The Legal Services Global Market Report 2020-30 by The Business Research Company describes and explains the global legal services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The Legal Services Global Market Opportunities And Strategies Report covers legal services market drivers, legal services market trends, legal services market segments, legal services market growth rate, legal services market major players, and legal services market size.
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The legal services market report focuses particularly on identifying the trends, opportunities, and strategies that can lead to success. O&S reports are available off the shelf and can be delivered to clients on the day of purchase.
Legal Services Global Market Opportunities And Strategies Report is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market. The chapter also covers markets which have been positively affected by the pandemic.
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Trends in the market include:
Emergence Of Alternative Legal Service Providers (ALSPs)-
The emergence of alternative legal service providers (ALSPs) is a key trend in the market. ALSPs are non-traditional, niche companies that specialize in providing high-demand legal services such as document review, contract management, litigation support, electronic discovery, contract lawyers and staffing, legal research, and IP management. They are essentially focused on the “business of law”, leveraging a combination of legal, business and technology capabilities, to provide services to both corporates and law firms. Businesses are increasingly employing ALSPs for many routine legal services, and law firms are outsourcing non-revenue generating tasks, such as project management, business analysis, billing, and expenses, to ALSPs. The largest and fastest-growing ALSPs include the Big Four accounting firms – Deloitte, EY, KPMG, and PwC. Other ALSPs in the market include Allen &Overy, Axiom, Clifford Chance, Consilio, Elevate, Integreon, and Update Legal. ALSPs have high adoption rates in the USA. Around 65% of large law firms in the USA use ALSPs for e-discovery purposes. Corporations in the UK are also bringing ALSPs into their workflow. According to the surveys conducted by EY Law practices and Thomson Reuters Legal Managed Services in 2019, in the USA, approximately 25% corporate law departments stated that they would be spending more on ALSPs in the next five years, as against only 16% willing to do so two years ago.
Digitalization-
Companies in the legal services market are rapidly moving towards the process of digitalization following the emergence of information communication and technology. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Law firms are investing in various technologies, such as machine learning, mobility, cloud computing, performance tracking, and artificial intelligence to streamline the process, reduce operational costs, and increase efficiency. With machine learning and cloud computing, companies are digitalizing data, records, client history, briefings, reports, testimony and other information that enables them to quickly find relevant information According to LexisNexis DiscoveryIQ, analytics can save approximately 70% of the expenditures involved in legal information reviews. According to another survey by LexisNexis, 41% of the legal community believes that the data stored in the cloud is safe and 72.4% of the legal firms are in supporting cloud adoption.
The market is segmented-
By Type Of Law Firm –
- a) B2B Legal Services
- b) B2C Legal Services
- c) Hybrid Legal Services
- d) Criminal Law Practices
By Size Of Law Firm-
- a) Large Law Firms
- b) SME Law Firms
By Type Of Practice-
- a) Litigation
- b) Corporate
- c) Labor/Employment
- d) Real Estate
- e) Patent Litigation
- f) Tax
- g) Bankruptcy
- h) Others (Regulatory, M&A, Antitrust, Environmental)
By End-Users-
- a) Individuals
- b) Financial Services
- c) Mining And Oil & Gas
- d) Manufacturing
- e) Construction
- f) IT Services
- g) Other Services
- h) Others
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