Press release
B2B Legal Services Market Expansion Continues, with Forecast Valuation of $535.49 Billion by 2029
B2B Legal Services Market
How Large Will the B2B Legal Services Market Size By 2025?
In recent times, the market size of b2b legal services has been on a consistent rise. It is forecasted to escalate from $432.76 billion in 2024 to a whopping $447.79 billion in 2025, showcasing a compound annual growth rate (CAGR) of 3.5%. Factors such as contract management, dispute resolution, regulatory compliance, and rise in globalization and cross-border transactions, and risk management have been driving the growth during the historic period.
How Big Is the B2B Legal Services Market Size Expected to Grow by 2029?
The market size for b2b legal services is forecasted to experience consistent growth in the upcoming years, with its size predicted to reach $535.49 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 4.6%. This growth within the projected period can be accredited to factors such as legal tech and automation, changes in regulatory landscape, emphasis on ESG (environmental, social, governance), escalated M&A operations, and complexities in international trade. Predominant trends during this forecast period will include data privacy and cybersecurity, tech integration, emergent virtual law firms and remote services, specialization in specific sectors, and alternative pricing structures.
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Which Key Market Drivers Powering B2B Legal Services Market Expansion and Growth?
The growth of the business-to-business (B2B) legal services market is expected to be propelled forward by a surge in cybercrime incidents. Cybercrime encompasses criminal activities conducted via computers, computer networks, and the internet, leading to severe consequences such as monetary losses, reputational damage, and legal punishments for lawbreakers. B2B legal services, which house and disseminate huge quantities of confidential data, financial details, as well as personal data like credit card numbers, are prime targets for cyberattacks. For example, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported that there were 76,000 reported cases of cybercrime in 2022, a leap of 13% since 2020. Consequently, the rise in cybercrime incidents is fuelling the expansion of the B2B legal services market.
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What Long-Term Trends Will Define the Future of the B2B Legal Services Market?
Legal organizations are adopting blockchain technology to conduct and record transactions securely and transparently. Blockchain, a decentralized and distributed ledger, documents transactions between two entities in a reliable and lasting manner. WebFX Inc., a UK-based web development firm, predicts that 41% of legal bodies will utilize blockchain for transactional legal applications. Digital smart contracts, which are verifiable due to their presence on the blockchain, allow lawyers to focus more on providing legal counsel rather than on creating legal documents. For example, Chainlink, a budding company, has pioneered a technology that leverages data from diverse sources, thereby enhancing the appeal of smart contracts. By implementing blockchain and smart contracts, numerous benefits can be enjoyed, including secure transactions, transparent records, reduction in paperwork, and additional time for client consultation.
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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