Global Legal Services Market Size, Status and Forecast 2021-2027

Legal Services Market 

The global Legal Services market size is projected to reach USD 823940 Million by 2027, from USD 680630 Million in 2020, at a CAGR of 2.3% during 2021-2027.Legal services encompass a wide range of legal solutions for businesses. Key drivers of the legal services market include the shift towards digitization and increasing adoption of cutting-edge technologies. 

In addition to it, the advent of alternative legal service providers(ALSPs) providing services to law firms will significantly boost the growth of the legal services market during the forecast period. Further, economic growth, shifting of firms to low-cost destinations, globalization, and changes in legal structure, legislation, agreements, and political scenarios will augment the market growth in the coming years.

Trends Influencing the Global Legal Services Market 

Digitization and widescale adoption of cutting edge technologies

Legal firms are moving towards digitization for streamlining their workflows. The adoption of technologies such as Artificial intelligence, cloud computing, machine learning, and big data analytics help in faster documentation, proofreading, and efficient management of resources. This leads to cost savings thereby achieving greater operational efficiency. These technologies are also able to meet the growing expectations of investors and clients through superior delivery of services. In addition to it, new regulatory requirements and an increase in the competition are forcing firms to invest in advanced technologies. Thus growing digitization and increasing shift towards automation is expected to boost the growth of the legal services market during the forecast period.

Advent of alternative legal service providers (ALSPs)

ALSPs are emerging quickly in the legal industry. They are basically into the business of law and provide a variety of routine legal services to business organizations and legal firms. Firms outsource a variety of functions to the ALSPs such as document review, litigation, contract life cycle management, compliance and legal entity management etc. This increases efficiency of legal firms are resources are allocated judiciously leading to cost savings. Further ALSPs use technology as a catalyst for increasing the value chain in legal services. Thus ALSPs will create lucrative opportunities for the growth of the legal services during the forecast period.

Economic growth, shifting of firms to low cost places, globalization and changes in policy structure

Legal industry is a labour deficient industry due to lack of skilled employees. The rapid economic growth will lead to salary rises thereby putting pressure on legal firms. The increase in prices will lead to quality crunch. This will force firms to shift towards low cost destinations. Further rapid globalization and continuous changes in agreements, political, legal and legislative structures will increase demand of legal needs by businesses around the globe. Thus economic growth and continuous changes in legislations will drive the need for legal services ultimately fueling the growth of the legal services market during the forecast period.

Legal Services Market Share Analysis

Based on type, the online segment is expected to provide lucrative opportunities for growth in the legal services market share during the forecast period as online service providers charge less fees and speed up the entire paperwork process leading to faster completion and streamlining of workflows.

Based on region, North America is expected to provide lucrative opportunities for growth in the legal services market share due to extensive presence of legal service providers, huge load in corporate legal departents in the US and rising number of mergers & acquisitions.

Legal Services Market Segmentation

By Type

• Online Service
• Offline Service 

By Application

• Government
• Commercial Use
• Other 

By Region

• North America
• US.
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA 

Key Players

• King & Spalding
• Morgan, Lewis & Bockius
• Blake, Cassels & Graydon
• Cooley
• Covington & Burling
• Faegre Baker Daniels
• Finnegan, Henderson, Farabow, Garrett & Dunner
• Greenberg Traurig
• Hahn Loeser & Parks
• Hogan Lovells International
• Holland & Knight
• Intapp
• Jones Day
• Kirkland & Ellis
• K&L Gates
• ONC Lawyers

Scope Of Legal Services Market