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Legal Services Market Analysis 2023-2032: Market Size, Analysis, Trends And Share Report | Kirkland & Ellis LLP, Latham & Watkins LLP, Deloitte, Ernst & Young (E&Y), PwC
Legal Services Market Analysis
The Business Research Company's latest "Global Legal Services Opportunities And Strategies Market Report - Forecast To 2032" is the most comprehensive report available in market that will help gain a truly global perspective with data and statistics from over 60 geographies analyzed with more than 7500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. It also compares the market's historic and forecast growth and highlights important trends and strategies that can be adopted to beat the competition in the industry
Government support is expected to drive the growth of the legal services market going forward. The governments of different countries are supporting the services sector to produce new solutions to better serve the industry. For example, in October 2022, The Law Council of Australia invested in First Nations-led justice and legal assistance services included in the federal budget - the largest national justice reinvestment package committed by the Commonwealth. The funding includes $81.5 million for justice reinvestment initiatives to be delivered in partnership with First Nations communities. Further, in August 2022, the UK government announced a new £4 million ($5.13 million) investment will deliver a second phase of the LawtechUK programme, supporting modernization through the development of new technology like machine learning and data analytics tools. This will help ensure the UK retains its competitive global edge, create jobs and boost access to legal services for individuals and businesses through technology. Therefore, the government support is expected to drive the growth of the legal services market going forward.
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Major companies in the legal services market are focusing on using artificial intelligence (AI) to bring new efficiencies to lawyers that allow them to free up more time for client interaction. Automation software makes document generation and proofreading more efficient. For example, in March 2023, PricewaterhouseCoopers (PwC), a UK-based professional services company, launched an artificial intelligence (AI) chatbot service for its lawyers to speed up their work. PwC and Harvey have signed an initial contract for 12 months and that the AI assistant will help PwC lawyers with contract analysis, regulatory compliance work, due diligence, and other legal advisory and consulting services. US-based AI firm Harvey runs on technology built by OpenAI, a Microsoft-backed artificial research lab and the creator of the revolutionary ChatGPT. Further, in March 2023, Casetext, a US-based AI legal research technology for litigators, helping researchers find cases, launched CoCounsel, a new AI legal assistant powered by OpenAI. With OpenAI's powerful technology Casetext developed the only AI legal assistant knowledgeable, reliable, and secure enough to support the practice of law. CoCounsel offers skills to handle both routine and sophisticated legal tasks, legal research memo drafting, deposition preparation, document review, and 4 more skills at launch, with more already in development.
Legal Services Market Segmentation:
The Legal Services market is segmented by type, by size, by mode, by type of practice and by end-user.
By Type -
The legal services market is segmented by type into
a) B2B Legal Services
b) B2C Legal Services
c) Hybrid Legal Services
d) Criminal Law Practices
By Size
The legal services market is segmented by size into
a) Large Law Firms
b) SME Law Firms
By Mode
The legal services market is segmented by mode into
a) Online Legal Services
b) Offline Legal Services
By Type Of Practice
The legal services market is segmented by type of practice into
a) Litigation
b) Corporate
c) Labor or Employment
d) Real Estate
e) Patent Litigation
f) Tax
g) Bankruptcy
h) Others (Regulatory, M and A, Antitrust, Environmental)
Major players in the Legal Services market include Kirkland & Ellis LLP, Latham & Watkins LLP, Deloitte, Ernst & Young (E&Y), PwC.
The regions covered in the global Legal Services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The latest report from The Business Research Company, 'Global Legal Services Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.
Legal Services Market Report Table Of Content
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
……
25. Key Mergers And Acquisitions
26. Market Background: Professional Services Market
27. Opportunities And Strategies
28. Legal Services Market, Conclusions And Recommendations
29. Appendix
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