Legal Services Market Size, Share and Forecast Report to 2030

Posted on 2022-07-01 by researchinsights in Industrial, Management // 0 Comments

San Francisco, California , USA, July 01, 2022 — /EPR Network/ —

Legal Services Industry Overview

The global legal services market size is anticipated to reach USD 1.36 trillion by 2030, exhibiting a CAGR of over 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing use of the latest technologies in offering legal services is projected to drive market growth. A strong significance of transparency in the relationship with customers is also projected to drive the development of the market.

Chatbots are increasingly adopted by law firms to help them optimize their work processes and save money and time for themselves and their clients. Chatbots can assist law companies with a variety of activities, including digitization of data and searching for lawyer-specific documents, and other tasks. Chatbots can also assist in the follow-up of non-responsive clients and the gathering of essential information via automated conversations.

Law companies are seeking different ways to assist their clients in minimizing risks and compliance costs by assisting them in better managing information, creating the path for the adoption of document automation software in legal services. End-users are guided through a questionnaire to gather necessary data and direct them through the entire document formation process via document automation software. End-users are relieved of the time-consuming task of deciphering the document’s terminology with this method.

Legal Services Market Segmentation

Grand View Research has segmented the global legal services market based on services, firm size, provider, and region:

Based on the Services Insights, the market is segmented into Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment and Corporate.

The corporate segment led the market in 2021, accounting for more than 25% share of the global revenue. The emergence of new types of financial transactions on corporate fronts is attributed to this high share.
The litigation segment held a considerable revenue share in 2021 as establishments continue to experience remarkable expenses in their litigation management.

Based on the Firm Size Insights, the market is segmented into Large Firms, Medium Firms and Small Firms.

The large firm division led the market in 2021, accounting for more than 36% share of the global revenue. Large firms’ diversified range of services is attributed to this high share.
The medium-sized, and small-sized legal services organizations are growing internationally by recruiting attorneys worldwide and opening offices worldwide. These firms are primarily targeting overseas clientele to assist them in managing their legal requirements.

Based on the Provider Insights, the market is segmented into Private Practicing Attorneys, Legal Business Firms, Government Departments and Others.

The legal business firms sector accounted for a significant market share in 2021. The strategic investments done by legal service firms are attributed to this high share. The legal business firms invest in business development tactics, such as client education, pipeline management, local community activities, and public relations.
Law firms have begun to employ predictive analytics technologies to study massive datasets to extract information, recognize patterns, and forecast trends. Firms can improve their decision-making capabilities by using predictive analytical technologies.

Legal Services Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Market players concentrate on growing their consumer base and acquiring a competitive advantage over their competitors. They are implementing various strategic initiatives, including collaborations, mergers and acquisitions, partnerships, and new product/technology development.

Some prominent 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
Skadden, Arps, Slate, Meagher & Flom LLP

Order a free sample PDF of the Legal Services Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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