This report describes and explains the legal services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global legal services market grew from $656.9 billion in 2017 to $764.8 billion in 2022 at a compound annual growth rate (CAGR) of 3.1%. The market is expected to grow from $764.8 billion in 2022 to $950.0 billion in 2027 at a CAGR of 4.4%, and to $1,256.2 billion in 2032 at a CAGR of 5.7%.
Growth in the historic period resulted from strong economic growth in emerging markets, an increase in government initiatives, growth in divorce rates, the increasing number of cybercrimes and the deregulation of the legal industry. Factors that negatively affected growth in the historic period were increased pressure on traditional law firms due to in-house legal teams, skills shortages and the lack of transparency.
Going forward, government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice areas will drive the market. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins and data security issues.
The legal services market is segmented by type into B2B legal services, B2C legal services, hybrid legal services and criminal law practices. The B2B legal services market was the largest segment of the legal services market segmented by type, accounting for 54.8% of the total in 2022. Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 15.8% during 2022-2027.
The legal services market is also segmented by size into large law firms and SME law firms. The large law firms market was the largest segment of the insurance market segmented by size, accounting for 61.3% of the total in 2022. Going forward, the large law firms market is expected to be the fastest growing segment in the insurance market segmented by size, at a CAGR of 5.3% during 2022-2027.
The B2B legal services market is further segmented into B2B legal services - large law firms and B2B legal services - SME law firms. The B2B legal services - large law firms market was the largest segment of the B2B legal services market segmented by size, accounting for 79.9% of the total in 2022. Going forward, the B2B legal services - large law firms market is expected to be the fastest growing segment in the B2B legal services market segmented by size, at a CAGR of 5.0% during 2022-2027.
The B2C legal services market is further segmented into B2C legal services - large law firms and B2C legal services - SME law firms. The B2C legal services - SME law firms market was the largest segment of the B2C legal services market segmented by size, accounting for 85.1% of the total in 2022. Going forward, the B2C legal services - large law firms market is expected to be the fastest growing segment in the B2C legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The criminal law practices market is further segmented into criminal law practices - large law firms and criminal law practices - SME law firms. The criminal law practices - SME law firms market was the largest segment of the criminal law practices market segmented by size, accounting for 65.1% of the total in 2022. Going forward, the criminal law practices - large law firms market is expected to be the fastest growing segment in the criminal law practices market segmented by size, at a CAGR of 5.9% during 2022-2027.
The hybrid legal services market is further segmented into hybrid legal services - large law firms and hybrid legal services - SME law firms. The hybrid legal services - large law firms market was the largest segment of the hybrid legal services market segmented by size, accounting for 59.9% of the total in 2022. Going forward, the hybrid legal services - large law firms market is expected to be the fastest growing segment in the hybrid legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The legal services market is segmented by mode into online and offline. The offline market was the largest segment of the legal services market segmented by mode, accounting for 95.5% of the total in 2022. Going forward, the online market is expected to be the fastest growing segment in the legal services market segmented by mode, at a CAGR of 9.3% during 2022-2027.
The legal services market is also segmented by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy and others (regulatory, M&A, antitrust, environmental). The corporate market was the largest segment of the legal services market segmented by type of practice, accounting for 28.3% of the total in 2022. Going forward, the patent litigation market is expected to be the fastest growing segment in the legal services market segmented by type of practice, at a CAGR of 5.3% during 2022-2027.
The legal services market is also segmented by end-user into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others. The individual market was the largest segment of the legal services market segmented by end-user, accounting for 38.3% of the total in 2022. Going forward, the IT services market is expected to be the fastest growing segment in the legal services market segmented by end-user, at a CAGR of 12.0% during 2022-2027.
North America was the largest region in the legal services market, accounting for 55.3% of the global market in 2022. It was followed by Western Europe, Asia Pacific, and the other regions. Going forward, the fastest growing regions in the legal services market will be South America and the Middle East, where growth will be at CAGRs of 12.0% and 11.5% respectively from 2022-2027.
The global legal services market is fragmented, with a large number of small players. The top ten competitors in the market made up to 5.25% of the total market in 2022. The Kirkland & Ellis LLP was the largest competitor with 0.85% share of the market, followed by Latham & Watkins LLP with 0.70%, Deloitte with 0.56%, Ernst & Young (E&Y) with 0.53%, PwC with 0.52%, DLA Piper with 0.48%, Baker McKenzie with 0.45%, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates with 0.40%, KPMG with 0.38%, and Sidley Austin LLP with 0.38%.
The top opportunities in the legal services market by type will arise in the B2B legal services segment, which will gain $96.2 billion of global annual sales by 2027. The top opportunities in segment by size will arise in the large law firms segment, which will gain $138.4 billion of global annual sales by 2027. The top opportunities in segment by end user will arise in the financial services segment, which will gain $72.8 billion of global annual sales by 2027. The top opportunities in segment by mode will arise in the offline segment, which will gain $165.8 billion of global annual sales by 2027. The top opportunities in segment by type of practice will arise in the corporate segment, which will gain $55.0 billion of global annual sales by 2027. The legal services market size will gain the most in the USA at $66.1 billion.
Market-trend-based strategies for the legal services market include adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), launch of legal learning programs and platforms by law firms, law firms investing in data security, technology advancements.
Player-adopted strategies in the legal services market include enhancing practices through partnerships and collaborations, expanding M&A practices in other geographies, expanding legal services business by strategic acquisitions, expanding business operations by launching dedicated services in new geographies, and providing innovative solutions.
To take advantage of the opportunities, the recommends the legal services companies to focus on technology advancements, focus on artificial intelligence, focus on alternative legal service providers, focus on fast-growing service types, focus on fast-growing types of practice, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-use industries.
The global legal services market grew from $656.9 billion in 2017 to $764.8 billion in 2022 at a compound annual growth rate (CAGR) of 3.1%. The market is expected to grow from $764.8 billion in 2022 to $950.0 billion in 2027 at a CAGR of 4.4%, and to $1,256.2 billion in 2032 at a CAGR of 5.7%.
Growth in the historic period resulted from strong economic growth in emerging markets, an increase in government initiatives, growth in divorce rates, the increasing number of cybercrimes and the deregulation of the legal industry. Factors that negatively affected growth in the historic period were increased pressure on traditional law firms due to in-house legal teams, skills shortages and the lack of transparency.
Going forward, government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice areas will drive the market. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins and data security issues.
The legal services market is segmented by type into B2B legal services, B2C legal services, hybrid legal services and criminal law practices. The B2B legal services market was the largest segment of the legal services market segmented by type, accounting for 54.8% of the total in 2022. Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 15.8% during 2022-2027.
The legal services market is also segmented by size into large law firms and SME law firms. The large law firms market was the largest segment of the insurance market segmented by size, accounting for 61.3% of the total in 2022. Going forward, the large law firms market is expected to be the fastest growing segment in the insurance market segmented by size, at a CAGR of 5.3% during 2022-2027.
The B2B legal services market is further segmented into B2B legal services - large law firms and B2B legal services - SME law firms. The B2B legal services - large law firms market was the largest segment of the B2B legal services market segmented by size, accounting for 79.9% of the total in 2022. Going forward, the B2B legal services - large law firms market is expected to be the fastest growing segment in the B2B legal services market segmented by size, at a CAGR of 5.0% during 2022-2027.
The B2C legal services market is further segmented into B2C legal services - large law firms and B2C legal services - SME law firms. The B2C legal services - SME law firms market was the largest segment of the B2C legal services market segmented by size, accounting for 85.1% of the total in 2022. Going forward, the B2C legal services - large law firms market is expected to be the fastest growing segment in the B2C legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The criminal law practices market is further segmented into criminal law practices - large law firms and criminal law practices - SME law firms. The criminal law practices - SME law firms market was the largest segment of the criminal law practices market segmented by size, accounting for 65.1% of the total in 2022. Going forward, the criminal law practices - large law firms market is expected to be the fastest growing segment in the criminal law practices market segmented by size, at a CAGR of 5.9% during 2022-2027.
The hybrid legal services market is further segmented into hybrid legal services - large law firms and hybrid legal services - SME law firms. The hybrid legal services - large law firms market was the largest segment of the hybrid legal services market segmented by size, accounting for 59.9% of the total in 2022. Going forward, the hybrid legal services - large law firms market is expected to be the fastest growing segment in the hybrid legal services market segmented by size, at a CAGR of 7.9% during 2022-2027.
The legal services market is segmented by mode into online and offline. The offline market was the largest segment of the legal services market segmented by mode, accounting for 95.5% of the total in 2022. Going forward, the online market is expected to be the fastest growing segment in the legal services market segmented by mode, at a CAGR of 9.3% during 2022-2027.
The legal services market is also segmented by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy and others (regulatory, M&A, antitrust, environmental). The corporate market was the largest segment of the legal services market segmented by type of practice, accounting for 28.3% of the total in 2022. Going forward, the patent litigation market is expected to be the fastest growing segment in the legal services market segmented by type of practice, at a CAGR of 5.3% during 2022-2027.
The legal services market is also segmented by end-user into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others. The individual market was the largest segment of the legal services market segmented by end-user, accounting for 38.3% of the total in 2022. Going forward, the IT services market is expected to be the fastest growing segment in the legal services market segmented by end-user, at a CAGR of 12.0% during 2022-2027.
North America was the largest region in the legal services market, accounting for 55.3% of the global market in 2022. It was followed by Western Europe, Asia Pacific, and the other regions. Going forward, the fastest growing regions in the legal services market will be South America and the Middle East, where growth will be at CAGRs of 12.0% and 11.5% respectively from 2022-2027.
The global legal services market is fragmented, with a large number of small players. The top ten competitors in the market made up to 5.25% of the total market in 2022. The Kirkland & Ellis LLP was the largest competitor with 0.85% share of the market, followed by Latham & Watkins LLP with 0.70%, Deloitte with 0.56%, Ernst & Young (E&Y) with 0.53%, PwC with 0.52%, DLA Piper with 0.48%, Baker McKenzie with 0.45%, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates with 0.40%, KPMG with 0.38%, and Sidley Austin LLP with 0.38%.
The top opportunities in the legal services market by type will arise in the B2B legal services segment, which will gain $96.2 billion of global annual sales by 2027. The top opportunities in segment by size will arise in the large law firms segment, which will gain $138.4 billion of global annual sales by 2027. The top opportunities in segment by end user will arise in the financial services segment, which will gain $72.8 billion of global annual sales by 2027. The top opportunities in segment by mode will arise in the offline segment, which will gain $165.8 billion of global annual sales by 2027. The top opportunities in segment by type of practice will arise in the corporate segment, which will gain $55.0 billion of global annual sales by 2027. The legal services market size will gain the most in the USA at $66.1 billion.
Market-trend-based strategies for the legal services market include adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), launch of legal learning programs and platforms by law firms, law firms investing in data security, technology advancements.
Player-adopted strategies in the legal services market include enhancing practices through partnerships and collaborations, expanding M&A practices in other geographies, expanding legal services business by strategic acquisitions, expanding business operations by launching dedicated services in new geographies, and providing innovative solutions.
To take advantage of the opportunities, the recommends the legal services companies to focus on technology advancements, focus on artificial intelligence, focus on alternative legal service providers, focus on fast-growing service types, focus on fast-growing types of practice, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-use industries.
Table of Contents
1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure7. Product/Service Analysis -Product/Service Examples
6. Introduction And Market Characteristics
8. Supply Chain Analysis
9. Customer Information
10. Major Market Trends
11. Legal Services Market - Macro Economic Scenario
12. Global Legal Services Market Size And Growth
13. Legal Services Market, Regional Analysis
14. Global Market Segmentation
15. Legal Services Market Segments
16. Market Comparison with Macro Economic Factors
17. Asia-Pacific Market
18. Western Europe Market
19. Eastern Europe Market
20. North America Market
21. South America Market
22. Middle East Market
23. Africa Market
24. Competitive Landscape And Company Profiles
25. Key Mergers And Acquisitions
26. Market Background: Professional Services Market
27. Opportunities And Strategies
28. Legal Services Market, Conclusions And Recommendations
29. Appendix
Executive Summary
Legal Services Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global legal services market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for legal services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider legal services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the legal services market.
- Product Analysis- The product analysis section of the report describes the leading products in the legal services market along with key features and differentiators for those products.
- Supply Chain-The supply chain section of the report defines and explains the key players in the legal services industry supply chain.
- Customer Information- This chapter covers recent customers’ trends or preferences in the global legal services market.
- Key Trends- Highlights the major trends shaping the global legal services market. This section also highlights likely future developments in the market.
- Macro Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the tax management market.
- Global Market Size and Growth- Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis- Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation- Contains the market values (2017-2032) and analysis for each segment by type, by size, by type of practice, by end users and by mode in the market.
- Regional Market Size and Growth- Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - This section includes recommendations for legal services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Market Background: Professional Services Market- This chapter describes the professional services market of which the legal services market is a segment. This chapter includes the global professional services market 2017-27 values, and regional and country analyses for the professional services market.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Type: B2B Legal Services; B2C Legal Services; Hybrid Legal Services; Criminal Law Practicesa) By Type Of B2B Legal Services: B2B Legal Services - Large Law Firms; B2B Legal Services - SME Law Firms
b) By Type Of B2C Legal Services: B2C Legal Services - Large Law Firms; B2C Legal Services - SME Law Firms.
c) The Criminal Law Practices: Criminal Law Practices - Large Law Firms; Criminal Law Practices - SME Law Firms.
d) The Hybrid Legal Services: Hybrid Legal Services - Large Law Firms; Hybrid Legal Services - SME Law Firms. - 2) By Size: Large Law Firms; SME Law Firms
- 3) By Mode: Online Legal Services; Offline Legal Services
- 4) By Type Of Practice: Litigation; Corporate; Labor or Employment; Real Estate; Patent Litigation; Tax; Bankruptcy; Others (Regulatory, M And A, Antitrust, Environmental)
- 5) By End User: Individuals; Financial Services; Mining and Oil & Gas; Manufacturing; Construction; IT Services; Others
Companies Mentioned:
Johnson Matthey Plc; BASF SE; Heraeus Holding; Evonik Industries AG; Umicore SACountries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia; Czech Republic; Poland; Romania; Ukraine;Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Egypt; Nigeria; South Africa; Iran; Israel; Saudi Arabia; Turkey; UAE; Argentina; Chile; Colombia; Peru; Canada; Mexico; Vietnam; Thailand; Singapore; Philippines; New Zealand; Malaysia; Hong KongRegions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; AfricaTime-series:
Five years historic and ten years forecast.Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; legal services indicators comparison.Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.Companies Mentioned
- Johnson Matthey Plc
- BASF SE
- Heraeus Holding
- Evonik Industries AG
- Umicore SA
- DLA Piper
- Baker McKenzie
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- KPMG
- Sidley Austin LLP
- India Law Offices LLP
- Amarchand and Mangaldas and Suresh A. Shroff and Co
- Nishimura and Asahi
- ZICO Law
- Tilleke and Gibbins
- Allen and Gledhill LLP
- Rajah and Tann
- Kim and Chang
- Kim and Lee LLC
- DSK Legal
- J Sagar And Associates (JSA)
- Nagashima Ohno and Tsunematsu
- Han Kun Law Offices
- Beijing Yingke Law Firm
- King and Wood Mallesons
- Dacheng Law Offices
- Jun He Law Offices
- Garrigues
- Loyens and Loeff
- Cuatrecasas Gonçalves Pereira
- Fidal
- BonelliErede
- Uría Menéndez
- Gleiss Lutz
- Luther
- Arendt and Medernach
- Flick Gocke Schaumburg
- Heuking Kühn Lüer Wojtek
- Mischcon de Reya
- Linklaters
- Norton Rose Fulbright
- SEgorov Puginsky Afanasiev and Partners
- VJT and Partners Law Firm
- Dentons and Pepeliaev Group
- Liouta and Partners Law Firm
- Eversheds Sutherland
- Dudkowiak and Kopeć Business Layers
- CGO Finance sp. z o.o.
- Andrékó Ferenczi Kinstellar Ügyvédi Iroda
- Szuchy Ügyvédi Iroda
- Latham & Watkins
- Oslerv
- Hoskin & Harcourt
- Cravath Swaine & Moore
- Skadden
- Arps
- Slate
- Meagher & Flom
- Norton Rose Fulbright LLP
- Hogan Lovells
- Jones Day
- Kirkland & Ellis LLP
- Demarest Advogados
- Lobo de Rizzo Advogados
- Pinheiro Guimarães
- Carpena Advogados Associados
- Al Sulaiti law firm
- Al Tamami & Co.
- Heskia-Hacmun Law Firm
- Alya Al Zeera
- ASAR Al Ruwayeh and Partners
- Menwer & Associates
- Elham Ali Hassan & Associates
- Afridi & Angell
- Garlicke and Bousfield
- Cliffe Dekker Hofmeyr
- Erward Nathan Sonnenbergs
- Norton Rose Fulbright South Africa
- Webber Wentzel
- B M Musau and Company
- Dentons
- Bitala and Co Advocates
- Bowmans
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 480 |
| Published | November 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 764.8 Billion |
| Forecasted Market Value ( USD | $ 1256.2 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 83 |
