Legal Services Global Market Report 2022: Strategic Partnerships and Acquisitions, Alternative Billing Models & Adoption of Artificial Intelligence Vital for Future Growth
DUBLIN, Aug. 18, 2022 /PRNewswire/ -- The "Legal Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global legal services market reached a value of nearly $713.12 billion in 2021, having increased at a compound annual growth rate (CAGR) of 2.52% since 2016. The market is expected to grow from $713.12 billion in 2021 to $998.73 billion in 2026 at a rate of 6.97%. The market is then expected to grow at a CAGR of 5.60% from 2026 and reach $1311.63 billion in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, an increase in government initiatives and the deregulation of the legal industry. Factor that negatively affected growth in the historic period were in-house legal teams increased pressure on traditional law firms, impact of COVID-19, skills shortages and lack of transparency.
Going forward, increasing demand for civil legal services, growth in fraud and other economic crimes and increasing demand for transactional practice areas will drive the growth. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins and data security issues.
North America was the largest region in the legal services market, accounting for 55.0% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the legal services market will be South America, and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 9.8% and 8.9% respectively.
Market-trend-based strategies for the legal services market include strategic partnerships and acquisitions, alternative billing models, adoption of artificial intelligence (AI), launch of legal learning programs and platforms by law firms, launch of legal learning programs and platforms by law firms, emergence of alternative legal service providers (ALSPs), legal process outsourcing to cut costs and changing purchase patterns.
Player-adopted strategies in the legal services market include expanding M&A practices in other geographies, expanding business operations through partnerships and collaborations and focusing on the diversification of the firm to capitalize on growth opportunities globally.
Scope
Markets Covered:
1) By Type Of Service: B2B Legal Services; B2C Legal Services; Hybrid Legal Services; Criminal Law Practices
2) By Size Of Law Firm: Large Law Firms; SME Law Firms
a) By B2B Legal Service: B2B Legal Services - Large Law Firms; B2B Legal Services - SME Law Firms
b) By B2C Legal Services: B2C Legal Services - Large Law Firms; B2C Legal Services - SME Law Firms
c) By Criminal Law Practices: Criminal Law Practices - Large Law Firms; Criminal Law Practices - SME Law Firms
d) By Hybrid Legal Services: Hybrid Legal Services - Large Law Firms; Hybrid Legal Services - SME Law Firms
3) By Mode: Online; Offline
4) By Type Of Practice: Litigation; Corporate; Labor/Employment; Real Estate; Patent Litigation; Tax; Bankruptcy; Others (Regulatory, M&A, Antitrust, Environmental)
5) By End-User: Individuals; Financial Services; Mining And Oil & Gas; Manufacturing; Construction; IT Services; Other Services; Others
Market Trends
- Increase In Use Of Online Legal Research Resources
- Strategic Partnerships And Acquisitions
- Alternative Billing Models
- Adoption Of Artificial Intelligence (AI)
- Launch Of Legal Learning Programs And Platforms By Law Firms
- Law Firms Investing In Data Security
- Emergence Of Alternative Legal Service Providers (ALSPs)
- Legal Process Outsourcing To Cut Costs
- Changing Purchase Patterns
Key Topics Covered:
1. Legal Services Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. Legal Services Market Characteristics
8. Legal Services Market, Service Analysis - Service Examples
9. Legal Services Market, Supply Chain Analysis
10. Legal Services Market Customer Information
11. Legal Services Market Trends And Strategies
12. Impact Of COVID-19 On The Legal Services Market
13. Global Legal Services Market Size And Growth
14. Legal Services Market, Regional Analysis
15. Global Legal Services Market Segmentation
16. Asia-Pacific Legal Services Market
17. Western Europe Legal Services Market
18. Eastern Europe Legal Services Market
19. North America Legal Services Market
20. South America Legal Services Market
21. Middle East Legal Services Market
22. Africa Legal Services Market
23. Global Legal Services Market Competitive Landscape
24. Key Mergers And Acquisitions In The Legal Services Market
25. Market Background: Professional Services
26. Global Legal Services Market Opportunities And Strategies
27. Legal Services Market, Conclusions And Recommendations
28. Appendix
Companies Mentioned
- Latham & Watkins LLP
- Kirkland & Ellis LLP
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- DLA Piper
- Baker & McKenzie
For more information about this report visit https://www.researchandmarkets.com/r/i2qwjd
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SOURCE Research and Markets
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