B2B Legal Services Market Key Players & Growth Rate and Forecasts to 2032

In 2021, the market for Global B2B Legal Services Market worldwide was worth $ 448.39 billion for the year 2021. AMR Group projects that the market will reach US$ 934.1 billion by 2031, growing at a CAGR of 6.9 % between 2022 and 2031. We are constantly tracking and evaluating the pandemic's direct and indirect effects, taking into account the uncertainties of COVID-19. The report includes these insights as a significant market contributor.

Industry Overview

The B2B legal services market expanded as a result of a rise in the number of mergers and acquisitions. Firms of lawyers must be consulted by businesses in order to close mergers and acquisitions transactions. The data from Refinitiv indicate that the total value of disclosed pending and completed deals in 2021 will surpass $3.6 trillion for the year to date, exceeding the $3.59 trillion for the entire year in 2020. The B2B legal services market was driven by a rise in mergers and acquisitions.

The B2B legal services market is likely to be constrained by the industry's lack of skilled workers. A high rate of employee turnover, ineffective staff management, increased business expenses, and the loss of customers are all consequences of a skilled workforce shortage. 58% of legal organizations are currently experiencing the strain of a lack of competent workers, according to a new study that was conducted by The Lawyer in 2021 to determine the extent of the skills shortage. The B2B legal services market suffers as a result of the firm's output being less effective due to a lack of qualified workers.

Market Dynamics

Companies that provide services like advising corporate clients on the body of law that governs disputes between businesses and representing corporate clients in civil cases, business transactions, and other matters in which corporate clients seek legal advice and other assistance make up the B2B legal services market. Disputes between private parties, such as defamation, professional negligence, inheritance, contract breach, and property disputes, are covered by civil law. Legal services provided in the event of disputes between individuals and businesses are not included in this category. Commercial law firms typically provide B2B legal services. Listed corporations, government agencies, small and medium-sized businesses, and wealthy individuals are among the commercial law firm's clients. The value of related goods sold by the service provider or included in the service offering is included in the market value. This list only includes goods and services that are traded between entities or sold to end users.

Blockchain is being used by legal service providers to provide a transparent and secure method for making and recording transactions. Blockchain is a distributed, open ledger that efficiently and permanently records transactions between two organizations or businesses. In 2020, 41% of law firms will use blockchain for transactional legal services, 21% for business support, and 31% for high-value legal services, according to a law firm research report. The blockchain is where smart contracts are created digitally and can be verified. Smart contracts enable lawyers to devote more time to legal advice rather than document drafting. Chainlink, for instance, is a startup that created technology that makes smart contracts more appealing by utilizing data from multiple sources. Blockchain and smart contracts offer a number of advantages, including transparent records, less paperwork, secure transactions, and more time for client advice.

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COVID Impact

The COVID-19 pandemic has shocked every nation on the planet and is still driving the search for scientific and social solutions that will stop the spread of this highly contagious virus. The outbreak is triggering a variety of effects-social, political, environmental, and so on-in addition to causing an economic and humanitarian crisis. on a global level. The pandemic's effects are still unknown, but the global and local justice and legal aid systems have already been impacted, without a shadow of a doubt.

Regional Trend

North America held over 40% of the global market share in terms of geography. Due to the abundance of legal service providers, the United States has emerged as the leading nation in the North American market, with rising assignment volumes within corporate legal departments.

Legal services are also in high demand as a result of the region's rising number of mergers and acquisitions. Due to the prompt implementation of regulatory and legal requirements, particularly in China and India, the Asia-Pacific region held a significant share of the market in 2020. For instance, legal service providers in India have begun providing their corporate clients with sophisticated cross-border judiciary services, presenting the nation with enormous growth opportunities. In addition, service providers such as Baker & McKenzie, Allen & Overy LLP, and Venable LLP have entered the Indian market, which is anticipated to accelerate market expansion in the upcoming years.

Competitive Landscape

The report includes competitive landscape based on the extensive assessment of the product portfolio offering, geographic presence, and key strategic developments adopted by the leading market players in the industry over the past 5 years. The key players profiled are Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Skadden, Arps, Deloitte, PWC, KPMG, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP, Venable LLP, Jones Day and Allen & Overy LLP. These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the different regions and broaden their customer base.

By Service Type

· Civil or Criminal

· Mergers and Acquisitions

· Business Transactions

· Others

By Practice

· Litigation

· Corporate

· Labour

· Real Estate

· Patent Litigation

· Tax

· Bankruptcy

· Other

By Mode

· Online

· Offline

By End-user

· Listed Corporations

· Government Institutions

· Small and Medium-sized Enterprises

· High Net Worth Individuals

· Others

By Applications

· Individuals

· Financial Services

· Mining and Oil & Gas

· Manufacturing

· Construction

· It Services

· Other

By Geography

· North America

· Europe

· Asia-Pacific

· South America

· Middle East and Africa

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Key Points:
Define, describe and forecast B2B Legal Services product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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