GLobal Legal Services Market Charecterstics
The legal services market consists of 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 team is responsible for the delivery of services to the client.
Global Legal Services Market Competitive Landscape
The legal services market is fragmented, with limited number of global players. Major companies in the legal services market include Latham & Watkins LLP, Kirkland & Ellis LLP, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper.
Global Legal Services Market Size
The legal services market is expected to reach higher than $1 billion by 2022, growing at a CAGR of less than 5% in the forecast period. The growth in the legal services market is mainly due to the emerging market growth, globalization and rising investments in the legal services activities.
However, the legal services market is further expected to face restraints from several factors such as skill shortages, regulatory challenges and rising costs involved in manpower and resources.
Legal Services Market Segmentation
The global legal services market is segmented on the basis of type of law firm, type of service provider, end user and geography.
By Type of Law Firm- The global legal services market is segmented into B2B legal services, B2C legal services, criminal law practices and hybrid commercial legal services.
Criminal law practices are legal practices that mainly deal with the trial of individuals who are alleged to have committed crimes related to traffic, public order, property and people.
B2B legal services practices deal with the body of law that governs the disputes between businesses.
B2C legal services practices deal with the body of law that governs disputes between individuals.
Hybrid (B2B B&C) practices deal with the body of law that governs the disputes between businesses and individuals.
By Size Of The Law Firm- The global legal services market is segmented into large law firms and SME law firms.
By Type Of Practice- The global legal services market is segmented into litigation, corporate, labor, real estate, patent litigation, tax, bankruptcy and others.
Based on the end users- the global legal services market is segmented into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services and other services.
By Geography- The global legal services market is segmented into North America, South America, Asia Pacific, Western Europe, Eastern Europe, Middle East and Africa. Among these regions, the North American legal services market accounts for the largest share in the global legal services market.
Global Legal Services Industry Trends
Several trends are witnessed in the legal services market which include alternative billing models, digitalization and increasing consolidation of legal service companies in the market.
Potential Opportunities In The Legal Services Market
With growing technology advancements, emerging market growth and expansion of international legal services, the potential and scope for legal services market is expected to increase significantly in the forecast period.