Press release
Legal Services Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Legal Services
The mounting occurrence of cybercrime has necessitated law firms globally to extend cybercrime legal consulting services to their clientele. The term cybercrime is an umbrella term for any unlawful activity carried out using a computer and internet connection, such as cyber-stalking, counterfeiting, online fraud, embezzlement, money laundering, and internet-driven tax evasion. The annual pecuniary expense of cybercrime is projected to be an astounding $35 billion in the UK alone. To meet the rising demand, law firms offering cybercrime consulting services hire legal practitioners, advisors, and ethical hackers skilled in crisis management, online financial fraud, data theft, data privacy issues, and breaches of intellectual property rights. Renowned law firms, including Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom specialize in data privacy and cybersecurity. The call for cybercrime legal consulting services on a global scale is anticipated to surge as the threat of cybercrime increasingly alarms organizations and individuals.
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How will the growth rate of the legal services market shape industry trends by 2034?
There has been a consistent increase in the size of the legal services market in the past few years. This market, which stands at $789.5 billion in 2024, is projected to expand to $818.64 billion in 2025, with a compound annual growth rate (CAGR) of 3.7%. The surge in the market during the historical period can be linked to heightened government initiatives, a rise in divorce rates, a growing trend of cybercrimes, and the relaxing regulations within the legal sector.
Forecasts indicate a robust expansion in the size of the legal services market in the forthcoming years. By 2029, the market is expected to surpass $997.67 billion with a compound annual growth rate (CAGR) of 5.1%. This advancement during the forecast period can be ascribed to factors such as governmental sponsoring, a surge in global drug issues and litigations, expansion in the legal tech sector, and an escalating demand for transactional procedures. Key trends anticipated in this period incorporate the incorporation of artificial intelligence, strategic collaborations and acquisitions, the rise of alternative legal service providers (ALSPs), the initiation of legal educational programs and platforms by law enterprises, investments made by law firms in data protection, and progress in technology.
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What are the emerging trends shaping the future of the legal services market?
Leading firms in the legal services industry are innovating by introducing products like legal generative AI platforms to meet the needs of a broader customer base, boost sales, and escalate revenue. A legal generative AI platform employs artificial intelligence (AI) technology to aid legal professionals in their tasks. For example, in May 2023, LexisNexis, an American software firm, introduced Lexis+ AI, a generative AI platform designed to modernize legal services. The purpose of Lexis+ AI, built and trained on the most comprehensive archive of unique and precise legal content, is to provide its users with dependable, detailed legal results at an unmatched speed and accuracy. It is backed by substantiated, citable authority and enhanced security and privacy technologies. Lexis+ AI offers services like conversational search, intelligent summarization, and smart legal writing features. Its conversational search functionality offers a comprehensive search experience for various legal topics with citations. It has simplified the complex and often prolonged process of conducting legal research, making it more productive for practitioners.
Which primary segments of the legal services market are driving growth and industry transformations?
The legal services market covered in this report is segmented -
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
2) By Type Of Practice: Litigation, Corporate, Labor or Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M And A, Antitrust, Environmental)
3) BY Size: Large Law Firms, SME Law Firms
4) By Mode: Online Legal Services, Offline Legal Services
5) By End User: Individuals, Financial Services, Mining and Oil & Gas, Manufacturing, Construction, IT Services, Others
Subsegments:
1) By B2B Legal Services: Corporate Law Services, Contract Law Services, Intellectual Property Law Services
2) By B2C Legal Services: Family Law Services, Personal Injury Law Services, Consumer Protection Law Services
3) By Hybrid Legal Services: Alternative Dispute Resolution (ADR), Online Legal Services Platforms, Subscription-Based Legal Services
4) By Criminal Law Practices: Defense Attorney Services, Prosecution Services, Legal Advisory Services For Criminal Cases
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Which geographical regions are pioneering growth in the legal services market?
North America was the largest region in the legal services market in 2024. Western Europe was the second largest region in the legal services market. The regions covered in the legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the legal services market landscape?
Major companies operating in the legal services market include Baker McKenzie, Uría Menéndez, Latham & Watkins, Szuchy Ügyvédi Iroda, J Sagar And Associates (JSA), Amarchand and Mangaldas and Suresh A. Shroff and Co, Norton Rose Fulbright, ZICO Law, Allen and Gledhill LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Kim and Lee LLC, King and Wood Mallesons, Dudkowiak and Kopec Business Layers, Jones Day, Nishimura and Asahi, Heskia-Hacmun Law Firm, Beijing Yingke Law Firm, Kirkland & Ellis LLP, Dacheng Law Offices, Kim and Chang, Gleiss Lutz, Luther, Cuatrecasas Gonçalves Pereira, Flick Gocke Schaumburg, BonelliErede, Han Kun Law Offices, Meagher & Flom, Arendt and Medernach, Garlicke and Bousfield, Hogan Lovells, Nagashima Ohno and Tsunematsu, Liouta and Partners Law Firm, Osler, Slate, DLA Piper, Lobo de Rizzo Advogados, Fidal, Elham Ali Hassan & Associates, CGO Finance sp. z o.o., Andrékó Ferenczi Kinstellar Ügyvédi Iroda, Webber Wentzel, Linklaters, SEgorov Puginsky Afanasiev and Partners, India Law Offices LLP, Cravath Swaine & Moore, Tilleke and Gibbins, Arps, VJT and Partners Law Firm, Menwer & Associates, Pinheiro Guimarães, Hoskin & Harcourt, Jun He Law Offices, KPMG, Demarest Advogados, Loyens and Loeff, Sidley Austin LLP, Carpena Advogados Associados, Al Sulaiti law firm, Al Tamami & Co., Heuking Kühn Lüer Wojtek, Alya Al Zeera, ASAR Al Ruwayeh and Partners, Mischcon de Reya, Erward Nathan Sonnenbergs, Afridi & Angell, Garrigues, Cliffe Dekker Hofmeyr, Eversheds Sutherland, Rajah and Tann, B M Musau and Company, Dentons and Pepeliaev Group, Bitala and Co Advocates, Bowmans
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What Is Covered In The Legal Services Global Market Report?
• Market Size Forecast: Examine the legal services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the legal services market for a structured understanding.
• Key Players Overview: Analyze major players in the legal services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the legal services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the legal services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the legal services market.
• Industry Challenges: Identify potential risks and obstacles affecting the legal services market.
• Competitive Landscape: Review strategic developments in the legal services market, including expansions, agreements, and new product launches.
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