Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "B2B Legal Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The B2B Legal services market size has grown steadily in recent years. It will grow from $436.17 billion in 2023 to $452.83 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The B2B Legal services market size is expected to see steady growth in the next few years. It will grow to $544.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
The expansion witnessed during the historic period can be ascribed to factors such as contract management, dispute resolution, regulatory compliance, globalization, and cross-border transactions, as well as risk management. The anticipated growth in the forecast period can be attributed to factors such as legal tech and automation, the evolving regulatory landscape, a heightened focus on ESG (environmental, social, governance), increased M&A activities, and challenges in international trade. Noteworthy trends expected in the forecast period encompass data privacy and cybersecurity, technological integration, the rise of virtual law firms and remote services, specialization in niche industries, and the adoption of alternative fee arrangements.
The anticipated surge in cybercrime cases is expected to propel the expansion of the business-to-business (B2B) legal services market. Cybercrime, involving criminal activities conducted through computers, networks, and the internet, carries severe consequences such as financial losses, damage to reputations, and legal penalties. B2B legal services, which handle and share extensive private data, financial information, and personal details such as credit card numbers, are becoming prime targets for cyber-attacks. Consequently, the growing number of cybercrime incidents is a driving force behind the expansion of the B2B legal services market.
The industry is confronted with a shortage of skilled workforce, which is poised to hamper the B2B legal services market. This shortage leads to a high turnover rate, ineffective staff management, increased business expenses, and customer loss. A 2021 study by The Lawyer revealed that 58% of legal organizations are currently feeling the impact of a lack of competent workers. The scarcity of qualified personnel diminishes the effectiveness of firms and adversely affects the B2B legal services market.
Legal service firms are leveraging blockchain technology to establish a secure and transparent method for transactions. Blockchain, an open and distributed ledger, efficiently records transactions between two entities or companies in a permanent manner. According to a study by WebFX Inc., 41% of law firms are expected to incorporate blockchain in transactional legal services. Smart contracts, created digitally and verifiable on the blockchain, enable lawyers to spend more time on legal advising rather than drafting documents. Chainlink, a startup, has developed technology that enhances smart contracts by relying on data from multiple sources. The adoption of blockchain and smart contracts brings several advantages, including secure transactions, transparent records, reduced paperwork, and more time for client advising.
Major companies in the B2B legal services market are introducing innovative products such as LZ Books to offer reliable services. LZ Books, a B2B legal services product designed for legal and accounting advisors, was launched by LegalZoom.com Inc. in April 2023. This accounting software tailored for small business owners includes features such as expense and income tracking, invoicing, and payment management. Users can connect their bank accounts to automate the categorization of income and expenses, simplifying bookkeeping.
In March 2023, PricewaterhouseCoopers International Limited (PWC), a UK-based professional services network providing B2B legal services, formed a partnership with Harvey. This collaboration enables PwC to offer legal business solutions and assist clients in streamlining their in-house legal processes. Harvey, a US-based AI-powered legal startup, specializes in providing generative AI for elite law firms.
North America was the largest region in the B2B legal services market in 2023. Western Europe was the second largest region in global B2B legal services market report.
B2B Legal Services Market Other Major and Innovative Companies
- Dentons Corporation
- DLA Piper
- Baker McKenzie
- Skadden Arps Slate Meagher & Flom LLP
- Sidley Austin LLP
- White & Case LLP
- Morgan Lewis & Bockius LLP
- Jones Day
- Linklaters LLP
- Hogan Lovells International LLP
- Clifford Chance LLP
- Freshfields Bruckhaus Deringer LLP
- Norton Rose Fulbright
- Mayer Brown
- Sullivan & Cromwell LLP
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $452.83 Billion |
| Forecasted Market Value (USD) by 2028 | $544.88 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. B2B Legal Services Market Characteristics
3. B2B Legal Services Market Trends and Strategies
4. B2B Legal Services Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global B2B Legal Services Market Size and Growth
5.1. Global B2B Legal Services Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global B2B Legal Services Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global B2B Legal Services Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. B2B Legal Services Market Segmentation
6.1. Global B2B Legal Services Market, Segmentation by Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Civil or Criminal
- Mergers and Acquisitions
- Business Transactions
- Other Services
6.2. Global B2B Legal Services Market, Segmentation by Size of Law Firm, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Large law firms
- SME law firms
6.3. Global B2B Legal Services Market, Segmentation by End-user, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Listed Corporations
- Government Institutions
- Small and Medium-sized Enterprises
- High Net worth Individuals
- Other End-Users
7. B2B Legal Services Market Regional and Country Analysis
7.1. Global B2B Legal Services Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global B2B Legal Services Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes, but is not limited to:
- Deloitte Touche Tohmatsu Limited
- PricewaterhouseCoopers International Limited
- KPMG International Cooperative
- Kirkland & Ellis LLP
- Latham & Watkins LLP
- Dentons Corporation
- DLA Piper
- Baker McKenzie
- Skadden Arps Slate Meagher & Flom LLP
- Sidley Austin LLP
- White & Case LLP
- Morgan Lewis & Bockius LLP
- Jones Day
- Linklaters LLP
- Hogan Lovells International LLP
- Clifford Chance LLP
- Freshfields Bruckhaus Deringer LLP
- Norton Rose Fulbright
- Mayer Brown
- Sullivan & Cromwell LLP
- Covington & Burling LLP
- Reed Smith LLP
- Cleary Gottlieb Steen & Hamilton LLP
- Wilmer Cutler Pickering Hale and Dorr LLP
- Shearman & Sterling LLP
- Allen & Overy LLP
- Debevoise & Plimpton LLP
- LegalZoom.com Inc.
- Clasen Law
- Belenky Law Firm PLLC
- Paul Weiss Rifkind Wharton & Garrison LLP
- Gibson Dunn & Crutcher LLP
- Fried Frank Harris Shriver & Jacobson LLP
- Simpson Thacher & Bartlett LLP
- Davis Polk & Wardwell LLP
For more information about this report visit https://www.researchandmarkets.com/r/ef499y
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