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Blockchain Revolutionizes Business-To-Business Legal Services Market Industry Trends Gaining Momentum in the Global B2B Legal Services Market
B2B Legal Services
How Large Will the B2B Legal Services Market Size By 2025?
The market size for B2B legal services has consistently expanded over the last couple of years. It is projected to escalate from $431.43 billion in 2024 to $445.18 billion in 2025, yielding a compound annual growth rate (CAGR) of 3.2%. The growth noted in the historic timeframe can be linked to aspects like contract management, dispute resolution, adherence to regulations, globalization, and transnational transactions, alongside risk management.
How Big Is the B2B Legal Services Market Size Expected to Grow by 2029?
In the coming years, a consistent expansion is anticipated in the B2B legal services market, which is forecasted to reach $531.7 billion by 2029, representing a compound annual growth rate (CAGR) of 4.5%. This predicted growth throughout the forecast period is largely due to factors such as legal tech advancements and automation, shifts in the regulatory environment, emphasis on ESG (environmental, social, governance), heightened M&A operations, and challenges in international trade. Important trends noticeable during the forecast period are data protection and cybersecurity, integration of technology, emergence of virtual law firms and remote services, specialization within niche sectors, and alternative fee models.
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Which Key Market Drivers Powering B2B Legal Services Market Expansion and Growth?
The anticipated surge in cybercrime incidents is expected to propel the business-to-business (B2B) legal services market's expansion. The term cybercrime denotes illicit activities perpetrated using computers, networks, and the internet, culminating in severe repercussions such as financial loss, reputational damage, and legal punishment for the perpetrators. B2B legal services handle and disseminate huge volumes of classified data, financial particulars, and personal details like credit card numbers, rendering them attractive targets for cyber threats. For example, the Australian Cyber Security Centre, a cybersecurity institution based in Australia, reported in February 2023 that it received 76,000 cybercrime reports in 2022, marking a 13% rise from 2020. Consequently, the escalating prevalence of cybercrime incidents is propelling the growth of the B2B legal services market.
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Which Fast-Growing Trends Are Poised to Disrupt the B2B Legal Services Market?
Law firms offering legal services are utilizing blockchain technology to facilitate transparent, secure transaction processes and maintain an open, distributed ledger. Blockchain effectively and enduringly logs transactions between two businesses or associations. As per WebFX Inc., a web development company based in the UK, it projects that 41% of law firms will incorporate blockchain in their transactional legal service operations. In existence, are digitally-created smart contracts that are easily verifiable since they're a component of the blockchain system. They provide lawyers with extra time to focus on legal guidance as opposed to creating legal documentation. An example is Chainlink, a startup that engineered technology dependent on data from various sources to increase the appeal of smart contracts. Blockchain technology and smart contracts provide numerous benefits including secure transactions, transparent logging, a reduction in paperwork, and surplus time for lawyers to counsel clients.
What Are the Emerging Segments in the B2B Legal Services Market?
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
Subsegments:
1) By Civil Or Criminal: Civil Litigation Services, Criminal Defense Services, Employment Law Services
2) By Mergers And Acquisitions: Due Diligence Services, Transaction Structuring, Regulatory Compliance Advisory
3) By Business Transactions: Contract Drafting and Review, Intellectual Property Transactions, Real Estate Transactions
4) By Other Services: Regulatory And Compliance Advisory, Dispute Resolution And Mediation, Risk Management Consulting
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Who Are the Global Leaders in the B2B Legal Services Market?
Major companies operating in the B2B legal services market include 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
Which are the Top Profitable Regional Markets for the B2B Legal Services Industry?
North America was the largest region in the B2B legal services market in 2024. Western Europe was the second largest region in global B2B legal services market report. The regions covered in the B2B legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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