New York, United States, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Legal Services, per Section 12 of the Legal Services Authority Act of 1987, includes the provision of free legal aid to disadvantaged portions of the population. Additionally, it entails promoting legal awareness and knowledge through legal education programs, print, and electronic media, as well as by setting up Lok Adalats to settle open cases peacefully. NALSA additionally takes essential measures using social action litigation concerning any unique issue. Legal services include helping recipients acquire their entitlements under numerous government programs, policies, and legislation. Law firms are assisting their clients with improved information management and adoption of document automation software in legal services to lessen the risks and costs associated with compliance for their clients. Law firms are assisting their clients with better information management, opening the door for the adoption of document automation software in the legal services industry.
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Advancements in Machine Learning (ML) and Artificial Intelligence (AI) Development and Wide Use of Legal Library Applications Drives the Global Market
According to Straits Research, "The global legal services market was valued at USD 901.78 billion in 2021. It is projected to reach USD 1,429.22 billion by 2030, growing at a CAGR of 5.25% during the forecast period (2022–2030)." Using cutting-edge technologies such as machine learning (ML) and artificial intelligence (AI), professionals can automate specific tasks, freeing up their time and resources to focus on more crucial legal procedures. Extensive data analysis is another field projected to experience favorable growth prospects. As a result, new companies such as FiscalNote, Ravel Law, and InvestCEE Tanacsado Kft provide their clients with high-quality and technologically advanced analytical insights.
In addition, the prevalence of legal library applications such as NotaryCam, iLegal, and LawSauce Legislation has increased, allowing lawyers and the general public convenient access to legal services. Service providers may also offer digital solutions designed to improve and modernize the operations and procedures of enterprises. Legal firms can find previously unknown correlations between the data when machine learning and artificial intelligence are applied to large datasets.
This improves their ability to minimize risk, customize solutions, maximize service, and forecast the results of client requests. In addition, legal departments and law firms have consistently increased their use of cloud technology over the past few years.
Providing Legal Counseling Services for Cybercrime Drives the Global Market
As a result of the growing frequency of cybercrime, law firms worldwide increasingly offer cybercrime legal counseling services to their clients. Cybercrime is the commission of a crime using a computer and an internet connection and includes cyberstalking via the internet and electronic devices, counterfeiting, money laundering, embezzlement, fraud, and tax evasion. Cybercrimes are estimated to cost the United Kingdom approximately USD35 billion yearly. Legal firms that offer cybercrime consulting services employ attorneys, consultants, and ethical hackers with experience in crisis management. Large law firms Latham & Watkins, DLA Piper, Skadden, Arps, Slate, Meagher & Flom specializing in data privacy and cybersecurity. It is projected that the rising concern of businesses and individuals around cybercrimes will increase the global market for cybercrime legal consulting services.
Regional Analysis
North America is the most dominant in the global legal services market. The increasing number of projects being undertaken by legal departments working in the corporate sector in the United States. The United States of America has quickly risen to the position of the leading country in the North American market because of the abundance of legal service providers available there. In addition, there has been an increase in regional acquisitions and mergers, which has increased the demand for legal services. The Asia Pacific region accounted for a sizeable portion of the market because of the quick implementation of regulatory and legal requirements, particularly in China and India.
Key Highlights
- Based on service, the market is divided into taxation, real estate, litigation, bankruptcy, labor/employment, and corporate. The corporate segment dominated the market, and a large proportion is attributable to the growth of new types of corporate finance transactions.
- Based on firm size, the market is divided into large, medium, and small firms. The large firm segment dominated the market, which is attributable to large companies' diverse service offerings.
- Based on end-user, the market is segmented into private practicing attorneys, legal business firms, and government agencies. The legal business firms sector holds a substantial market share.
- North America is the most dominant in the global legal services market.
Competitive Analysis
The global legal services market’s major key players are 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.
Market News
- June 2022- LATHAM advises VEON on DASTGYR’S series A, Cross-border team represents global digital operator of mobile connectivity and services.
- June 2022- Kirkland Advises Allied on Strategic Investment in Waste Eliminator.
- June 2022- Kirkland Advises Vance Street Capital on Extension of Investment in Motion Dynamics with Closing of Second Continuation Fund.
- March 2022- Baker McKenzie Tops Brand Index in Mainland Europe and Asia-Pacific, Sees Big Jump in the U.S.
Global Legal Services Market: Segmentation
By Services
- Taxation
- Real Estate
- Litigation
- Bankruptcy
- Labor/Employment
- Corporate
By Firm Size
- Large Firms
- Medium Firms
- Small Firms
By End-User
- Private Practicing Attorneys
- Legal Business Firms
- Government Departments
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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