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Legal Services Market – Discover Leading Law Firms and Opportunities to tap into a USD 1,212.80 billion market

Legal Service Market

Legal Service Market

The global legal services market was worth USD 827.15 billion in 2022 and is estimated to grow to USD 1,212.80 billion by 2030.

PUNE, MAHARASHTRA, INDIA, December 6, 2023 / -- Legal Services Market Perspective

The global legal services market was worth USD 827.15 billion in 2022 and is estimated to grow to USD 1,212.80 billion by 2030, with a compound annual growth rate (CAGR) of approximately 4.90% over the forecast period. The report analyzes the legal services market's drivers, restraints, and challenges and the effect they have on demand during the projection period. In addition, the report explores emerging opportunities in the legal services market.

Legal Services Market Developments
• In June 2022, LATHAM advised VEON on DASTGYR'S series A, and a cross-border team speaks for a worldwide digital service provider for mobile connection.

• In March 2022, - Baker McKenzie Sees a Significant Increase in Brand Index in the United States and Mainland Europe.

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Legal Services Market’s Top Driver

Improvements in artificial intelligence (AI) and machine learning (ML) to drive market growth

The market for legal services is expanding significantly due to the improvements in artificial intelligence (AI) and machine learning (ML). Modern tools like machine learning (ML) and artificial intelligence (AI) enable professionals to automate some tasks, freeing up their time and resources to concentrate on more important legal processes. Using these technologies, organizations can create and evaluate contracts, mine documents, and perform due diligence on them. Another area with expected strong growth potential is extensive data analysis. As a result, emerging businesses like FiscalNote, Ravel Law, and InvestCEE Tanacsado Kft. have prospered by offering their clients top-notch and modern analytical insights.

Legal Services Market: Regional Landscape

North America dominated the Legal Services market in 2022

In North America, the United States has risen to the top of the market. A significant portion of the North American region will account for rising assignment volumes among corporate legal departments in the United States in 2020. The United States has become one of the leading nations in the North American region as a result of the profusion of legal service providers. Additionally, it is anticipated that a rise in mergers and acquisitions in the North American region will boost demand for legal services.

Legal Services Market Top Players: Baker & McKenzie; Clifford Chance LLP; Deloitte, DLA Piper; Ernst & Young (E&Y); Kirkland & Ellis LLP; KPMG; LATHAM & WATKINS LLP; PwC; Skadden, Arps, Slate, Meagher & Flom LLP.

Legal Services Market: Segmentation

The global legal services market has been segmented into service, application, and end-user.

Based on service, corporate, taxation, litigation, bankruptcy, advice, notarial activities, and research are segments of the global legal services market. The corporate segment dominated the market in 2022. This large share is credited with the advent of novel forms of financial exchange on corporate fronts. Additionally, it is anticipated that during the forecast period, the corporate segment will dominate the service market due to the growth in complaints about employee harassment, organizational discrimination audits, copyright violations, and patent infringement. It is anticipated that the category will expand faster due to the corporate sector's increasing demand for services related to intellectual property.

Based on application, the market is classified into corporate, financial & commercial law, personal injury, commercial and residential property, wills, trusts, probate, family law, employment law, criminal law, and other applications. In 2022, the corporate, financial, and commercial law categories dominated the global market. A selected few worldwide law firms control the majority of the corporate, financial, and commercial legal services market. The rise of new technologies, like blockchain and artificial intelligence, which are creating new legal challenges and opportunities, will also contribute to this growth. These factors include the increasing globalization of business, the increasing complexity of business transactions, and the growing need for businesses to comply with a wide range of regulations.

Based on end-users, the market is classified into private practicing attorneys, legal business firms, and government agencies. In 2022, the legal business firm’s category dominated the global market. The market share of legal business firms is significant. Legal service providers' strategic investments are to blame for this high percentage. Legal firms make investments in client education, pipeline management, community involvement, and public relations as business development tactics. Some businesses have cut costs or raised prices to maintain profitability as a result of the slow market expansion throughout the years. To extract information, identify patterns, and predict trends, law firms are also beginning to use predictive analytics technologies to examine huge databases. Business organizations can use predictive analytical technology to enhance their decision-making abilities. A deep learning model is employed by a U.S.-based software startup company named Intraspexion, Inc. to advise businesses on prospective legal problems and assist them in reducing legal expenses. An important market trend that is expected to spur paralegals to start new businesses is the development in demand for Alternative Legal Services Providers (ALSPs).

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