Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Legal Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The legal services market size is expected to see steady growth in the next few years. It will grow to $1006.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to government support, the escalating global drug crises and related lawsuits, the expanding legal tech industry, and the increasing demand for transactional practice. Significant trends expected in this period include the adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), the launch of legal learning programs and platforms by law firms, law firms investing in data security, and advancements in technology.
On a global scale, shifts in political structures, legal reforms, and trade agreements are generating opportunities for law firms. International companies and organizations must adhere to diverse laws and regulations across countries and specific trade agreements, increasing the demand for legal services. Noteworthy legal changes, such as the UK's departure from the European Union, create complexities in regulatory and legislative frameworks related to jurisdiction, judicial structures, and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have established specialized BREXIT teams to assist clients in navigating these changes. Additionally, the USA's withdrawal from agreements such as the Trans-Pacific Partnership, the Paris Agreement, and the Korea trade deal is anticipated to further drive the demand for legal services in the future.
Leading companies in the legal services market are innovating by introducing new products, such as legal generative AI platforms, to cater to larger customer bases, boost sales, and increase revenue. A legal generative AI platform employs artificial intelligence (AI) to aid legal professionals in their work. For instance, LexisNexis launched Lexis+ AI, a generative AI platform designed for the modernization of legal services. The technology offers conversational search, smart summarization, and intelligent legal writing capabilities, simplifying and enhancing the legal research process for lawyers.
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