Press release
2023 Legal Services Market Worldwide Industry Growth Analysis By Key Players - DLA Piper, Linklaters LLP, Osler, Dentons, Baker McKenzie, Jones Day, Kirkland & Ellis LLP
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.
Going forward, global economic growth, increasing demand for transactional practice areas, deregulation of the legal industry, growing legal tech industry and globalization will drive growth. Factors that could hinder the growth of this market in the future include rising costs and decreasing margins of law firms, increasing demand for in-house legal teams, lack of transparency and consistent service quality, data security issues and global reduction in free trade.
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Legal Services Market Segmentation: -
By Type Of Law Firm- The legal services market can be segmented by type of law firm into
1. B2B Legal Services
2. B2C Legal Services
3. Hybrid Legal Services
4. Criminal Law Practices
The Global B2B legal service market was the largest segment of the legal service market accounting for 54.5% of the total in 2019. Going forward, the fastest-growing segments in the legal service market will be hybrid legal services, where growth will be at CAGR of 10.1%.
By Size Of Law Firm The legal services market can be segmented by size of law firm into
1. Large Law Firms
2. SME Law Firms
The Global large law firms market was the largest segment of the legal service market accounting for 62.2% of the total in 2019. Going forward, the fastest-growing segment in the legal service market will also be large law firms, where growth will be at CAGR of 7.7%.
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By End Users The legal services market can be segmented by end users into
1. Individuals
2. Financial Services
3. Mining And Oil & Gas
4. Manufacturing
5. Construction
6. IT Services
7. Other Services
8. Others
The individual users were the largest end-user market of the global legal services market accounting for 43.4% of the total in 2019. Going forward, the fastest-growing segment in the end user market of global legal service market will be mining and oil & gas, where growth will be at CAGR of 15.6%.
By Type Of Practice The legal services market can be segmented by type of practice into
1. Litigation
2. Corporate
3. Labor/Employment
4. Real Estate
5. Patent Litigation
6. Tax
7. Bankruptcy
8. Others (Regulatory, M&A, Antitrust, Environmental)
The litigation practice was the largest segment in the global legal services market accounting for 31% of the total in 2019.
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