The predicted period, which runs from 2022 to 2032, calls for the global market for legal services to produce US$ 627.12 billion while expanding at a CAGR of 4.6%. The market is projected to produce $400 billion in revenue in 2022. The rising use of cutting-edge technology in the delivery of legal services will spur the industry’s growth in the upcoming years.
Additionally, a strong focus on maintaining openness in client relationships is anticipated to fuel industry expansion. Furthermore, when more secure/confidential procedures are incorporated into the process, it is anticipated that the legal services sector would grow more quickly.
Additionally, a noteworthy industry development is the growth of alternative legal service providers (ALSPs). ALSPs are non-traditional, specialized businesses that focus on providing in-demand legal services such as contract administration, litigation support, electronic discovery, contract attorneys and staffing, document review, intellectual property management, and contract administration.
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They generally focus on the “business of law,” providing services to businesses and law firms by combining their legal, commercial, and technology expertise. Businesses are increasingly turning to ALSPs for a variety of routine legal services, while law firms are outsourcing to ALSPs non-revenue-generating tasks including project management, business analysis, billing, and spending.
Asia Pacific accounted for a sizeable chunk of the market in 2020 because of the rising acceptance of legal and regulatory requirements, particularly in China and India. Legal service providers, for instance, have started to supply cutting-edge cross-border judicial services to their business clients in India, creating sizable prospects for the nation to flourish. The market participants, however, are focusing their efforts on growing their consumer base and gaining an advantage over their rivals.
Key Takeaways from the Market Study
- By service type, corporate legal services accounted for 25% of total revenue in 2021
- By firm size, legal services through big firms contributed over 36% of the global market share
- S to be a promising market for legal services, expected to flourish at a 4.5% CAGR
- K to be a key contributor to the market for legal services, registering a 4.4% CAGR
- India and China register identical growth trajectories, growing at a CAGR of 4.3% each
- Global legal services market to grow nearly 1.6x from 2022 to 2032
Competitive Landscape
Key players in the global legal services market include Baker & McKenzie, Clifford Chance LLP, Deloitte, DLA Piper, Ernst & Young (E&Y), Kirkland & Ellis LLP, KPMG, LATHAM & WATKINS LLP, PwC and Skadden, Arps, Slate, Meagher & Flom LLP, among others. Recent key developments among players are:
- In November 2021, EY announced the acquisition of TAO Leadership Development, Inc., a consultancy focused on supporting fast-paced cultural change and organizational transformation in organizations. The purchase sought to accelerate the growth of EY People Advisory Services by boosting the firm’s well-known technology-enabled transformational leadership and culture change capabilities.
- In July 2022, Kirkland & Ellis advised I Squared Capital, and its ISQ Global Infrastructure Fund III on a definitive agreement to acquire VLS Environmental Solutions (“VLS”) from Aurora Capital Partners, a leading middle-market private equity firm, in connection with the acquisition.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Legal Services market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Services Type (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, and Corporate), Firm Size (Large Firms, Medium Firms, and Small Firms), Provider (Private Practicing Attorneys, Legal Business Firms, Government Departments and Others) & Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
Key Segments Covered in the Legal Services Industry Survey
Legal Services Market by Service Type:
- Legal Services for Taxation
- Legal Services for Real Estate
- Legal Services for Litigation
- Legal Services for Bankruptcy
- Legal Services for Labor/Employment
- Legal Services for Corporate
Legal Services Market by Firm Size:
- Large Legal Services Firms
- Medium Legal Services Firms
- Small Legal Services Firms
Legal Services Market by Provider:
- Legal Services by Private Practicing Attorneys
- Legal Services by Legal Business Firms
- Legal Services by Government Departments
- Legal Services by Other Providers
Legal Services Market by Region:
- North America Legal Services Market
- Europe Legal Services Market
- Asia Pacific Legal Services Market
- Latin America Legal Services Market
- Middle East & Africa Legal Services Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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