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Legal Services Market Global Opportunities And Strategies To 2021

Starting Price : $ 6000.00 $ 4020.00 | Pages : 300 | Published : July 2018 | SKU CODE : o&s007 | Format :

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Legal Services Market Characteristics

Legal services companies advise clients (either individuals or corporations) about their legal rights and responsibilities, and further represent clients in civil or criminal cases, business transactions, and other matters. Establishments providing legal services include offices of lawyers, title abstract and settlement offices and offices of notaries.

Historically, law firms used traditional by-the-hour billing models, but the downward pressure on pricing has forced law firms to move 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.

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.

The legal services market is fragmented, with limited number of truly global players. The partnership model, the major differences between different legal systems in different countries and the difficulty of commoditizing high end legal services are amongst the reasons why there are no globally dominant law firms. The top five competitors in the market hardly made up about 1% of the total market in 2017. Latham & Watkins was the largest competitor.

Legal Services Market Size

The legal services market is expected to reach around $1 billion by 2021, growing at a CAGR of less than 5% in the forecast period. The growth in the legal services market is mainly due to- economic growth, the global economy is expected to go through a continued period of steady growth during 2016-20. The US economy was already showing strong growth in 2015, and this is likely to continue during the forecast period. The European market is expected to see growth return later in the period – between 2016 and 2019. This continued economic growth is expected to be a driver of the market for legal services. For instance, the volume of non-residential property transactions in the UK rose significantly to 68,000 in 2014, resulting in increased demand for legal services.

Globalization – Many domestic law firms are entering into new markets, collaborating with foreign counsels to offer wide range of services, thereby eliminating boundaries on the geographic scope of law practice. Globalization is gaining momentum due to rapid growth in internet, automation of legal processes and developments in data security. Also, in many parts of the world there was limited demand for more sophisticated services. Now many clients have globalized and thus require more sophisticated and internationally-oriented legal service providers with global reach

However, the legal services market is further expected to face restraints from several factors such as skill shortages, regulatory challenges and In-House Legal Teams Increasing Pressure On Traditional Law Firms – Globally, increasing number of companies appointing in-house legal teams is resulting in decreasing demand for traditional law agencies. Employing an in-house legal team not only reduces in outsourcing costs, but also helps companies safeguard company information, and increase operational flexibility. The legal services market is has experienced a significant competition from the growing employment of an in-house legal team.  For instance, in-house legal solicitors account for about 25% of the total in England and Wales, and is forecasted to cross about 35% by 2020. According to the Malhab report 2016, changes in the legal environment, increasing legal reforms, and growing number of regulations, are compelling in-house legal teams to increasingly recruit their own in-house litigation specialists. According to the report, the proportion of in-house lawyers in Australia grew about 20% YOY and are now accounting for approximately 30% of the total lawyer population. Going forward, rising pressure from in-house legal teams is expected to hinder the growth of traditional law firms in the forecast period.

Legal Services Market Segmentation

The 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 legal services market is segmented into B2B legal services, B2C legal services, criminal law practices and hybrid commercial legal services. B2B legal services were the largest type of service segment of the legal services market in 2018, accounting for about 48% of the global total but hybrid legal services are the fastest-growing segment. Large law firms provided about three-fifths of all traded legal services
By Size Of The Law Firm- The legal services market is segmented into large law firms and SME law firms.
By Type Of Practice- The legal services market is segmented into litigation, corporate, labor, real estate, patent litigation, tax, bankruptcy and others. By type of practice, litigation was the largest segment, accounting for about 31% of the global market.
By End Users- The 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. North America`s legal services market is the largest in the world in 2018 accounting for about 47% of the global market. North America`s market is dominated by the USA, where merger and acquisition activity has driven the market. Western Europe’s legal services market is the world`s second largest, supported by its tradition of rigorous implementation of legal and regulatory requirements.
Legal Services Market 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.

    1.Introduction
  • 2.Executive Summary
  • 3.Legal Services Market Characteristics
  • 4.Global Legal Services Market Size and Growth
  • 4.1 Global Legal Services Market Size
  • 4.2 Global Legal Services Market Historic Growth
  • 4.2.1 Drivers of the Market
  • 4.2.2 Restraints on the Market
  • 4.3 Global Legal Services Market Forecast Growth
  • 4.3.1 Drivers of the Market
  • 4.3.2 Restraints on the Market
  • 5.Porter`s Five Forces Model
  • 5.1 Bargaining Power of Buyer
  • 5.2 Bargaining Power of Suppliers
  • 5.3 Threat Of New Entrants
  • 5.4 Threat of Substitutes
  • 5.5 Industry Competition
  • 6.PESTEL Analysis
  • 6.1 Political
  • 6.2 Economic
  • 6.3 Social
  • 6.4 Technological
  • 6.5 Environmental
  • 6.6 Legal
  • 7.Legal Services Market Segmentation
  • 7.1 Global Legal Services Market Segmentation, By Type of Service
  • 7.2 Global Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 7.3 Global Legal Services Market Segmentation, By Type of Service Provider
  • 7.4 Global Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 7.5 Global Legal Services Market Segmentation, By End User
  • 7.6 Global Legal Services Market Segmentation, By Type of Practice
  • 8.Legal Services Market Regional And Country Analysis
  • 8.1 Global Legal Services Market, 2017, By Region
  • 8.2 Global Legal Services Market, 2013 - 2021, Historic and Forecast, By Region
  • 8.3 Global Legal Services Market, 2017, By Country
  • 8.4 Global Legal Services Market, 2013 - 2021, Historic and Forecast, By Country
  • 9.North America Legal Services Market
  • 9.1 North America Legal Services Market Overview
  • 9.2 North America Legal Services Market Information
  • 9.3 North America Legal Services Historic Market, 2013 - 2017
  • 9.4 North America Legal Services Forecast Market, 2017 - 2021
  • 9.5 North America Services Market Segmentation, By Type of Service
  • 9.6 North America Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 9.7 North America Services Market Segmentation, By Type of Service Provider
  • 9.8 North America Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 9.9 North America Legal Services Market Segmentation, By End User
  • 9.10 North America Legal Services Market Segmentation, By Type of Practice
  • 9.11 USA Legal Services Market
  • 9.11.1 USA Legal Services Market Overview
  • 9.11.2 USA Legal Services Market Information
  • 9.11.3 USA Legal Services Historic Market, 2013 - 2017
  • 9.11.4 USA Legal Services Forecast Market, 2017 - 2021
  • 9.11.5 USA Services Market Segmentation, By Type of Service
  • 9.11.6 USA Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 9.11.7 USA Services Market Segmentation, By Type of Service Provider
  • 9.11.8 USA Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 9.11.9 USA Legal Services Market Segmentation by End User
  • 9.11.10 USA Legal Services Market Segmentation, By Type of Practice
  • 10.Western Europe Legal Services Market
  • 10.1 Western Europe Legal Services Market Overview
  • 10.2 Western Europe Legal Services Market Information
  • 10.3 Western Europe Legal Services Historic Market, 2013 - 2017
  • 10.4 Western Europe Legal Services Forecast Market, 2017 - 2021
  • 10.5 Western Europe Services Market Segmentation, By Type of Service
  • 10.6 Western Europe Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.7 Western Europe Services Market Segmentation, By Type of Service Provider
  • 10.8 Western Europe Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.9 Western Europe Legal Services Market Segmentation, By End User
  • 10.10 Western Europe Legal Services Market Segmentation, By Type of Practice
  • 10.11 UK Legal Services Market
  • 10.11.1 UK Legal Services Market Overview
  • 10.11.2 UK Legal Serviced Market Information
  • 10.11.3 UK Legal Services Historic Market, 2013 - 2017
  • 10.11.4 UK Legal Services Forecast Market, 2017 - 2021
  • 10.11.5 UK Services Market Segmentation, By Type of Service
  • 10.11.6 UK Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.11.7 UK Services Market Segmentation, By Type of Service Provider
  • 10.11.8 UK Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.11.9 UK Legal Services Market Segmentation, By End User
  • 10.11.10 UK Legal Services Market Segmentation, By Type of Practice
  • 10.12 Germany Legal Services Market
  • 10.12.1 Germany Legal Services Market Overview
  • 10.12.2 Germany Legal Services Market Information
  • 10.12.3 Germany Legal Services Historic Market, 2013 - 2017
  • 10.12.4 Germany Legal Services Forecast Market, 2017 - 2021
  • 10.12.5 Germany Services Market Segmentation, By Type of Service
  • 10.12.6 Germany Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.12.7 Germany Services Market Segmentation, By Type of Service Provider
  • 10.12.8 Germany Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.12.9 Germany Legal Services Market Segmentation, By End User
  • 10.12.10 Germany Legal Services Market Segmentation, By Type of Practice
  • 10.13 France Legal Services Market
  • 10.13.1 France Legal Services Market Overview
  • 10.13.2 France Legal Services Market Information
  • 10.13.3 France Legal Services Historic Market, 2013 - 2017
  • 10.13.4 France Legal Services Forecast Market, 2017 - 2021
  • 10.13.5 France Services Market Segmentation, By Type of Service
  • 10.13.6 France Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.13.7 France Services Market Segmentation, By Type of Service Provider
  • 10.13.8 France Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.13.9 France Legal Services Market Segmentation, By End User
  • 10.13.10 France Legal Services Market Segmentation, By Type of Practice
  • 10.14 Italy Legal Services Market
  • 10.14.1 Italy Legal Services Market Overview
  • 10.14.2 Italy Legal Services Market Information
  • 10.14.3 Italy Legal Services Historic Market, 2013 - 2017
  • 10.14.4 Italy Legal Services Forecast Market, 2017 - 2021
  • 10.14.5 Italy Services Market Segmentation, By Type of Service
  • 10.14.6 Italy Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.14.7 Italy Services Market Segmentation, By Type of Service Provider
  • 10.14.8 Italy Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.14.9 Italy Legal Services Market Segmentation, By End User
  • 10.14.10 Italy Legal Services Market Segmentation, By Type of Practice
  • 10.15 Spain Legal Services Market
  • 10.15.1 Spain Legal Services Market Overview
  • 10.15.2 Spain Legal Services Market Information
  • 10.15.3 Spain Legal Services Historic Market, 2013 - 2017
  • 10.15.4 Spain Legal Services Forecast Market, 2017 - 2021
  • 10.15.5 Spain Services Market Segmentation, By Type of Service
  • 10.15.6 Spain Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 10.15.7 Spain Services Market Segmentation, By Type of Service Provider
  • 10.15.8 Spain Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 10.15.9 Spain Legal Services Market Segmentation, By End User
  • 10.15.10 Spain Legal Services Market Segmentation, By Type of Practice
  • 11.Asia Pacific Legal Services Market
  • 11.1 Asia Pacific Legal Services Market Overview
  • 11.2 Asia Pacific Legal Services Market Information
  • 11.3 Asia Pacific Legal Services Historic Market, 2013 - 2017
  • 11.4 Asia Pacific Legal Services Forecast Market, 2017 - 2021
  • 11.5 Asia Pacific Services Market Segmentation, By Type of Service
  • 11.6 Asia Pacific Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 11.7 Asia Pacific Services Market Segmentation, By Type of Service Provider
  • 11.8 Asia Pacific Legal Services Market, 2013 - 2021, Historic and Forecast, By Type ofService Provider
  • 11.9 Asia Pacific Services Market Segmentation, By End User
  • 11.10 Asia-Pacific Legal Services Market Segmentation, By Type of Practice
  • 11.11 China Legal Services Market
  • 11.11.1 China Legal Services Market Overview
  • 11.11.2 China Legal Services Market Information
  • 11.11.3 China Legal Services Historic Market, 2013 - 2017
  • 11.11.4 China Legal Services Forecast Market, 2017 - 2021
  • 11.11.5 China Services Market Segmentation, By Type of Service
  • 11.11.6 China Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 11.11.7 China Services Market Segmentation, By Type of Service Provider
  • 11.11.8 China Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 11.11.9 China Legal Services Market Segmentation, By End User
  • 11.11.10 China Legal Services Market Segmentation, By Type of Practice
  • 11.12 India Legal Services Market
  • 11.12.1 India Legal Services Market Overview
  • 11.12.2 India Legal Services Market Information
  • 11.12.3 India Legal Services Historic Market, 2013 - 2017
  • 11.12.4 India Legal Services Forecast Market, 2017 - 2021
  • 11.12.5 India Services Market Segmentation, By Type of Service
  • 11.12.6 India Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 11.12.7 India Services Market Segmentation, By Type of Service Provider
  • 11.12.8 India Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 11.12.9 India Services Market Segmentation, By End User
  • 11.12.10 India Legal Services Market Segmentation, By Type of Practice
  • 11.13 Japan Legal Services Market
  • 11.13.1 Japan Legal Services Market Overview
  • 11.13.2 Japan Legal Services Market Information
  • 11.13.3 Japan Legal Services Historic Market, 2013 - 2017
  • 11.13.4 Japan Legal Services Forecast Market, 2017 - 2021
  • 11.13.5 Japan Services Market Segmentation, By Type of Service
  • 11.13.6 Japan Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 11.13.7 Japan Services Market Segmentation, By Type of Service Provider
  • 11.13.8 Japan Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 11.13.9 Japan Services Market Segmentation, By End User
  • 11.13.10 Japan Legal Services Market Segmentation, By Type of Practice
  • 11.14 Australia Legal Services Market
  • 11.14.1 Australia Legal Services Market Overview
  • 11.14.2 Australia Legal Services Market Information
  • 11.14.3 Australia Legal Services Historic Market, 2013 - 2017
  • 11.14.4 Australia Legal Services Forecast Market, 2017 - 2021
  • 11.14.5 Australia Services Market Segmentation, By Type of Service
  • 11.14.6 Australia Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 11.14.7 Australia Services Market Segmentation, By Type of Service Provider
  • 11.14.8 Australia Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 11.14.9 Australia Legal Services Market Segmentation, By End User
  • 11.14.10 Australia Legal Services Market Segmentation, By Type of Practice
  • 12.South America Legal Services Market
  • 12.1 South America Legal Services Market Overview
  • 12.2 South America Legal Services Market Information
  • 12.3 South America Legal Services Historic Market, 2013 - 2017
  • 12.4 South America Legal Services Forecast Market, 2017 - 2021
  • 12.5 South America Legal Services Market Segmentation, By Type of Service
  • 12.6 South America Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 12.7 South America Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 12.8 South America Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 12.9 South America Legal Services Market Segmentation, By End User
  • 12.10 South America Legal Services Market Segmentation, By Type of Practice
  • 12.11 Brazil Legal Services Market
  • 12.11.1 Brazil Legal Services Market Overview
  • 12.11.2 Brazil Legal Services Market Information
  • 12.11.3 Brazil Legal Services Historic Market, 2013 - 2017
  • 12.11.4 Brazil Legal Services Forecast Market, 2017 - 2021
  • 12.11.5 Brazil Legal Services Market Segmentation, By Type of Service
  • 12.11.6 Brazil Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 12.11.7 Brazil Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 12.11.8 Brazil Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 12.11.9 Brazil Legal Services Market Segmentation, By End User
  • 12.11.10 Brazil Legal Services Market Segmentation, By Type of Practice
  • 13.Eastern Europe Legal Services Market
  • 13.1 Eastern Europe Legal Services Market Overview
  • 13.2 Eastern Europe Legal Services Market Information
  • 13.3 Eastern Europe Legal Services Historic Market, 2013 - 2017
  • 13.4 Eastern Europe Legal Services Forecast Market, 2013 - 2017
  • 13.5 Eastern Europe Services Market Segmentation, By Type of Service
  • 13.6 Eastern Europe Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 13.7 Eastern Europe Services Market Segmentation, By Type of Service Provider
  • 13.8 Eastern Europe Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 13.9 Eastern Europe Legal Services Market Segmentation, By End User
  • 13.10 Eastern Europe Legal Services Market Segmentation, By Type of Practice
  • 13.11 Russia Legal Services Market
  • 13.11.1 Russia Legal Services Market Overview
  • 13.11.2 Russia Legal Services Market Information
  • 13.11.3 Russia Legal Services Historic Market, 2013 - 2017
  • 13.11.4 Russia Legal Services Forecast Market, 2017 - 2021
  • 13.11.5 Russia Services Market Segmentation, By Type of Service
  • 13.11.6 Russia Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 13.11.7 Russia Services Market Segmentation, By Type of Service Provider
  • 13.11.8 Russia Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 13.11.9 Russia Legal Services Market Segmentation, By End User
  • 13.11.10 Russia Legal Services Market Segmentation, By Type of Practice
  • 14.Middle East Legal Services Market
  • 14.1 Middle East Legal Services Market Overview
  • 14.2 Middle East Legal Services Market Information
  • 14.3 Middle East Legal Services Historic Market, 2013 - 2017
  • 14.4 Middle East Legal Services Forecast Market, 2017 -2021
  • 14.5 Middle East Legal Services Market Segmentation, By Type of Service
  • 14.6 Middle East Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 14.7 Middle East Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 14.8 Middle East Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 14.9 Middle East Legal Services Market Segmentation, By End User
  • 14.10 Middle East Legal Services Market Segmentation, By Type of Practice
  • 15.Africa Legal Services Market
  • 15.1 Africa Legal Services Market Overview
  • 15.2 Africa Legal Services Market Information
  • 15.3 Africa Legal Services Historic Market, 2013 - 2017
  • 15.4 Africa Legal Services Forecast Market, 2017 -2021
  • 15.5 Africa Legal Services Market Segmentation, By Type of Service
  • 15.6 Africa Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service
  • 15.7 Africa Legal Services Market Segmentation, By Type of Service Provider
  • 15.8 Africa Legal Services Market, 2013 - 2021, Historic and Forecast, By Type of Service Provider
  • 15.9 Africa Legal Services Market Segmentation, By End User
  • 15.10 Africa Legal Services Market Segmentation, By Type of Practice
  • 16.Legal Services Market Competitive Landscape
  • 16.1 Latham & Watkins LLP
  • 16.1.1 Overview
  • 16.1.2 Products And Services
  • 16.1.3 Strategy
  • 16.1.4 Financial Performance
  • 16.2 Kirkland & Ellis LLP
  • 16.2.1 Overview
  • 16.2.2 Products And Services
  • 16.2.3 Strategy
  • 16.2.4 Financial Performance
  • 16.3 Baker & McKenzie
  • 16.3.1 Overview
  • 16.3.2 Products And Services
  • 16.3.3 Strategy
  • 16.3.4 Financial Performance
  • 16.4 Skadden, Arps, Slate, Meagher & Flom LLP
  • 16.4.1 Overview
  • 16.4.2 Products And Services
  • 16.4.3 Strategy
  • 16.4.4 Financial Performance
  • 16.5 DLA Piper
  • 16.5.1 Overview
  • 16.5.2 Products And Services
  • 16.5.3 Strategy
  • 16.5.4 Financial Performance
  • 17.Global Legal Services Market Comparison with Macro Economic Factors
  • 17.1 Legal Services Market Size, Percentage Of GDP, Global
  • 17.2 Legal Services Market Size, Percentage of GDP, By Country
  • 17.3 Per Capita Average Legal Services Expenditure, Global
  • 17.4 Per Capita Average Legal Services Expenditure, By Country
  • 18.Legal Services Customer and Operational Insights
  • 18.1 Customer Information
  • 18.2 Operational Information
  • 19.Key Mergers And Acquisitions In The Legal Services Market
  • 20.Legal Services Market Trends And Strategies
  • 21.Appendix
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