Global Legal Services Market Analysis & Forecast, 2015-2019 & 2023F - Top Opportunities Will Arise in the B2B Legal Services Segment, Which Will Gain $117.2 Billion of Global Annual Sales by 2023 - ResearchAndMarkets.com

DUBLIN--()--The "Legal Services Global Market Opportunities And Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.

This report describes and evaluates the market for legal services globally. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.

The global legal services market reached a value of nearly $766.3 billion in 2019, having grown at a compound annual growth rate (CAGR) of 5.4% since 2015. The global legal services market is expected to grow at a CAGR of 6.5% to nearly $986.7 billion by 2023.

Growth in the historic period resulted from strong economic growth in emerging markets and an increased number of mergers and acquisitions across all industries. Factors that negatively affected growth in the historic period were regulatory challenges mainly affecting the practice of legal consultants outside their countries and skilled workforce shortages in the industry.

Going forward, global economic growth, increasing demand for transactional practice areas, deregulation of the legal industry, growing legal tech industry and globalization will drive growth. Factors that could hinder the growth of this market in the future include rising costs and decreasing margins of law firms, increasing demand for in-house legal teams, lack of transparency and consistent service quality, data security issues and a global reduction in free trade.

The legal services market in this report is segmented by type of service into b2b legal services, b2c legal services, hybrid legal services and criminal law practices. The b2b legal services market was the largest segment of the legal services market in 2019 at 45.5%. The hybrid legal services market will be the fastest-growing segment going forward at a CAGR of 11.2%.

The legal services market in this report is also segmented by size of law firms into large law firms and SME law firms. The large law firms market was the largest segment of the legal services market in 2019 at 62.2% and this will be the fastest-growing segment going forward at a CAGR of 7.7%.

The legal services market in this report is also segmented by end users into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others. The individuals' users market was the largest segment of the legal services market in 2019 at 43.4%. The mining and oil & gas end use market will be the fastest-growing segment going forward at a CAGR of 15.6%.

The legal services market in this report is also segmented by type of practice into litigation, corporate, labour/employment, real estate, patent litigation, tax, bankruptcy and others. The litigation market was the largest segment of the legal services market in 2019 at 31%.

North America was the largest market for legal services, accounting for 51.6% of the global market in 2019. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest growing regions in the legal services market will be South America and Africa, where growth will be at CAGRs of 18.6% and 11.8% respectively. These will be followed by the Middle East and Eastern Europe, where the markets will grow at CAGRs of 10.4% and 10% respectively.

The legal services market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 3.63% of the total market in 2018. Major players in the market include Kirkland & Ellis LLP, Latham & Watkins LLP, Baker & McKenzie, DLA Piper and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

The top opportunities in the legal services market will arise in the B2B legal services segment which will gain $117.2 billion of global annual sales by 2023, and in the USA, where the market will gain the most at $48 billion. Market-trend-based strategies for the legal services market include broadening services with information technology solutions, investing in data security systems to safeguard sensitive client data, outsourcing non-critical functions to offshore centres to reduce operational costs and increase profit margins, and offering diversified services to their clients to sustain the competition from accounting firms. Player-adopted strategies in the legal services industry include expanding services to new geographies through partnerships and collaborations and enhancing services by increasing partners headcount.

To take advantage of these opportunities, the author recommends the legal services companies to provide cybercrime consulting services, offer online legal services, offer alternative billion/pricing solutions and collaborate or acquire with other legal companies.

Companies Mentioned

  • Advokatfirmaet Thommessen AS
  • Advokatfirman Vinge KB
  • Al Tamimi & Company
  • Allen & Gledhill LLP
  • Allen & Overy LLP
  • Amarchand & Mangaldas & Suresh A. Shroff & Co
  • B M Musau & Company
  • Baker McKenzie
  • Beijing Yingke Law Firm
  • Bitala & Co Advocates
  • Borenius
  • Bowmans
  • Castrn & Snellman
  • Cliffe Dekker Hofmeyr
  • Clifford Chance
  • Clyde & Co LLP
  • Cravath Swaine & Moore
  • Dacheng Law Offices
  • Demarest Advogados
  • Dentons
  • DLA Piper
  • Edward Nathan Sonnenbergs
  • Egorov Puginsky Afanasiev & Partners
  • Edward Nathan Sonnenbergs
  • Fidal
  • GB Attorneys
  • Hengeler Mueller
  • Herzog Fox & Neeman
  • Hoskin & Harcourt
  • Jones Day
  • Kim & Chang
  • Kirkland & Ellis
  • Latham & Watkins
  • Linklaters Garrigues
  • Linklaters LLP
  • Lobo de Rizzo Advogados
  • Meagher & Flom
  • Morgan, Lewis & Bockius LLP
  • Nishimura & Asahi
  • Norton Rose Fulbright South Africa
  • Osler
  • Pepeliaev Group
  • Pinheiro Guimares.
  • Rajah & Tann
  • Sidley Austin LLP
  • Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
  • Slate
  • Tilleke & Gibbins
  • VJT & Partners Law Firm
  • Webber Wentzel
  • Wikborg Rein
  • Yigal Arnon & Co
  • ZICO Law

For more information about this report visit https://www.researchandmarkets.com/r/3iu6y7

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900