Global B2B Legal Services Market Report 2022 – Market Forecast, Trends And Strategies

1 Feb, 2022

The global b2b legal services market is expected to grow from $390.92 billion in 2021 to $432.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The growth in the B2B legal services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The B2B legal services market is expected to reach $610.02 billion in 2026 at a CAGR of 9.0%.

What is the Global B2B Legal Services Market?

The B2B legal services market consists of the sales of law-related services by entities (organizations, sole traders, and partnerships) that advise corporate clients on the body of law that governs disputes between businesses and represent corporate clients in civil or criminal cases, business transactions and other matters in which legal advice and other assistance are sought. This segment excludes legal services offered during disputes between businesses and individuals. B2B legal services are usually provided by commercial law firms. Clients of commercial law firms include listed corporations, government institutions, small and medium-sized enterprises, and high net worth individuals. Only goods and services traded between entities or sold to end consumers are included.

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What drives the Global B2B Legal Services Market?

The shortage of skilled workforce in the industry is expected to limit the B2B legal services market. The effects of skilled workforce shortage are high turnover rate, ineffective staff management, increased business expenses, and loss of customers. According to new study into the extent of the skills shortage conducted by The Lawyer in 2021, 58% of legal organizations are currently feeling the strain of a lack of competent workers. The shortage of qualified workforce reduces the effectiveness of the firms output and negatively affects B2B legal services market.

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Global B2B Legal Services Market Segments
The global B2B legal services market is segmented:
By Service Type: Civil or Criminal, Mergers and Acquisitions, Business Transactions, Others
By End-user: Listed Corporations, Government Institutions, Small and Medium-sized Enterprises, High Net worth Individuals, Others
By Size of Law Firm: Large law firms, SME law firms
By Geography: The regions covered in the B2B legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global B2B legal services market.

B2B Legal Services Global Market Report 2022provides market size and growth forecasts for the global B2B legal services market, global B2B legal services market share, B2B legal services market segments and geographies, B2B legal services market competitive landscape including leading competitors’ revenues, profiles and market shares. The B2B legal services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global B2B Legal Services Industry Playersinclude Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP, Jones Day and Allen & Overy LLP. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.