Global Legal Services Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
5 Jul, 2021
The legal services market consists of the sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client.
Global Legal Services Market Size And Drivers:
The global legal services market is expected to grow from $713.6 billion in 2020 to $734.6 billion in 2021 at a compound annual growth rate (CAGR) of 2%.The growth 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 market is expected to reach $908.7 billion in 2025 at a CAGR of 5%. Changes in the legal structure of intrastate agreements increases the demand for legal services.
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Trends In The Global Legal Services Market
Law firms around the world are offering cybercrime legal consulting services to their clients, owing to the increasing incidence of this type of crime. 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 internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrimes. 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.
Global Legal Services Market Segments:
The global legal services market is further segmented based on type, size, end users, type of practice, mode and geography.
By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
By Size: Large Law Firms, SME Law Firms
By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Others
By Type Of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M&A, Antitrust, Environmental)
By Mode: Online, Offline
By Geography: The global legal services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global legal services market, accounting for 56% of the market in 2020.
Read More On The Report For The Global Legal Services Market At:https://www.thebusinessresearchcompany.com/report/legal-services-global-market-report
Legal Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides legal services market overviews, analyzes and forecasts market size and growth for the global legal services market, legal services market share, legal services market players, legal services market segments and geographies, legal services market’s leading competitors’ revenues, profiles and market shares. The legal services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.