Westford,USA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the legal services market is witnessing a significant trend with the rise of alternative legal service providers (ALSPs). These non-traditional firms have emerged as specialized entities that offer in-demand legal services, catering to the evolving needs of clients and businesses. ALSPs focus on diverse services, including document review, contract administration, litigation assistance, electronic discovery, contract attorneys and staffing, legal research, and intellectual property management.
Browse in-depth TOC on the "Legal Services Market"
- Pages - 257
- Tables - 94
- Figures – 76
The legal services market is poised for substantial growth in the coming years, primarily fueled by the increasing adoption of cutting-edge technology in service delivery. Embracing technological advancements, such as artificial intelligence, machine learning, and data analytics, enables legal firms to streamline processes, improve efficiency, and offer more personalized services to clients.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 949.6 Billion |
| 2030 Value Projection | USD 1511.45 Billion |
| CAGR | 5.3% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Legal Services Market
- Latham & Watkins LLP
- Kirkland & Ellis LLP
- Baker McKenzie
- DLA Piper
- Skadden, Arps, Slate, Meagher & Flom LLP
- Clifford Chance LLP
- Allen & Overy LLP
- Hogan Lovells International LLP
- Freshfields Bruckhaus Deringer LLP
- Linklaters LLP
- Jones Day
- Mayer Brown
- Sidley Austin LLP
- Sullivan & Cromwell LLP
- White & Case LLP
- Gibson, Dunn & Crutcher LLP
- Shearman & Sterling LLP
- Weil, Gotshal & Manges LLP
- Covington & Burling LLP
- Quinn Emanuel Urquhart & Sullivan, LLP
Large Firm Segment is Expected to Grow in the Market Due to the Ability of Large Enterprises
The legal services market is expected to see the large firm segment emerge as a dominant player, holding the most substantial share. This projection can be attributed to several factors, with one key element being the ability of large enterprises to offer a diverse variety of services. These prominent firms typically have extensive resources, a vast network of legal experts, and a global reach, enabling them to effectively cater to a broad range of clients and address complex legal needs.
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The market in North America has emerged as a dominant player in the global legal services market, accounting for more than 40% of the overall market share. A significant contributing factor to this vital position is the rapidly increasing assignment volumes within the legal divisions of the corporate industry in the United States, the region's largest economy.
Corporate Segment is Expected to Dominate the Market Due to theEmergence of Financial Transactions
The corporate segment established its global legal services market dominance, commanding over 25% of the total revenue share. This significant position can be attributed to the emergence of new types of financial transactions in the corporate landscape.
Regional markets in the Asia Pacific emerged as major global legal services market players, securing a significant market share. The region's growth was driven by the rapid and efficient implementation of regulatory and legal requirements, especially in countries such as China and India. In particular, India has witnessed a remarkable development in its legal sector, with legal service providers offering sophisticated cross-border judiciary services to corporate clients.
A comprehensive analysis of the major players in the legal services market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Legal Services Market
- In 2023, Latham & Watkins showcased its expertise by providing advisory services for Tactile Systems Technology, Inc.'s successful public offering of common stock, raising an impressive sum of US$32.5 million. Tactile Systems Technology is a dedicated medical technology company specializing in developing innovative medical devices that treat patients with underserved chronic diseases in the comfort of their homes.
- In 2022, Kirkland & Ellis showcased its prowess in the European private equity market, offering strategic counsel to Nordic Capital, a prominent private equity investor, on the closure of their Nordic Capital Fund XI. The fund achieved remarkable success, surpassing its targeted capital commitments by reaching a staggering €9 billion, exceeding the initial €8 billion goal.
Key Questions Answered in Legal Services Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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