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2024 B2B Legal Services Market Report : Market Size, Growth Drivers, And Key Trends | Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited
B2B Legal Services Global Market Report
The Business Research Company presents an extensive market research report on the B2B Legal Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The b2b legal services market size has grown steadily in recent years. It will grow from $436.17 billion in 2023 to $452.83 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to contract management, dispute resolution, regulatory compliance, globalization and cross-border transactions, risk management.
The b2b legal services market size is expected to see steady growth in the next few years. It will grow to $544.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to legal tech and automation, evolving regulatory landscape, focus on esg (environmental, social, governance), increased m&a activities, international trade challenges. Major trends in the forecast period include data privacy and cybersecurity, technological integration, virtual law firms and remote services, specialization in niche industries, alternative fee arrangements.
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Key Market Players:
Major companies operating in the b2b legal services market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, KPMG International Cooperative, Kirkland & Ellis LLP, Latham & Watkins LLP, Dentons Corporation, DLA Piper, Baker McKenzie, Skadden Arps Slate Meagher & Flom LLP, Sidley Austin LLP, White & Case LLP, Morgan Lewis & Bockius LLP, Jones Day, Linklaters LLP, Hogan Lovells International LLP, Clifford Chance LLP, Freshfields Bruckhaus Deringer LLP, Norton Rose Fulbright, Mayer Brown, Sullivan & Cromwell LLP, Covington & Burling LLP, Reed Smith LLP, Cleary Gottlieb Steen & Hamilton LLP, Wilmer Cutler Pickering Hale and Dorr LLP, Shearman & Sterling LLP, Allen & Overy LLP, Debevoise & Plimpton LLP, LegalZoom.com Inc., Clasen Law, Belenky Law Firm PLLC, Paul Weiss Rifkind Wharton & Garrison LLP, Gibson Dunn & Crutcher LLP, Fried Frank Harris Shriver & Jacobson LLP, Simpson Thacher & Bartlett LLP, Davis Polk & Wardwell LLP
Market Drivers:
The increase in cybercrime cases is anticipated to drive the growth of the business-to-business (B2B) legal services market going forward. Cybercrime refers to criminal activities that are carried out using computers, computer networks, and the internet and have serious consequences, including financial losses, damage to reputations, and legal penalties for criminals. Business-to-business (B2B) legal services store and share vast amounts of private data, financial information, and personal information, such as credit card numbers, which become prime targets for cyber-attacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cybercrime reports received in 2022 were 76,000, up from 13% in 2020. Therefore, the increase in the number of cybercrime cases is driving the growth of the business-to-business (B2B) legal services market.
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https://www.thebusinessresearchcompany.com/report/b2b-legal-services-global-market-report
The b2b legal services market covered in this report is segmented -
1) By Service Type: Civil or Criminal, Mergers and Acquisitions, Business Transactions, Other Services
2) By Size of Law Firm: Large law firms, SME law firms
3) By End-user: Listed Corporations, Government Institutions, Small and Medium-sized Enterprises, High Net worth Individuals, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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