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

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.