID-19 acted as a brake on the legal services industry in 2019, as governments around the world implemented lockdowns and restricted trade, reducing the need for professional services. The pandemic of COVID-19 raised demand for civil legal services. The combined effects of a global pandemic, a severe economic downturn, social activism, and global political uncertainty clearly make 2020 a year for the record books, with law firms experiencing unprecedented disruptions in their operations and being forced to adapt quickly to dramatic legal services market changes.
Further, the rise of Artificial Intelligence (AI) has transformed the legal sector. Artificial intelligence (AI)-enabled software has been critical in allowing law firms and attorneys to save time. Document generation and review are more efficient when using automation technologies. Team collaboration tools may aid in further simplifying documentation methods. These technology innovations and breakthroughs benefit attorneys by cutting costs and increasing comfort. Machine Learning (ML) and artificial intelligence (AI) are advanced technologies that assist professionals in automating some activities and focusing their resources and time on critical legal tasks. These technologies enable organizations to design and assess contracts, as well as do document mining and due diligence. Big data analytics is also expected to increase at a rapid pace. This has fueled the emergence of businesses like FiscalNote, Ravel Law, and InvestCEE Tanacsado Kft., who supply their clients with high-quality, technologically enhanced analytical insights.
US Legal Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Medium Firms
Fastest Growth
Medium Firms
Growth Rate
5.3% CAGR
Global Legal Services Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Legal Services Market Segmental Analysis
The global Legal Services market is segmented based on services, firm size, provider and region. Based on the services, the legal services market is segmented into taxation, real estate, litigation, bankruptcy, labor/employment, corporate. Based on the firm size, the market is segmented into small firms, medium firms, and large firms. Based on the provider, the legal services market is segmented into private practicing attorneys, legal business firms, government departments, and others. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Legal Services Market Analysis by Firm Size
Based on the firm size, the legal services market is segmented into small firms, medium firms, and large firms. Among these, the large firm segment of the market is projected to hold the most substantial share in the market. This significant share of the segment can be due to large enterprises' diverse variety of services. For example, large firms handle the majority of judicial work, such as large-scale litigations, substantial corporate transactions, and criminal defense proceedings for companies in a variety of industries. The rising demand for corporate and judicial services from large organizations is likely to boost the expansion of the large company category during the predicted period. Similarly, medium- and small-sized legal services firms are expanding globally by recruiting attorneys and building offices overseas. These firms generally target international clients to aid them in handling their legal needs. Hence, this is projected to support the segmental growth of the market.
Global Legal Services Market By Firm Size, 2021 (%)
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Legal Services Market Regional Insights
In 2021, Asia-Pacific region is expected to have the biggest share of the legal services market. The regional market growth is attributed to the region's increasing number of acquisitions and mergers increases need for legal services. Due to the rapid adoption of regulatory and legal requirements, particularly in China and India, Asia Pacific accounted for a substantial market share in 2020. For example, legal service providers in India have begun to offer sophisticated cross-border court services to their corporate clients, creating significant growth potential for the country. Service providers such as Venable LLP, Baker & McKenzie, and Allen & Overy LLP have also entered the Indian market, which is expected to enhance market growth in the region in the coming years. Further, on the other hand, growing assignment volumes in the corporate legal divisions in the US due to the availability of legal services is also projected to support the US legal services market growth in the forecast period.
Global Legal Services Market By Geography, 2021 - 2028
- Largest
- Fastest
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Legal Services Market Dynamics
Legal Services Market Driver
- The growing impact of technology on legal work operations has been recognized for some time. There is little doubt that the pace of such technology-driven change has accelerated substantially in recent years, and there is rising evidence that a number of law firms are actively nurturing such change rather than merely welcoming it. Law firms are increasingly utilizing chatbots to assist in the optimization of work processes, saving both time and money for themselves and their clients. Chatbots can help law firms with a number of tasks, such as digitizing documents and searching for lawyer-specific paperwork. They also assist with the follow-up of unresponsive clients and the acquisition of critical information through automated dialogues.
Legal Services Market Restraint
- Despite the wide presence and availability of the service and service providers, the awareness among the underdeveloped and developing region is still limiting the legal services market growth.
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Legal Services Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players in Global Legal Services Market are
- Latham & Watkins LLP
- Kirkland & Ellis LLP
- Baker McKenzie
- DLA Piper
- Skadden, Arps, Slate, Meagher & Flom LLP
- Clifford Chance LLP
- Allen & Overy LLP
- Hogan Lovells International LLP
- Freshfields Bruckhaus Deringer LLP
- Linklaters LLP
- Jones Day
- Mayer Brown
- Sidley Austin LLP
- Sullivan & Cromwell LLP
- White & Case LLP
- Gibson, Dunn & Crutcher LLP
- Shearman & Sterling LLP
- Weil, Gotshal & Manges LLP
- Covington & Burling LLP
- Quinn Emanuel Urquhart & Sullivan, LLP
Legal Services Market Recent Developments
- In April 2021, Kirkland and Ellis established a third location in Texas. The overall number of locations has increased to 17 as a result of this development. The 10 offices are based on the US whereas 3 are in Asia and 4 are based in Europe.
- In January 2021, Latham & Watkins has appointed a new partner in Tokyo who specializes on Japanese law. Hiroaki Takagi joins from Nishimura & Asahi, where he was a partner advising on securities and business transactions since 2015.
Legal Services Key Market Trends
- Security breaches in law firms is projected to be a key trend that contributes to the market growth. This is due to the nature of law firm operations, legal service providers have become increasingly enticing targets for ransomware attackers. As part of their corporate legal and M&A work, litigation, and other legal services, law firms and in-house legal teams collect a lot of private company information and sensitive data, including tax returns. They risk losing their reputation and money if they are hacked, especially if data is released. Law companies have become appealing targets for hackers in recent years because they manage vast amounts of sensitive customer information, data, and money. In contrast, many businesses have "less-than-ideal information security strategies and procedures." Hence, this creates a wide scope for the growth of the market.
Legal Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global legal services market is segmented based on services, firm size, provider and region. Based on the services, the corporate segment of the market is projected to hold a substantial share in the market. Based on the firm size, the large firm segment of the market is projected to hold a substantial share in the market. While, based on the region, the Asia-Pacific region of the market is projected to hold a substantial share in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 901.8 billion |
| Market size value in 2031 | USD 1511.45 billion |
| Growth Rate | 5.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Legal Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Legal Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Legal Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Legal Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Legal Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Legal Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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