The Global Legal Services Market Value Is Expected To Reach $1,034.52 Billion By 2027 - By The Business Research Company

News provided by

Sep 22, 2023, 10:31 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Sept. 22, 2023 /PRNewswire/ -- As per The Business Research Company's Legal Services Global Market Report 2023, the global legal services industry revenue has shown remarkable growth, surging from $787.28 billion in 2022 to $838.92 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 6.6%. Looking ahead, the legal services industry worth is poised to continue its ascent, with a projected size of $1,034.52 billion by 2027, driven by a CAGR of 5.4%.

Driving Forces for Legal Services Industry Size

Several factors are fueling the growth of the global legal services industry net worth, including government support, the increasing global drug crises and lawsuits, the burgeoning legal tech industry, and a rising demand for transactional practice areas.

Learn More On The Legal Services Market Report – https://www.thebusinessresearchcompany.com/report/legal-services-global-market-report

Market Landscape and Key Players

The global legal services market exhibits fragmentation, with numerous small players. In 2022, the top ten competitors held a combined share of 5.25% of the total market. Leading the competition, Kirkland & Ellis LLP claimed the largest market share at 0.85%, followed by Latham & Watkins LLP, Deloitte, Ernst & Young (E&Y), PwC, DLA Piper, Baker McKenzie, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, KPMG, and Sidley Austin LLP.

Legal Services Market Trends - Artificial Intelligence Revolutionizes The Market

Major companies in the legal services sector are actively embracing artificial intelligence (AI) to enhance efficiency and productivity among legal professionals. AI-driven automation software streamlines document generation and proofreading. For instance, PricewaterhouseCoopers (PwC) introduced an AI chatbot service in March 2023 to accelerate legal work, addressing tasks like contract analysis, regulatory compliance, due diligence, and legal advisory services.

Additionally, Casetext unveiled CoCounsel, an AI legal assistant powered by OpenAI, offering capabilities for legal research memo drafting, deposition preparation, document review, and more, revolutionizing the practice of law.

Legal Services Market Segmentation and Growth Opportunities

The global legal services market overview is segmented -

By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
By Size: Large Law Firms, SME Law Firms
By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Other End-Users
By Type Of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Other Type Of Practices (Regulatory, M&A, Antitrust, Environmental)
By Mode: Online, Offline

As per the legal services industry analysis, the B2B legal services segment is set to witness substantial growth, with a projected annual sales increase of $96.2 billion by 2027.

Request A Free Sample Of The Legal Services Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=3566&type=smp

Regional Insights

In 2022, North America led the global legal services market, boasting a value of $423.2 billion, equivalent to 1.63% of the region's GDP. With per capita consumption reaching $840.9, $743 higher than the global average, the market accounted for 20.3% of the region's professional services market in 2022.

The North America legal services market enjoys robust support from growing demand, particularly attributed to restructurings, secondary offerings, and capital market activities. The rise in alternative legal service providers is further contributing to market growth, with approximately 50% of Canadian businesses expected to turn to these providers within the next five years.

As the global legal services market continues to evolve and expand, businesses and legal professionals are presented with opportunities to leverage these trends and thrive in this dynamic sector.

View More Similar Market Reports:

Legal Process Outsourcing Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/legal-process-outsourcing-global-market-report

Legal Software Focus On Machine Learning Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/legal-software-focus-on-machine-learning-global-market-report

B2B Legal Services Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/b2b-legal-services-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model