The global legal services market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.
Key Insights & Findings:
- The corporate segment is expected to emerge as the fastest-growing segment over the forecast period as disputes over organizational audits, discrimination & harassment of employees, copyright violation, and patent infringement continue to rise
- The private practicing attorneys segment is expected to witness substantial growth over the forecast period owing to the increased opportunities for attorneys in large enterprises as well as small- & mid-sized enterprises
- Law firms are changing their hiring patterns in line with the evolving requirements of the clients
- Law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients
Read 115 page market research report, “Legal Services Market Size, Share & Trends Analysis Report By Services (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size, By Provider, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.
Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end-users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end-users from the tedious process of understanding the terminologies appearing in the document.
Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.
Grand View Research has segmented the global legal services market on the basis of services, firm size, provider, and region:
- Legal Services Services Outlook (Revenue, USD Billion, 2018 – 2028)
- Real Estate
- Legal Services Firm Size Outlook (Revenue, USD Billion, 2018 – 2028)
- Large Firms
- Medium Firms
- Small Firms
- Legal Services Provider Outlook (Revenue, USD Billion, 2018 – 2028)
- Private Practicing Attorneys
- Legal Business Firms
- Government Departments
- Legal Services Regional Outlook (Revenue, USD Billion, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- North America
List of Key Players of the Legal Services Market
- Baker & McKenzie
- Clifford Chance LLP
- DLA Piper
- Ernst & Young (E&Y)
- Kirkland & Ellis LLP
- LATHAM & WATKINS LLP
- Skadden, Arps, Slate, Meagher & Flom LLP
Browse through Grand View Research’s coverage of the Global Communication Services Industry:
- Legal Process Outsourcing Market – The global legal process outsourcing market size was valued at USD 5.2 billion in 2018 and is expected to register a CAGR of 31.8% over the forecast period. Enterprise preference for focusing on their core businesses and outsourcing non-core tasks is expected to drive the market.
- Digital Rights Management Market – The global digital rights management market is expected to witness substantial growth over the forecast period on account of the increase in digital broadcasting and content marketing. Government legislations, standards & regulations for governing intellectual property rights coupled with the increasing popularity of over-the-top content (OTT) delivery through unmanaged or open internet network is expected to drive market growth.