Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Legal Services Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global legal services market grew from $656.9 billion in 2017 to $764.8 billion in 2022 at a compound annual growth rate (CAGR) of 3.1%. The market is expected to grow from $764.8 billion in 2022 to $950.0 billion in 2027 at a CAGR of 4.4%, and to $1,256.2 billion in 2032 at a CAGR of 5.7%.
This report describes and explains the legal services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from strong economic growth in emerging markets, an increase in government initiatives, growth in divorce rates, the increasing number of cybercrimes and the deregulation of the legal industry. Factors that negatively affected growth in the historic period were increased pressure on traditional law firms due to in-house legal teams, skills shortages and the lack of transparency.
Going forward, government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice areas will drive the market. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins and data security issues.
The legal services market is segmented by type into B2B legal services, B2C legal services, hybrid legal services and criminal law practices. The B2B legal services market was the largest segment of the legal services market segmented by type, accounting for 54.8% of the total in 2022. Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 15.8% during 2022-2027.
The legal services market is also segmented by size into large law firms and SME law firms. The large law firms market was the largest segment of the insurance market segmented by size, accounting for 61.3% of the total in 2022. Going forward, the large law firms market is expected to be the fastest growing segment in the insurance market segmented by size, at a CAGR of 5.3% during 2022-2027.
The B2B legal services market is further segmented into B2B legal services - large law firms and B2B legal services - SME law firms. The B2B legal services - large law firms market was the largest segment of the B2B legal services market segmented by size, accounting for 79.9% of the total in 2022. Going forward, the B2B legal services - large law firms market is expected to be the fastest growing segment in the B2B legal services market segmented by size, at a CAGR of 5.0% during 2022-2027.
The B2C legal services market is further segmented into B2C legal services - large law firms and B2C legal services - SME law firms. The B2C legal services - SME law firms market was the largest segment of the B2C legal services market segmented by size, accounting for 85.1% of the total in 2022. Going forward, the B2C legal services - large law firms market is expected to be the fastest growing segment in the B2C legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The criminal law practices market is further segmented into criminal law practices - large law firms and criminal law practices - SME law firms. The criminal law practices - SME law firms market was the largest segment of the criminal law practices market segmented by size, accounting for 65.1% of the total in 2022. Going forward, the criminal law practices - large law firms market is expected to be the fastest growing segment in the criminal law practices market segmented by size, at a CAGR of 5.9% during 2022-2027.
The hybrid legal services market is further segmented into hybrid legal services - large law firms and hybrid legal services - SME law firms. The hybrid legal services - large law firms market was the largest segment of the hybrid legal services market segmented by size, accounting for 59.9% of the total in 2022. Going forward, the hybrid legal services - large law firms market is expected to be the fastest growing segment in the hybrid legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The legal services market is segmented by mode into online and offline. The offline market was the largest segment of the legal services market segmented by mode, accounting for 95.5% of the total in 2022. Going forward, the online market is expected to be the fastest growing segment in the legal services market segmented by mode, at a CAGR of 9.3% during 2022-2027.
The legal services market is also segmented by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy and others (regulatory, M&A, antitrust, environmental). The corporate market was the largest segment of the legal services market segmented by type of practice, accounting for 28.3% of the total in 2022. Going forward, the patent litigation market is expected to be the fastest growing segment in the legal services market segmented by type of practice, at a CAGR of 5.3% during 2022-2027.
The legal services market is also segmented by end-user into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others. The individual market was the largest segment of the legal services market segmented by end-user, accounting for 38.3% of the total in 2022. Going forward, the IT services market is expected to be the fastest growing segment in the legal services market segmented by end-user, at a CAGR of 12.0% during 2022-2027.
North America was the largest region in the legal services market, accounting for 55.3% of the global market in 2022. It was followed by Western Europe, Asia Pacific, and the other regions. Going forward, the fastest growing regions in the legal services market will be South America and the Middle East, where growth will be at CAGRs of 12.0% and 11.5% respectively from 2022-2027.
The global legal services market is fragmented, with a large number of small players. The top ten competitors in the market made up to 5.25% of the total market in 2022. The Kirkland & Ellis LLP was the largest competitor with 0.85% share of the market, followed by Latham & Watkins LLP with 0.70%, Deloitte with 0.56%, Ernst & Young (E&Y) with 0.53%, PwC with 0.52%, DLA Piper with 0.48%, Baker McKenzie with 0.45%, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates with 0.40%, KPMG with 0.38%, and Sidley Austin LLP with 0.38%.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 480 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $764.8 Billion |
| Forecasted Market Value (USD) by 2032 | $1256.2 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction And Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Legal Services Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. B2B Legal Services
6.4.2. B2C Legal Services
6.4.3. Hybrid Legal Services
6.4.4. Criminal Law Practices
6.5. Market Segmentation By Size
6.5.1. Large Law Firms
6.5.2. SME Law Firms
6.6. Market Segmentation By Type Of Practice
6.6.1. Litigation
6.6.2. Corporate
6.6.3. Labor/Employment
6.6.4. Real Estate
6.6.5. Patent Litigation
6.6.6. Tax
6.6.7. Bankruptcy
6.6.8. Others (Regulatory, M&A, Antitrust, Environmental)
6.7. Market Segmentation By End Users
6.7.1. Individuals
6.7.2. Financial Services
6.7.3. Mining And Oil & Gas
6.7.4. Manufacturing
6.7.5. Construction
6.7.6. IT Services
6.7.7. Others
6.8. Market Segmentation By Mode
6.8.1. Online Legal Services
6.8.2. Offline Legal Services
7. Product/Service Analysis -Product/Service Examples
8. Supply Chain Analysis
8.1.1. Resources
8.1.2. Legal Service Providers
8.1.3. End-Users
9. Customer Information
9.1. Use Of Technology To Deliver Services
9.2. Law Firm Surveys for Client Satisfaction
9.3. Law Firms Must Hone Their Skills To Stay Competitive
9.4. Major Concerns With Commercial Manufacturing Laws
10. Major Market Trends
10.1. Adoption Of Artificial Intelligence (AI)
10.2. Strategic Partnerships And Acquisitions
10.3. Emergence Of Alternative Legal Service Providers (ALSPs)
10.4. Legal Learning Programs And Platforms By Law Firms
10.5. Law Firms Investing In Data Security
10.6. Technology Advancements
11. Legal Services Market - Macro Economic Scenario
11.1. COVID-19 Impact On The Legal Services Market
11.2. Russia-Ukraine War Impact On The Legal Services Market
11.3. Impact Of High Inflation On The Legal Services Market
12. Global Legal Services Market Size And Growth
12.1. Market Size
12.2. Historic Market Growth, 2017 - 2022, Value ($ Billion)
12.2.1. Market Drivers 2017 - 2022
12.2.2. Market Restraints 2017 - 2022
12.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Billion)
12.3.1. Market Drivers 2022 - 2027
12.3.2. Market Restraints 2022 - 2027
13. Legal Services Market, Regional Analysis
13.1. Global Legal Services Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Billion)
13.2. Global Legal Services Market, 2017 - 2027, Historic And Forecast, By Region
13.3. Global Legal Services Market, 2022 - 2027, Growth And Market Share Comparison, By Region
A selection of companies mentioned in this report includes
- Johnson Matthey Plc
- BASF SE
- Heraeus Holding
- Evonik Industries AG
- Umicore SA
- DLA Piper
- Baker McKenzie
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- KPMG
- Sidley Austin LLP
- India Law Offices LLP
- Amarchand and Mangaldas and Suresh A. Shroff and Co
- Nishimura and Asahi
- ZICO Law
- Tilleke and Gibbins
- Allen and Gledhill LLP
- Rajah and Tann
- Kim and Chang
- Kim and Lee LLC
- DSK Legal
- J Sagar And Associates (JSA)
- Nagashima Ohno and Tsunematsu
- Han Kun Law Offices
- Beijing Yingke Law Firm
- King and Wood Mallesons
- Dacheng Law Offices
- Jun He Law Offices
- Garrigues
- Loyens and Loeff
- Cuatrecasas Goncalves Pereira
- Fidal
- BonelliErede
- Uria Menendez
- Gleiss Lutz
- Luther
- Arendt and Medernach
- Flick Gocke Schaumburg
- Heuking Kuhn Luer Wojtek
- Mischcon de Reya
- Linklaters
- Norton Rose Fulbright
- SEgorov Puginsky Afanasiev and Partners
- VJT and Partners Law Firm
- Dentons and Pepeliaev Group
- Liouta and Partners Law Firm
- Eversheds Sutherland
- Dudkowiak and Kopec Business Layers
- CGO Finance sp. z o.o.
- Andreko Ferenczi Kinstellar Ugyvedi Iroda
- Szuchy Ugyvedi Iroda
- Latham & Watkins
- Oslerv
- Hoskin & Harcourt
- Cravath Swaine & Moore
- Skadden
- Arps
- Slate
- Meagher & Flom
- Norton Rose Fulbright LLP
- Hogan Lovells
- Jones Day
- Kirkland & Ellis LLP
- Demarest Advogados
- Lobo de Rizzo Advogados
- Pinheiro Guimaraes
- Carpena Advogados Associados
- Al Sulaiti law firm
- Al Tamami & Co.
- Heskia-Hacmun Law Firm
- Alya Al Zeera
- ASAR Al Ruwayeh and Partners
- Menwer & Associates
- Elham Ali Hassan & Associates
- Afridi & Angell
- Garlicke and Bousfield
- Cliffe Dekker Hofmeyr
- Erward Nathan Sonnenbergs
- Norton Rose Fulbright South Africa
- Webber Wentzel
- B M Musau and Company
- Dentons
- Bitala and Co Advocates
- Bowmans
For more information about this report visit https://www.researchandmarkets.com/r/oclvd0
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