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Legal Services Market size was valued at USD 901.8 billion in 2021 and is poised to grow from USD 949.6 billion in 2022 to USD 1511.45 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Latham & Watkins LLP', 'Kirkland & Ellis LLP', 'Baker McKenzie', 'DLA Piper', 'Skadden, Arps, Slate, Meagher & Flom LLP', 'Clifford Chance LLP', 'Allen & Overy LLP', 'Hogan Lovells International LLP', 'Freshfields Bruckhaus Deringer LLP', 'Linklaters LLP', 'Jones Day', 'Mayer Brown', 'Sidley Austin LLP', 'Sullivan & Cromwell LLP', 'White & Case LLP', 'Gibson, Dunn & Crutcher LLP', 'Shearman & Sterling LLP', 'Weil, Gotshal & Manges LLP', 'Covington & Burling LLP', 'Quinn Emanuel Urquhart & Sullivan, LLP'

The growing impact of technology on legal work operations has been recognized for some time. There is little doubt that the pace of such technology-driven change has accelerated substantially in recent years, and there is rising evidence that a number of law firms are actively nurturing such change rather than merely welcoming it. Law firms are increasingly utilizing chatbots to assist in the optimization of work processes, saving both time and money for themselves and their clients. Chatbots can help law firms with a number of tasks, such as digitizing documents and searching for lawyer-specific paperwork. They also assist with the follow-up of unresponsive clients and the acquisition of critical information through automated dialogues.

Security breaches in law firms is projected to be a key trend that contributes to the market growth. This is due to the nature of law firm operations, legal service providers have become increasingly enticing targets for ransomware attackers. As part of their corporate legal and M&A work, litigation, and other legal services, law firms and in-house legal teams collect a lot of private company information and sensitive data, including tax returns. They risk losing their reputation and money if they are hacked, especially if data is released. Law companies have become appealing targets for hackers in recent years because they manage vast amounts of sensitive customer information, data, and money. In contrast, many businesses have "less-than-ideal information security strategies and procedures." Hence, this creates a wide scope for the growth of the market.

In 2021, Asia-Pacific region is expected to have the biggest share of the legal services market. The regional market growth is attributed to the region's increasing number of acquisitions and mergers increases need for legal services. Due to the rapid adoption of regulatory and legal requirements, particularly in China and India, Asia Pacific accounted for a substantial market share in 2020. For example, legal service providers in India have begun to offer sophisticated cross-border court services to their corporate clients, creating significant growth potential for the country. Service providers such as Venable LLP, Baker & McKenzie, and Allen & Overy LLP have also entered the Indian market, which is expected to enhance market growth in the region in the coming years. Further, on the other hand, growing assignment volumes in the corporate legal divisions in the US due to the availability of legal services is also projected to support the US legal services market growth in the forecast period.

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Global Legal Services Market

Product ID: SQSG25S2011