Legal Services Global Market Research Report 2017-2022
WiseGuyReports.com adds “Legal Services Market 2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2022”reports to its database.
Growing Cyber-Crime Consulting Services
Law firms around the world are offering cybercrime legal consulting services to their clients, owing to increasing incidences of cybercrimes. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrimes. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy & cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. Growing concern of organizations and individuals towards cybercrimes is expected to increase cybercrime consulting service offered by law firms, globally.
The top three regions in the legal services market include the Americas, Europe and Middle East & Africa. However, Asia recorded the highest CAGR of over 6% both in historic (2012-16) and it is expected to have similar CAGR in the forecast (2016-20) period. This can be attributed to the increase in number of new businesses and demand for services in areas such as patent law, corporate law, tax law and others. Americas had the CAGR of over 3% during 2012-2016 and it is expected to grow at a CAGR of around 3.2% during 2016-2020.
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The global legal services market grew from around $584 billion in 2012 to over $673 billion in 2016 at a compound annual growth rate (CAGR) of over 3.5%. The top drivers for the legal services market in the historic period include technology development, increased mergers and acquisitions activity and emerging markets growth. On the other hand, regulatory challenges proved to be the major restraint for the legal services market in the same period. It is expected that the market would reach over $785 billion in 2020. Increasing competition and rising investments are expected to be some of the key drivers for the market in the forecast period. Key restraints for the market in the forecast period include rising costs and decreasing margins, skills shortages etc.
The market for legal services during the historic period was driven by factors such as increasing competition, mergers and acquisition activity, rise in awareness and willingness of the general public to purchase legal services.
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