Legal Services and COVID-19: Industry Expected to Recover and Reach $845 Billion by 2023

DUBLIN, June 19, 2020 /PRNewswire/ -- The "Legal Services Market Report 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.

The global legal services market is expected to decline from $734.1 billion in 2019 to $728.5 billion in 2020 at a compound annual growth rate (CAGR) of -0.8%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $845.7 billion in 2023.

North America was the largest region in the global legal services market, accounting for 56% of the market in 2019. Western Europe was the second largest region accounting for 24% of the global legal services market. Africa was the smallest region in the global legal services market.

Market-trend-based strategies for the legal services market include broadening services with information technology solutions, investing in data security systems to safeguard sensitive client data, outsourcing non-critical functions to offshore centers to reduce operational costs and increase profit margins, and offering diversified services to their clients to sustain the competition from accounting firms. Player-adopted strategies in the legal services industry include expanding services to new geographies through partnerships and collaborations and enhancing services by increasing partners head count.

Report Scope

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider legal services market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the Covid 19 virus and forecasting its recovery.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
• The legal services market section of the report gives context. It compares the legal services market with other segments of the professional services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, legal services indicators comparison.

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 Size And Growth
8.1. Market Size
8.2. Historic Market Growth, Value ($ Billion)
8.2.1. Drivers Of The Market
8.2.2. Restraints On The Market
8.3. Forecast Market Growth, Value ($ Billion)
8.3.1. Drivers Of The Market
8.3.2. Restraints On The Market

9. Legal Services Market Regional Analysis
9.1. Global Legal Services Market, 2019, By Region, Value ($ Billion)
9.2. Global Legal Services Market, 2015-2019, 2023F, 2025F, 2030F, Historic And Forecast, By Region
9.3. Global Legal Services Market, Growth And Market Share Comparison, By Region

10. Legal Services Market Segmentation
10.1. Global Legal Services Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

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

10.2. Global Legal Services Market, Segmentation By Size, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Large Law Firms
• SME Law Firms

10.3. Global Legal Services Market, Segmentation By End-Users, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Individuals
• Financial Services
• Mining And Oil & Gas
• Manufacturing
• Construction
• IT Services
• Others

10.4. Global Legal Services Market, Segmentation By Type Of Practice, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

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

10.5. Global Legal Services Market, Segmentation By Mode, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Online
• Offline

11. Legal Services Market Segments
11.1. Global B2B Legal Services Market, Segmentation By Type, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
11.2. Global B2C Legal Services Market, Segmentation By Type, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
11.3. Global Hybrid Legal Services Market, Segmentation By Type, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
11.4. Global Criminal Law Practices Market, Segmentation By Type, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)

12. Legal Services Market Metrics
12.1. Legal Services Market Size, Percentage Of GDP, 2015-2023, Global
12.2. Per Capita Average Legal Services Market Expenditure, 2015-2023, Global

Companies Profiled

• Latham & Watkins
• Kirkland & Ellis LLP
• Baker & McKenzie
• Skadden, Arps, Slate, Meagher & Flom
• DLA Piper

For more information about this report visit https://www.researchandmarkets.com/r/3uzh9q

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