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B2B Legal Services Global Market Report 2024 - By Report, Share, Size, Drivers, Trends, Forecast To 2033
B2B Legal Services Market
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.
Market Overview -
Business-to-business legal services essentially provide services when there is a dispute between two or more businesses or corporate entities, sole proprietors or firms, and another company or individual. Legal services are required for the smooth functioning of your business.
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Increase In The Number Of Cybercrime Cases For Business-To-Business (B2B) Legal Services Market
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.
Competitive Landscape -
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
The Launch Of Lz Books In Business-To-Business Legal Services Market
Major companies operating in the business-to-business (B2B) legal services market are innovating new products, such as LZ Books, to provide reliable services to the market. LZ Books is a business-to-business (B2B) legal services product designed for go-to legal and accounting advisors. For instance, in April 2023, LegalZoom.com Inc., a US-based legal services company, launched LZ Books. LZ Books is an accounting software designed for small business owners. This provides a range of features, including expense and income tracking, invoices, and payments, and it allows users to connect their bank accounts to automatically categorize their income and expenses and simplify bookkeeping.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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