Legal Services Global Market Opportunities And Strategies To 2021
NEW YORK, August 14, 2018 /PRNewswire/ -- Legal Services Global Market Opportunities And Strategies By Type Of Services: B2B Legal Services, B2C Legal Services, Criminal Law Practices, Hybrid Commercial Legal Services; By Type of Service Provider: Large Law Firms, SME Law Firms; By End User Industry: Services, Finance, Manufacturing, Energy & Utilities, IT And Others; By Type Of Practice: Corporate, Tax, Real Estate, Labor/Employment, Litigation, Patent Litigation, Bankruptcy; With Forecast Until 2021
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Executive Summary
Legal services companies advise 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. Establishments providing legal services include offices of lawyers, title abstract and settlement offices and offices of notaries.
The global market grew at 4% a year up to 2017, driven mainly by emerging market growth and restrained mainly by regulatory challenges. Up to 2021, the market will grow a little faster, driven by geopolitics, as changes in the legal structure of interstate agreements increases the demand for legal services, while growing competition from in-house legal teams will restrain the market.
Individuals were the largest users of legal services in 2017. Financial services were the largest end user industry, ahead of mining and oil & gas, manufacturing, construction, IT services and other industries; the focus on financial services, which are concentrated in the USA and UK, helps explain why per capital legal services expenditure in the USA and the UK are by far the largest in the world. B2B legal services were the largest type of service segment of the legal services market in 2017, accounting for about 48% of the global total but hybrid legal services are the fastest-growing segment. Large law firms provided about three-fifths of all traded legal services. By type of practice, litigation was the largest segment, accounting for 31% of the global market.
North America's legal services market is the largest in the world. It currently accounts for nearly 50% of the whole. North America's market is dominated by the USA, where merger and acquisition activity has driven the market, though its growth is now below average. Western Europe's legal services market is the world's second largest, supported by its tradition of rigorous implementation of legal and regulatory requirements. India's legal services market, growing at 9.85% a year, is the world's fastest-growing. The UK's hybrid commercial legal services segment has been growing at a remarkable 13.2% a year, now slowing to 10.2%.
Rapid progress in technology is a significant trend in the legal services market. It has led to the development of new applications for the legal services industry. These applications help legal services firms enhance their productivity, provide innovative product offerings such as cyber-crime consulting services and improve their service quality. Smartphones, Software-as-a service and secure, web-based technology allow legal professionals to work from remote locations and, for instance access law reports during visits to clients.
The global legal services market is highly fragmented with many small as well as some larger firms. Latham & Watkins was the largest competitor in the legal services market in 2017, with 0.3% of the market, followed by Kirkland & Ellis, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom and DLA Piper. There has been an increase in the number of mergers and acquisitions of law firms in the past five years, as companies seek to expand their operations in certain geographic markets, add to their field of expertise, offer specialized services, or acquire a skilled workforce. There were 91 mergers and acquisitions in 2015, which also saw one very large law firm merger, that between Dentons and Dacheng.
Description
Where is the largest and fastest growing market for legal services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The legal services global market report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, porters five force model, pestle analysis, segmentation, regional and country breakdowns, competitive landscape, market shares, customer information, key mergers and acqisitions, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
• 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 and forecasting the future. Drivers and restraints cover the external factors supporting and controlling the growth of the market.
• Porters five force model covers the threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers and industry competition for the legal services market.
• PESTLE Analysis covers the political, economic, social, technological, legal and environmental factors affecting the legal services market.
• Market segmentation by service breaks down the market into sub markets, including B2B legal services, B2C legal services, criminal law practices and hybrid commercial legal services. Market segmentation is also done by type of service provider, which includes large law firms and SME law firms. The historic and forecast growth rates for these segments are also covered in this report. Base year market segmentation is done for the end-user industry (including services, finance, manufacturing, energy and utilities and IT) and by type of practice (including corporate, tax, real estate, labor, patent litigation and bankruptcy).
• The regional and country breakdown 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 all the regions, key developed countries and major emerging markets.
• The competitive landscape section gives a description of the competitive nature of the market, market shares, and a description of the leading companies in terms of their offerings, growth strategy and financial performance.
• The customer information and operational insights section covers major surveys conducted on the global legal services market and their implications. It also contains insights from the law firm's point of view
• The report also covers key mergers and acquisitions in the legal services market. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section highlights the likely future developments in the market and suggests approaches companies can take to exploit this.
Scope
Markets covered: 1) By Type of Services - B2B Legal Services, B2C Legal Services, Criminal Law Practices and Hybrid Commercial Legal Services 2) By Type of Service Provider - Large Law firms and SME Law Firms 3) By End- User Industry - Services, Finance, Manufacturing, Energy & Utilities, IT and Others 4)By Type of Practice - Corporate, Tax, Real Estate, Labor/ Employment, Litigation, Patent Litigation and Bankruptcy.
Companies mentioned: Latham & Watkins, Baker & McKenzie, Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom
Countries: USA, UK, Germany, France, Italy, Spain, Russia, Brazil, Australia, China, India, Japan
Regions: Asia-Pacific, North America, South America, Western Europe, Eastern Europe, Middle East & Africa.
Time series: Five years historic and forecast.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Why this report?
Timely And Critical:
- increasing demand for and spending on legal services
- Consumers' expectation of law firms to be more technologically aware
- Increasing popularity of non-traditional law firms with a large range of offered services
- Major concerns with commercial manufacturing laws
- Increase in the number of mergers and acquisitions of law firms
- Rising demand for hashtag trademarking services
- Increasing demand for cyber crime legal services
- Compliance with multi-layered regulations (local, country and regional levels)
Reasons to Purchase
• Outperform competitors using accurate up to date demand-side dynamics information.
• Identify growth segments for investment.
• Facilitate decision making on the basis of historic and forecast data and the drivers and restraints on the market.
• Create regional and country strategies on the basis of local data and analysis.
• Stay abreast of the latest customer and market research findings
• Benchmark performance against key competitors.
• Develop strategies based on likely future developments.
• Utilize the relationships between key data sets for superior strategizing.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Gain a global perspective on the development of the market.
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