Global Legal Services Market Size, Forecasts, And Opportunities
Learn about the global legal services market through The Business Research Company, which provides information on legal services market size, legal services market drivers and restraints, legal services market players, the COVID-19 impact on the legal services market, and more.
The global legal services market is expected to grow from $713.12 billion in 2021 to $788.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth in the legal services market 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 legal services market is expected to reach $1112.75 billion in 2026 at a CAGR of 9.0%.
Changes in the legal structure of intrastate agreements increases the demand for legal services.
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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.
Global Legal Services Market Segments Include:
By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
By Size: Large Law Firms, SME Law Firms
By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Others
By Type Of Practice: Litigation, Corporate, Labour/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M&A, Antitrust, Environmental)
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 was the largest region in the global legal services market in 2021.
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.In the UK alone, around $35 billion is the estimated annual cost of cybercrimes.Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement.
TBRC’s legal services market report covers:
Major Market Players: Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Dentons, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP and Jones Day.
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 (2016-21) and ten years forecast (2022-2026-2031)
The Legal Services Global Market Report 2022: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides legal services market overviews, analyses and forecasts market size, share, legal services market players, legal services market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s 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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