Press release
Legal Services Market Expansion Continues, with Forecast Valuation of $996.4 Billion by 2029
Legal Services
What Is the Expected CAGR for the Legal Services Market Through 2025?
In past few years, the market size of legal services has seen a consistent increase. The market value is expected to rise from $790.14 billion in 2024 to $819.91 billion in 2025, showcasing a compound annual growth rate (CAGR) of 3.8%. The historical growth is attributed to factors such as enhanced government initiatives, rising divorce rates, escalating number of cybercrimes, and deregulation of the legal industry.
What's the Projected Size of the Global Legal Services Market by 2029?
The market size of legal services is predicted to enjoy consistent growth in the coming years, expanding to $996.4 billion in 2029 with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to this anticipated growth in the forecast period involve governmental backing, escalating global drug issues and lawsuits, the flourishing legal tech sector, and the surging demand for transactional practice. Noteworthy trends throughout this forecast period encompass the integration of artificial intelligence, strategic collaborations and takeovers, the rise of alternative legal service providers (ALSPs), the initiation of educational initiatives and platforms for law by law firms, and investments by law firms in data security and technological progressions.
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Top Growth Drivers in the Legal Services Industry: What's Accelerating the Market?
As the rate of cybercrime escalates, legal firms globally have begun providing their clients with specialised services in cybercrime legal consultation. Fundamentally, cybercrime is an unlawful act facilitated via the internet and a computer, encompassing actions such as cyber-stalking, counterfeiting, online money laundering, online-based embezzlement, internet fraud, and tax evasion through electronic means. Remarkably, in the UK, the annual cost of cybercrime is believed to be around $35 billion. These legal firms offer the service of cybercrime consulting utilizing a team comprised of experienced lawyers, consultants, and ethical hackers. They handle various areas including crisis management, online fiscal theft, data loss, data privacy, and violations regarding intellectual property. Prominent law firms in the area of data privacy and cybersecurity include names like Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. As organizations and individuals grow increasingly wary of cybercrime, the global demand for cybercrime legal consulting services is projected to increase.
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What Are the Key Trends Driving Legal Services Market Growth?
Top-tier companies in the legal services sector are innovating new products such as generative AI legal platforms to attract a greater number of customers, enhance sales, and boost revenue. Generative AI legal platforms are software tools that utilize artificial intelligence (AI) to aid legal practitioners in their tasks. As an example, in May 2023, the US-based software firm LexisNexis introduced Lexis+ AI, a generative AI platform designed to modernize legal services. Lexis+ AI aims to provide consumers with dependable and comprehensive legal outcomes at an unprecedented speed and accuracy, underpinned by verifiable, citable authority. It leverages the biggest repository of precise and exclusive legal content during its development and training. The latest Lexis+ AI technology employs advanced security and privacy mechanisms to offer features such as conversational search, clever summarization, and intuitive legal writing. Conversational search presents a seamless search experience for various legal matters with citations, making the complex and lengthy task of performing legal research easier and more effective for attorneys.
What Are the Main Segments in the Legal Services Market?
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 Top Companies are Driving Growth in the Legal Services Market?
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
Which Regions Will Dominate the Legal Services Market Through 2029?
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
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