Global Legal Services Market Report 2023: Major Players Include Dentons, Skadden, Arps, Slate and Sidley Austin

DUBLIN, May 4, 2023 /PRNewswire/ -- The "Legal Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global legal services market grew from $787.28 billion in 2022 to $838.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The legal services market is expected to grow from $1,034.52 billion in 2027 at a CAGR of 5.4%.

Major companies in the legal services market include Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Dentons, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP, and Jones Day.

Reasons to Purchase

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• Measure the impact of high global inflation on market growth.
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Legal services refers to any service related to the conduct of any case or other legal proceeding before any court, different authority, or tribunal, as well as the provision of legal advice. Legal service is regarded as central in providing access to justice by ensuring equality before the law, the right to counsel and the right to a fair trial.

The main types of legal services are B2B legal services, B2C legal services, hybrid legal services, and criminal law practices. Commercial law firms typically provide B2B legal services. Listed corporations, government agencies, small and medium-sized businesses, and high-net-worth individuals are among the clients of commercial law firms.

The different types of practises include litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy, others (regulatory, M&A, antitrust, environmental) and involve various company sizes, such as large law firms, SME law firms. The several sectors include individuals, financial services, mining and oil & gas, manufacturing, construction, IT services and others.

Due to the increasing incidence of cybercrime, law firms around the world are offering cybercrime legal consulting services to their clients. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using the internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrime.

Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. Global demand for cybercrime legal consulting services is expected to rise as organizations and individuals become more concerned about cybercrime.

North America was the largest region in the legal services market in 2022. 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, and Africa.

Globally, changes in political structures, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increase the demand for legal services.

For instance, the UK's exit from the European Union is expected to increase the demand for legal services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure, and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have set up specialized BREXIT teams and hotlines staffed with lawyers to help clients with a smooth transition. Going forward, the USA's withdrawal from the Trans-Pacific Partnership, the Paris Agreement, and the Korea trade deal is expected to further drive the demand for legal services in the future.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Legal Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations

4. Legal Services Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products

5. Legal Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers

6. Legal Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth

7. Legal Services Market Trends And Strategies

8. Legal Services Market - Macro Economic Scenario
8.1 COVID-19 Impact On Legal Services Market
8.2 Ukraine-Russia War Impact On Legal Services Market
8.3 Impact Of High Inflation On Legal Services Market

9. Legal Services Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market

10. Legal Services Market Regional Analysis
10.1. Global Legal Services Market, 2022, By Region, Value ($ Billion)
10.2. Global Legal Services Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Legal Services Market, Growth And Market Share Comparison, By Region

11. Legal Services Market Segmentation
11.1. Global Legal Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• B2B Legal Services
• B2C Legal Services
• Hybrid Legal Services
• Criminal Law Practices

11.2. Global Legal Services Market, Segmentation By Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Large Law Firms
• SME Law Firms

11.3. Global Legal Services Market, Segmentation By End-Users, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Individuals
• Financial Services
• Mining And Oil & Gas
• Manufacturing
• Construction
• IT Services
• Other End-Users

11.4. Global Legal Services Market, Segmentation By Type Of Practice, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Litigation
• Corporate
• Labor/Employment
• Real Estate
• Patent Litigation
• Tax
• Bankruptcy
• Other Type Of Practices (Regulatory, M&A, Antitrust, Environmental)

11.5. Global Legal Services Market, Segmentation By Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Online
• Offline

12. Legal Services Market Segments
12.1. Global B2B Legal Services Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.2. Global B2C Legal Services Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.3. Global Hybrid Legal Services Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.4. Global Criminal Law Practices Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -

13. Legal Services Market Metrics
13.1. Legal Services Market Size, Percentage Of GDP, 2017-2027F, Global
13.2. Per Capita Average Legal Services Market Expenditure, 2017-2027F, Global

For more information about this report visit https://www.researchandmarkets.com/r/p3x066

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