Legal Services Market Predicted to Grow Expeditiously : to Surpass USD 1,470.35 Billion During 2024-2032

The Legal Services Market is a dynamic sector encompassing a wide range of legal expertise and services. It includes law firms, corporate legal departments, solo practitioners, legal tech companies, and various legal service providers. As societies become more complex and interconnected, the demand for legal services continues to grow. Individuals and businesses require legal advice and representation for various purposes, including business transactions, regulatory compliance, litigation, intellectual property protection, and personal matters.

Global Legal Services Market size and share is currently valued at USD 982.62 billion in 2023 and is anticipated to generate an estimated revenue of USD 1,470.35 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 4.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032

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The swift expansion can be credited to the rising trend of globalization and the expansion of in-house legal departments within the corporate sector. The growing incidence of economic crimes, including fraud and cybercrimes, is driving the global demand for legal services. Simultaneously, businesses are increasingly turning to Alternate Legal Service Providers (ALSPs) for routine legal services, presenting additional avenues for market growth.

A growing trend among large enterprises is to establish in-house legal departments, while small and medium-sized enterprises are opting for consulting firms as a strategy to cut down on legal costs. This pronounced emphasis on legal services within the corporate sector has led to a significant market share both historically and in the forecast period. The increasing demand for legal services related to intellectual property in the corporate sector is expected to further enhance the demand for legal services in the years to come.

Litigation funding, also known as litigation financing, represents one of the swiftly emerging trends in the global legal services industry. In this practice, a third party not directly involved in the lawsuit provides financial support to a litigant. The fundamental premise is that this external entity offers capital to individuals or businesses engaged in litigation, with the expectation of receiving a portion of the financial recovery obtained from the lawsuit.

This type of funding serves as a crucial mechanism for leveling the playing field in legal disputes. Often, litigants may face challenges in pursuing their claims, especially when pitted against better-funded and larger defendants. Litigation funding steps in to address this imbalance by providing financial assistance to those who might not have the resources to navigate complex legal battles on their own. By offering the necessary capital, litigation funding enhances the chances of success for litigants, making it a valuable tool for accessing justice and legal recourse.

In recent times, litigation funding has experienced significant and widespread growth, becoming increasingly commonplace. Entities such as HMR Servicing, Fast Funds, & USClaims are among the litigation firms that focus on supplying capital to individuals and law firms engaged in legal proceedings. Additionally, prominent law firms are engaging in partnerships with smaller counterparts to augment their suite of litigation services. For instance, in July 2023, Womble Bond Dickinson joined forces with Simmonds & Narita, with the aim of bolstering the dispute resolution and litigation practice of the Womble Bond Dickinson.

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Some of the major players operating in the global market include:

Baker McKenzie LLP
Clifford Chance
Deloitte
DLA Piper LLP
Ernst & Young Global Limited
Kirkland & Ellis LLP
KPMG
Latham & Watkins
PwC
Skadden, Arps, Slate, Meagher & Flom LLP

Legal Services Market Report Highlights

Corporate segment garnered the largest share, as disputes related to employee harassment, cases of copyright violation & patent infringement continue to escalate
Private practicing attorneys will grow at the substantial pace, as they expanded into the boutique legal firms
Asia Pacific will experience exponential growth, owing to rise in cross border transactions and legal disputes

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Polaris Market Research has segmented the legal services market report based on services, firm size, provider, and region:

Legal Services, Services Outlook (Revenue - USD Billion, 2019 - 2032)

Taxation
Real Estate
Litigation
Bankruptcy
Labor/Employment
Corporate

Legal Services, Firm Size Outlook (Revenue - USD Billion, 2019 - 2032)

Large Firms
Medium Firms
Small Firms

Legal Services, Provider Outlook (Revenue - USD Billion, 2019 - 2032)

Private Practicing Attorneys
Legal Business Firms
Government Departments
Others

Legal Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Polaris Market Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semiconductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

This release was published on openPR.