The Global Legal Services Market Report by The Business Research Company covers legal services market drivers and restraints, legal services market size, major players, and the impact of COVID-19 on the legal services market.
The legal services market consists of the sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client. The legal services market is segmented into B2B legal services, B2C services, hybrid services and criminal services.
Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements.
The global legal services market is expected to grow from $713.6 billion in 2020 to $734.6 billion in 2021 at a compound annual growth rate (CAGR) of 2.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $908.7 billion in 2025 at a CAGR of 5%.
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Some legal services market trends include cybercrime consulting services. Law firms around the world are offering cybercrime legal consulting services to their clients, owing to the increasing incidence of this type of crime. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using internet and electronic devices.
Global legal services market segments include:
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices.
2) By Size: Large Law Firms, SME Law Firms.
3) By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Others.
4) By Type Of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M&A, Antitrust, Environmental).
5) By Mode: Online, Offline.
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America accounts for the largest global legal services market share.
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The Legal Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides legal services market overviews, analyzes and forecasts market size, share, legal services market players, legal services market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.
The legal services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Read Legal Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: Latham & Watkins, Kirkland & Ellis LLP, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom, DLA Piper.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The Legal Services Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The Legal Services Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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