Legal services companies advise clients (individuals or corporations) 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. Establishments providing legal services include office of lawyers, title abstract and settlement offices and offices of notaries.
The top five companies covered are Latham & Watkins, Kirkland & Ellis, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom and DLA Piper. Latham & Watkins was the largest competitor in the legal services market in 2017.
The countries covered are USA, UK, Germany, France, Italy, Spain, Russia, Brazil, Australia, China, India, and Japan.
The global legal services market was valued at $849 billion in 2017. North America was the largest region in the legal market in 2017, accounting for around 50% of the total market. The USA was the largest country in the market in 2017, accounting for less than 42% share of the total market.
One of the law firm industry trends states that the downward pressure on pricing has forced law firms to move away from traditional by-the-hour billing models to alternative billing models. The new alternative billing models include fixed, flat blended and capped fees. Many law firms are switching to alternative billing models to build long term relationships with clients and to maximize the value they are offering to clients. According to a survey by the US law department, in that country about 72.8% of fees paid to outside counsel was not based on standard hourly rates or billable hours. Other law firms market research reports state the same.
The Legal Services Global Market is segmented into B2B Legal Services, B2C Legal Services, Criminal Law Practices and Hybrid Commercial Legal Services.
B2B Legal Services Market deals with the body of law that governs the disputes between businesses.
B2C Legal Services Market deals with the body of law that governs disputes between individuals.
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.
Hybrid Commercial Legal Services Market deals with the body of law that governs the disputes between businesses and individuals.