Legal Services Market Growth & Trends:
The global legal services market size is anticipated to reach USD 1.36 trillion by 2030, exhibiting a CAGR of over 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing use of the latest technologies in offering legal services is projected to drive market growth. A strong significance of transparency in the relationship with customers is also projected to drive the development of the market.
Chatbots are increasingly adopted by law firms to help them optimize their work processes and save money and time for themselves and their clients. Chatbots can assist law companies with a variety of activities, including digitization of data and searching for lawyer-specific documents, and other tasks. Chatbots can also assist in the follow-up of non-responsive clients and the gathering of essential information via automated conversations.
Law companies are seeking different ways to assist their clients in minimizing risks and compliance costs by assisting them in better managing information, creating the path for the adoption of document automation software in legal services. End-users are guided through a questionnaire to gather necessary data and direct them through the entire document formation process via document automation software. End-users are relieved of the time-consuming task of deciphering the document's terminology with this method.
Social networking has the potential to completely change the way legal services are delivered. As a result, law professionals are using a variety of social media tools to perform a plethora of legal tasks even while pursuing their career aspirations. Social networking platforms, including Facebook, Twitter, and LinkedIn are predominantly helping law professionals in connecting with a larger audience.
Legal Services Market Report Highlights:
- The corporate segment is projected to be the leading service segment during the forecast period, as arguments over harassment of employees, and organizational discrimination audits, and copyright violation & patent infringement continue to rise.
- Due to expanded opportunities for attorneys in both large and small and mid-sized businesses, the private practicing attorneys' segment is predicted to grow significantly throughout the forecast period.
- Law firms are modifying their hiring practices to meet the changing needs of their customers.
- Law firms are partnering with professional service providers to deliver unified diverse services to their clients.
Table of Contents
Chapter 1 Methodology
- 1.1 Research Methodology
- 1.2 Research Scope and Assumptions
- 1.3 List to Data Sources
- 1.3.1 Secondary Sources
- 1.3.2 Primary Sources
Chapter 2 Executive Summary
- 2.1 Legal Services Market - Industry Snapshot & Key Buying Criteria, 2018 - 2028
Chapter 3 Legal Services Market Industry Outlook
- 3.1 Market Segmentation & Scope
- 3.2 Legal Services Market Size and Growth Prospects
- 3.3 Legal Services Market - Value Chain Analysis
- 3.4 Legal Services - Market Dynamics
- 3.4.1 Market Driver Analysis
- 3.4.1.1 Technological disruptions in the legal industry
- 3.4.1.2 Growth of Alternative Legal Service Providers (ALSPs)
- 3.4.2 Market Restraint Analysis
- 3.4.2.1 Regulatory challenges in the legal industry
- 3.5 Legal Services Market - Penetration and Growth Prospect Mapping
- 3.6 Legal Services Market - Company Ranking Analysis
- 3.7 Business Environment Analysis Tools
- 3.7.1 Pest Analysis
- 3.7.2 Porter's Five Forces Analysis
- 3.8 Legal Services Market - Covid-19 Analysis
- 3.8.1 COVID-19 Impact on Legal Services Market - Overview
- 3.8.2 Measures Adopted By Market Players To Control The COVID-19 Scenario
- 3.8.3 Way Foreword
Chapter 4 Legal Services Market Service Type Outlook
- 4.1 Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (USD Billion)
- 4.2 Legal Services Market: Service Type Movement Analysis, 2020 & 2028
- 4.3 Taxation
- 4.4 Real Estate
- 4.5 Litigation
- 4.6 Bankruptcy
- 4.7 Labor/Employment
- 4.8 Corporate
Chapter 5 Legal Services Market Firm Size Outlook
- 5.1 Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (USD Billion)
- 5.2 Legal Services Market: Firm Size Movement Analysis, 2020 & 2028
- 5.3 Large Firms
- 5.4 Medium Firms
- 5.5 Small Firms
Chapter 6 Legal Services Market Provider Outlook
- 6.1 Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (USD Billion)
- 6.2 Legal Services Market: Provider Movement Analysis, 2020 & 2028
- 6.3 Private Practicing Attorneys
- 6.4 Legal Business Firms
- 6.5 Government Departments
- 6.6 Others
Chapter 7 Legal Services Market Regional Outlook
- 7.1 Legal Services Market, By Region, 2020 & 2028
- 7.2 North America
- 7.3 Europe
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 JAPAN
- 7.5 Latin America
- 7.5.1 Brazil
- 7.5.2 Argentina
- 7.5.3 Chile
- 7.6 MEA
Chapter 8 Competitive Landscape
- 8.1 Baker & McKenzie
- 8.1.1 Company Overview
- 8.1.2 Financial Performance
- 8.1.3 Product Benchmarking
- 8.1.4 Recent Developments
- 8.2 Clifford Chance LLP
- 8.2.1 Company Overview
- 8.2.2 Financial Performance
- 8.2.3 Product Benchmarking
- 8.2.4 Recent Developments
- 8.3 Deloitte
- 8.3.1 Company Overview
- 8.3.2 Financial Performance
- 8.3.3 Product Benchmarking
- 8.3.4 Recent Developments
- 8.4 DLA Piper
- 8.4.1 Company Overview
- 8.4.2 Product Benchmarking
- 8.4.3 Recent Developments
- 8.5 Ernst & Young (EY)
- 8.5.1 Company Overview
- 8.5.2 Financial Performance
- 8.5.3 Product Benchmarking
- 8.5.4 Recent Developments
- 8.6 Kirkland & Ellis LLP
- 8.6.1 Company Overview
- 8.6.2 Product Benchmarking
- 8.7 KPMG
- 8.7.1 Company Overview
- 8.7.2 Financial Performance
- 8.7.3 Product Benchmarking
- 8.7.4 Recent Developments
- 8.8 Latham & Watkins LLP
- 8.8.1 Company Overview
- 8.8.2 Product Benchmarking
- 8.8.3 Recent Developments
- 8.9 PwC
- 8.9.1 Company Overview
- 8.9.2 Financial Performance
- 8.9.3 Product Benchmarking
- 8.9.4 Recent Developments
- 8.10 Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- 8.10.1 Company Overview
- 8.10.2 Product Benchmarking