Global Legal Services Market Size 2024, Forecast To 2033
11 Mar, 2024
The legal services market size has shown steady growth, progressing from $796.76 billion in 2023 to $829.07 billion in 2024, reflecting a consistent compound annual growth rate (CAGR) of 4.1%. The historic period's growth can be attributed to an increase in government initiatives, the growth in divorce rates, the rising number of cybercrimes, and the deregulation of the legal industry. Looking into the future, the market is expected to sustain steady growth, reaching $1006.53 billion in 2028 with a CAGR of 5.0%. Contributing factors include government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice. Major trends in the forecast period encompass the adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), the launch of legal learning programs and platforms by law firms, law firms investing in data security, and technological advancements.
Global Legal Services Market Key Driver
The escalating incidence of cybercrime has prompted law firms worldwide to offer specialized legal consulting services in this domain. Cybercrime encompasses various offenses committed using the internet and computers, such as cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion. In the UK alone, the estimated annual cost of cybercrime stands at around $35 billion. Law firms specializing in cybercrime consulting services employ professionals versed in crisis management, online financial theft, data loss, data privacy, and intellectual property infringement. Major players in this field, including Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom, cater to the rising global demand for cybercrime legal consulting services. The market sizes for 2023, 2024, and 2028 underscore the increasing significance of these services as organizations and individuals heighten their concerns about cyber threats.
Get A Free Sample Of The Global Legal Services Market ReportGlobal Legal Services Market Segments
The legal services market covered in this report is segmented –
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
2) By Type Of Practice: Litigation, Corporate, Labor or Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M And A, Antitrust, Environmental)
3) BY Size: Large Law Firms, SME Law Firms
4) By Mode: Online Legal Services, Offline Legal Services
5) By End User: Individuals, Financial Services, Mining and Oil & Gas, Manufacturing, Construction, IT Services, Others
Sub segments: B2B Legal Services - Large Law Firms, B2B Legal Services - SME Law Firms, B2C Legal Services - Large Law Firms, B2C Legal Services - SME Law Firms, Criminal Law Practices - Large Law Firms, Criminal Law Practices - SME Law Firms, Hybrid Legal Services - Large Law Firms, Hybrid Legal Services - SME Law Firms.
By Geography:The regions covered in the legal services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in the legal services market in 2023. Western Europe was the second largest region in the legal services market. The regions covered in the legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Legal Services Industry Players
Johnson Matthey Plc, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, DSK Legal, Baker McKenzie, Uría Menéndez, Latham & Watkins, Szuchy Ügyvédi Iroda, J Sagar And Associates (JSA), Amarchand and Mangaldas and Suresh A. Shroff and Co, Norton Rose Fulbright, ZICO Law, Allen and Gledhill LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Kim and Lee LLC, King and Wood Mallesons, Dudkowiak and Kopec Business Layers, Jones Day, Nishimura and Asahi, Heskia-Hacmun Law Firm, Beijing Yingke Law Firm, Kirkland & Ellis LLP, Dacheng Law Offices, Kim and Chang, Gleiss Lutz, Luther, Cuatrecasas Gonçalves Pereira, Flick Gocke Schaumburg, BonelliErede, Han Kun Law Offices, Meagher & Flom, Arendt and Medernach, Garlicke and Bousfield, Hogan Lovells, Nagashima Ohno and Tsunematsu, Liouta and Partners Law Firm, Osler, Slate, DLA Piper, Lobo de Rizzo Advogados, Fidal, Elham Ali Hassan & Associates, CGO Finance sp. z o.o., Andrékó Ferenczi Kinstellar Ügyvédi Iroda, Webber Wentzel, Linklaters, SEgorov Puginsky Afanasiev and Partners, India Law Offices LLP, Cravath Swaine & Moore, Tilleke and Gibbins, Arps, VJT and Partners Law Firm, Menwer & Associates, Pinheiro Guimarães, Hoskin & Harcourt, Jun He Law Offices, KPMG, Demarest Advogados, Loyens and Loeff, Sidley Austin LLP, Carpena Advogados Associados, Al Sulaiti law firm, Al Tamami & Co., Heuking Kühn Lüer Wojtek, Alya Al Zeera, ASAR Al Ruwayeh and Partners, Mischcon de Reya, Erward Nathan Sonnenbergs, Afridi & Angell, Garrigues, Cliffe Dekker Hofmeyr, Eversheds Sutherland, Rajah and Tann, B M Musau and Company, Dentons and Pepeliaev Group, Bitala and Co Advocates, Bowmans
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Legal Services Market Overview
Legal services refers to any service related to the conduct of any case or other legal proceeding before any court, different authority, or tribunal, as well as the provision of legal advice. Legal service is regarded as central in providing access to justice by ensuring equality before the law, the right to counsel and the right to a fair trial.
Legal Services Global Market Report 2023 provides data on the global legal services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The legal services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.