LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global Legal Services market and the market is poised to experience spend growth of more than USD over 190 billion between 2019-2024 at a CAGR of over more than 3%. Request free sample pages.
Read the 121 pages research report with TOC and LOE on "The Global Legal Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
An increase in the stringency in regulations pertaining to employment, incentives, pensions, and other HR-related activities will contribute to the demand growth of legal services for employment and benefits. This will promote a large-scale legal services procurement on a global scale.
North America is expected to be the fastest-growing region in the market. Legal services procurement in this region will be attributed to the companies that are focusing on expanding their operations to new and emerging markets such as South Africa, India, and Thailand.
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Insights into the market price trends
- Conventional legal service providers are investing in new technologies and are engaging in M&As to expand their service offerings for buyers at competitive prices to sustain the competition.
- Legal service providers will incur a substantial rise in technology costs that will include expenses made on predictive analytics and cloud-based platforms to improve their service offerings. This will exert an inflationary impact on legal services procurement expenditure.
Insights into strategies that will help buyers optimize their procurement spend
- Buyers must invest in benchmarking studies that help category managers enhance their knowledge on market pricing or billing rates of legal consultants by job role and function. This allows them to reduce their legal services procurement costs as well as negotiate with suppliers better.
- It is prudent to engage with service providers who are known to leverage technology to its full potential to effectively deliver legal services. This includes the ability to standardize or automate routine legal or process-driven activities to achieve cost-savings and reduce the time taken to complete the task.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Legal Services Market Procurement Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
Some of the top Legal Services suppliers enlisted in this report
This Legal Services market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Allen & Overy LLP
- Pinsent Masons LLP
- Hogan Lovells
- Freshfields Bruckhaus Deringer LLP
- Linklaters LLP
- DLA Piper
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Some of the key topics covered in this report are:
- Legal Services market spend segmentation by region
- Legal Services supply market analysis
- Regional spend opportunity for Legal Services suppliers
- Legal Services suppliers cost structure
- Total cost of ownership analysis in the Legal Services market
- Legal Services pricing models analysis
- Category management objectives
- Cost saving opportunities in the Legal Services market
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