The Legal Services Global Market Report 2023 by The Business Research Company, provides legal services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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The global legal services market size grew from $787.28 billion in 2022 to $838.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global legal services market is expected to grow from $1,034.52 billion in 2027 at a CAGR of 5.4%.
Globally, changes in political structures, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increase the demand for legal services.
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The legal services market is segmented:
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
2) By Size: Large Law Firms, SME Law Firms
3) By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Other End-Users
4) By Type Of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Other Type Of Practices (Regulatory, M&A, Antitrust, Environmental)
5) By Mode: Online, Offline
Due to the increasing incidence of cybercrime, law firms around the world are offering cybercrime legal consulting services to their clients. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using the internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrime. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. Global demand for cybercrime legal consulting services is expected to rise as organizations and individuals become more concerned about cybercrime.
The legal services market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Legal Services Market Characteristics
4. Legal Services Market Product Analysis
5. Legal Services Market Supply Chain
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20. Legal Services Market Competitive Landscape
21. Key Mergers And Acquisitions In The Legal Services Market
22. Market Background: Professional Services Market
23. Recommendations
24. Appendix
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