Press release
Legal Services Market Recent Trends, Major Driving Factors and Business Growth Strategies 2023
The global legal services market reached a value of nearly $766.3 billion in 2019, having grown at a compound annual growth rate (CAGR) of 5.4% since 2015.The global legal services market is expected to grow at a CAGR of 6.5% to nearly $986.7 billion by 2023.
The Key drivers of the legal services market include:-
Strong Economic Growth In Emerging Markets: Economic growth and increase in the size of the educated middle classes gives new opportunities for legal services firms looking for growth. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, according to the IMF, China’s GDP grew from $10.5 trillion in 2014 to $14 trillion in 2018.
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Legal Services Market Segmentation:-
By Type Of Law Firm
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 End Users
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%.
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By Geography - The legal services market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the legal services market are
1. Kirkland & Ellis LLP
2. Latham & Watkins LLP
3. Baker & McKenzie
4. DLA Piper
5. Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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