NEW YORK, Nov. 10, 2016 /PRNewswire/ -- A legal services company advises clients (individuals or corporations) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought.
Americas was the largest geographic market in the legal services market in 2015, accounting for $380 billion or 60% of the global market. This was due to rise in number of mergers and acquisitions and increased demand for legal services in areas of litigation, tax and finance. Europe was the second largest geographic market, accounting for $180 billion or 28% of the global market. Middle East & Africa was the third largest geographic market, accounting for $35 billion or 5% of the global market. Asia accounted for 4% and $30 billion, while Oceania accounted for 3.5% of the global legal services market.
Global per capita legal services expenditure grew from $80 in 2011 to $90 in 2015 at a CAGR of 2% and is expected to grow to $100 in 2019 at a CAGR of 3%.
The legal services industry is experiencing a shift in the delivery model for legal services. It involves outsourcing the work of attorneys, paralegals and other legal professionals to companies located either domestically within the country or overseas. Both onshore and offshore outsourcing is transforming legal services as legal services companies are looking to minimize costs and increase their in-house capabilities. For instance, many companies in the US and the UK outsource legal services to countries such as India, the Philippines and South Korea where employees earn 30 to 70% lower wages, thus boosting the profits of legal services companies.
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