The Global Legal Services Market Value Is Expected To Reach $1,034.52 Billion By 2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 22, 2023 /PRNewswire/ -- As per The Business Research Company's Legal Services Global Market Report 2023, the global legal services industry revenue has shown remarkable growth, surging from $787.28 billion in 2022 to $838.92 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 6.6%. Looking ahead, the legal services industry worth is poised to continue its ascent, with a projected size of $1,034.52 billion by 2027, driven by a CAGR of 5.4%.
Driving Forces for Legal Services Industry Size
Several factors are fueling the growth of the global legal services industry net worth, including government support, the increasing global drug crises and lawsuits, the burgeoning legal tech industry, and a rising demand for transactional practice areas.
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Market Landscape and Key Players
The global legal services market exhibits fragmentation, with numerous small players. In 2022, the top ten competitors held a combined share of 5.25% of the total market. Leading the competition, Kirkland & Ellis LLP claimed the largest market share at 0.85%, followed by Latham & Watkins LLP, Deloitte, Ernst & Young (E&Y), PwC, DLA Piper, Baker McKenzie, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, KPMG, and Sidley Austin LLP.
Legal Services Market Trends - Artificial Intelligence Revolutionizes The Market
Major companies in the legal services sector are actively embracing artificial intelligence (AI) to enhance efficiency and productivity among legal professionals. AI-driven automation software streamlines document generation and proofreading. For instance, PricewaterhouseCoopers (PwC) introduced an AI chatbot service in March 2023 to accelerate legal work, addressing tasks like contract analysis, regulatory compliance, due diligence, and legal advisory services.
Additionally, Casetext unveiled CoCounsel, an AI legal assistant powered by OpenAI, offering capabilities for legal research memo drafting, deposition preparation, document review, and more, revolutionizing the practice of law.
Legal Services Market Segmentation and Growth Opportunities
The global legal services market overview is segmented -
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In 2022, North America led the global legal services market, boasting a value of $423.2 billion, equivalent to 1.63% of the region's GDP. With per capita consumption reaching $840.9, $743 higher than the global average, the market accounted for 20.3% of the region's professional services market in 2022.
The North America legal services market enjoys robust support from growing demand, particularly attributed to restructurings, secondary offerings, and capital market activities. The rise in alternative legal service providers is further contributing to market growth, with approximately 50% of Canadian businesses expected to turn to these providers within the next five years.
As the global legal services market continues to evolve and expand, businesses and legal professionals are presented with opportunities to leverage these trends and thrive in this dynamic sector.
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