Legal Services Market Top Players are Latham & Watkins LLP, KPMG and Baker & McKenzie

Posted on 2023-05-26 by researchinsights in Industrial, Technology // 0 Comments

San Francisco, Calif., USA, May 26 2023 — /EPR Network/ —

Legal Services Industry Overview

The global legal services market size was valued at USD 901.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% during the forecast period. The legal sector has been revolutionized by the emergence of Artificial Intelligence (AI). Artificial intelligence (AI)-enabled software has played an essential role in allowing law firms and lawyers to save time. Automation software improves the efficiency of document creation and review. Team collaboration tools might help to simplify documentation procedures even more. These technological breakthroughs and advancements assist attorneys by lowering expenses and boosting comfort.

Advanced technologies such as Machine Learning (ML) and artificial intelligence (AI) help professionals automate some processes and utilize their resources and time on vital legal operations. These technologies enable businesses to draft and evaluate contracts and mining and due diligence of documents. Big data analytics is also projected to offer favorable growth prospects. This has driven the growth of startups such as FiscalNote, Ravel Law, and InvestCEE Tanacsado Kft., which provide quality and technologically advanced analytical insights to their clients.

Gather more insights about the market drivers, restraints, and growth of the Global Legal Services Market

Moreover, the usage of legal library applications such as NotaryCam, iLegal, and LawSauce Legislation has become familiar, assisting lawyers and people gain access to legal services conveniently. In-house digital strategies are also available from service providers to enhance and transform a company’s activities and processes. Law firms can identify new unexplored correlations among data by using ML and AI to large datasets, enabling their increased capacity to mitigate risk, tailor solutions, optimize delivery, and forecast outcomes to consumer demands. Moreover, there has been a stable growth in the implementation of cloud technology by legal departments and law firms.

Browse through Grand View Research’s Next Generation Technologies Industry Related Reports

Embedded Finance Market – The global embedded finance market size was valued at USD 65.46 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 32.2% from 2023 to 2030.

Trade Credit Insurance Market – The global trade credit insurance market size was valued at USD 9.56 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.

Legal Services Industry Segmentation

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

Legal Services Outlook (Revenue, USD Billion, 2018 – 2030)

Taxation
Real Estate
Litigation
Bankruptcy
Labor/Employment
Corporate

Legal Services Firm Size Outlook (Revenue, USD Billion, 2018 – 2030)

Large Firms
Medium Firms
Small Firms

Legal Services Provider Outlook (Revenue, USD Billion, 2018 – 2030)

Private Practicing Attorneys
Legal Business Firms
Government Departments
Others

Legal Services Regional Outlook (Revenue, USD Billion, 2018 – 2030)

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

Market Share Insights:

November 2021: Clifford Chance LLP partnered with Green Map System, Inc., an independent non-profit organization, to offer assistance and advice on the design and implementation of the International Guarantee Trust Fund program to facilitate the deployment of renewables on a large scale.

November 2021: EY announced its acquisition of TAO Leadership Development, Inc., a consultancy that focuses on enabling a fast-paced culture change and organizational transformation in enterprises. The acquisition aimed at accelerating the development of EY People Advisory Services by enhancing the firm’s highly respected technology-enabled transformational leadership and culture change skills.

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