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

The global legal services market is expected to grow from $713.12 billion in 2021 to $788.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth in the 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 legal services market is expected to reach $1112.75 billion in 2026 at a CAGR of 9.0%.

What is the Global Legal Services Market?

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. The legal services market is segmented into B2B legal services; B2C services; hybrid services and criminal services.

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What drives the Global Legal Services Market?

Globally, changes in political structure, 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 increases the demand for legal services. For instance, the UK's exit from the European Union is expected to increase the demand for law services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have set up specialized BREXIT teams and hotlines staffed with lawyers to help clients with a smooth transition. Going forward, the USA's withdrawal from the Trans-Pacific Partnership, Paris Agreement, and South Korea trade deal is expected to further drive the demand for legal services in the future.

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Global Legal Services Market Segments
The global legal service market is segmented:
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 regions covered in the legal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Legal Services Global Market Report 2022provides market size and growth forecasts for the global legal services market, global legal services market share, legal services market segments and geographies, legal services market competitive landscape including 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.

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