Dublin, March 12, 2024 (GLOBE NEWSWIRE) -- The "US Legal Services - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The US Legal Services Market size is estimated at USD 375.66 billion in 2024, and is expected to reach USD 427.90 billion by 2029, growing at a CAGR of 2.64% during the forecast period (2024-2029).
The outbreak of COVID-19 acted as a restraint on the US legal services market in 2020 as governments imposed lockdowns and restricted trade, thereby limiting the need for professional services. The COVID-19 pandemic led to an increased demand for civil legal services. The pandemic has forced the legal industry to change court practices and run fully digital, and AI has helped lawyers perform their jobs remotely. Today, the professionals in a law firm can access documents from their homes and arrange a video meeting to analyze and decide on a case. According to the Legal Industry Report 2021, law firms have become more productive and efficient using new technology. According to the survey, 82% of law firms reported that their businesses had fully reopened, and 77% of firms had no plans to reopen.
Many of a law firm's top clients are cutting their legal costs to improve efficiency and profitability. The United States is the largest distributor of legal services globally, with some estimates pegging the US total market size at USD 43 billion, over half of the total region market size. In the coming years, the industry's growth will be fueled by the increasing use of cutting-edge technology in legal services. Artificial intelligence (AI) enables businesses to review contracts in bulk and analyze data to better forecast the results of legal procedures than people. A significant emphasis on maintaining transparency in client relationships is also predicted to result in market development.
US Legal Services Market Trends
- Rising Security Breaches in the Law Firms
- Increasing use of Artificial Intelligence in Legal Industry is Driving the Market
US Legal Services Industry Overview
The competitive landscape analysis provides a detailed strategic analysis of the company's business and performance, such as financial information, revenue breakup by segment, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, and recent news.
A selection of companies mentioned in this report includes
- Latham & Watkins LLP
- Kirkland & Ellis LLP
- Skadden, Arps, Slate, Meagher & Flom LLP
- Cravath, Swaine & Moore LLP
- Wachtell, Lipton, Rosen & Katz
- Davis Polk & Wardwell LLP
- Sullivan & Cromwell LLP
- Simpson Thacher & Bartlett LLP
- Paul, Weiss, Rifkind, Wharton & Garrison LLP
- Gibson Dunn
- Ropes & Gray
For more information about this report visit https://www.researchandmarkets.com/r/j2103x
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