Legal Services Market Size & Growth (2019 - 2025)
The global legal services market is expected to reach 35,900 million euros in 2025, growing at a CAGR of 31.8% between 2019 and 2025.
The global market for legal services is expected to grow strongly during the forecast period. The rapid growth can be due to globalization and competitive markets. As a result, providers of international legal services have expanded their business in several countries around the world. Since legal services are now available internationally, the need for legal documents, approved applications, and business structures has increased significantly. The number of legal service providers has increased significantly. Legal service providers, such as lawyers, compete with many competitors to achieve a key market share. As competition intensifies, legitimate companies resort to project management software and subcontracting.
Legal professions are considered one of the most profitable, productive and profitable professions, which provide suppliers of potential legal services in the market, and then stimulate the growth of the market. As the awareness of the public and the president increased, the growth of the market was promoted. As the demand for legal services grows and the number of technical applications that provide safe and efficient business software to support document management, portal websites and collaboration have created many opportunities for providers. The main services offered in the legal services market are the writing of contracts, the support of intellectual property rights, support and review of litigation. Key factors affecting the global market include competition, commodification, globalization, trends in foreign direct investment and economic growth. In addition, the competition in prices, alternative commercial structures and the increase of the Internet economy will boost the market growth.
The legal profession is considered one of the most profitable, productive and lucrative professions, and it attracts more and more potential suppliers of legal services to the market, which in turn causes its growth. The growing awareness of the general public and the boards has stimulated the growth of the market. The accelerated demand for legal services, the increase in technology applications for the provision of secure and efficient business software to facilitate document management, portal websites and collaboration have created many opportunities for suppliers.
The lack of confidentiality and security and the implications in terms of quality and ethics should be a major challenge for the legal services market. Differences in legal processes and policies adopted by different nations prevent key international service providers from offering services in other countries. In addition, insufficient measures to liberalize the legal services sector have slowed the growth of the market. Legal firms tend to lose their competitiveness due to their lack of strategic positioning, which forces them to remove them from the market and close them.
The main services offered in the legal services market are contract drafting, intellectual property assistance, litigation assistance and review. The main factors that have influenced the market of legal services are the intensification of competition, trivialization, globalization, changing trends in foreign direct investment and economic growth. In addition, price competition, alternative trading structures and the rise of the Internet economy are prepared to stimulate market growth. However, the economic slowdown had a significant impact on the legal services market. This has resulted in the merger and acquisition of many companies, helping them to avoid problems such as bankruptcy and closures. The world market includes several services, such as legal transcription, legal research, legal and secretarial services, contract services, assistance in intellectual property litigation and document review.
However, the global economic recession had an important impact on the legal services market. This has led to the merger and acquisition of numerous legal service providers to avoid problems such as bankruptcy and closure. The availability of legal knowledge and tools on the Internet has accelerated the growth of the market. Constructive government policies and standard industry parameters make market opportunities continue even more.The number of legal service providers has increased significantly. To win a significant part of the market, legal service providers, such as lawyers, fight against many competitors. The increase in competition has forced legal firms to use software for project management and subcontracting. The availability of legal knowledge and tools on the Internet has accelerated the growth of the market. Constructive government policies and industry benchmarks further stimulate market growth.
This research report includes following segmentation for the Legal Services Market size and forecast 2025
Legal Services Market Analysis - By Type
- B2B legal services
- B2C legal services
- Criminal law practices
- Hybrid commercial legal services
Legal Services Market Analysis - By Industry
- Oil and gas
- Construction IT
- Finance and taxation
- Manufacturing
Legal Services Market Analysis - By Region
- North America - US, Canada, Mexico and Rest of North America
- Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe
- APAC - India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC
- Latin America - Brazil, Argentina, Chile and Rest of Latin America
- Middle East and Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
The legal services market has experienced significant growth in the market in the European region, particularly in Spain, which has the highest number of lawyers per capita. In addition, it is expected that a notable growth in FDI inwards and outwards will stimulate growth in the European region. Regulatory reforms and well-established industry standards are prepared to stimulate market growth in North America.
Population growth in the Asia-Pacific region, particularly in countries such as India, China and Japan, has increased the demand for legal services and has driven market growth in this region. In addition, India has gained prominence in this region due to the great popularity of legal outsourcing services. The availability of highly competitive and profitable legal expertise is probably the main reason for the increase in popularity and outsourcing. Growth in the legal services market is driven by five industrial sectors, including the energy, infrastructure, tourism, e-commerce and transport and logistics equipment sectors.
Few of the Key Players dominating the Legal Services Market Profiled in the Report are:
- Acumen Legal Services Pvt. Ltd.
- Aptara
- Bodhi Global Services
- Clairvolex Knowledge Processes Pvt. Ltd.
- Cobra Legal Solutions
- CPA Global
- Evalueserve SEZ
- Exigent Clutch Group
- Infosys Limited
- Integreon
- Lason
- LawScribe, Inc.
- Legal Advantage
- Lexadigm Solutions LLC
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