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Global Legal Services Market Report 2023: Impressive Growth Expected in Hybrid Legal, IT Services, and South American and Middle Eastern Regions by 2027 - Long-term Forecast to 2032 - ResearchAndMarkets.com
[February 08, 2024]

Global Legal Services Market Report 2023: Impressive Growth Expected in Hybrid Legal, IT Services, and South American and Middle Eastern Regions by 2027 - Long-term Forecast to 2032 - ResearchAndMarkets.com


The "Legal Services Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.

In a testament to the sector's vitality, the market value rose from $656.9 billion in 2017 to $764.8 billion in 2022, with a projection to reach $950.0 billion by 2027, marking a CAGR of 4.4%. Furthermore, expectations are set high for an upward trajectory to $1,256.2 billion by 2032. These figures reflect the market's dynamic responses to global economic shifts, regulatory amendments, and technological innovations.

The global legal services market is experiencing significant changes and growth, according to a new industry report now available on our website. The comprehensive analysis provides valuable insights into the legal sector's evolving landscape between 2017 and 2022 and extends its predictive foresight through to 2032.

Market Segmentation Insights

The report segments the legal services market by type, size, mode, practice area, and end-user, providing a granular analysis of each category. Notably, the B2B legal services, powered by large law firms, stand tall, commanding a significant market share. However, the hybrid legal services are poised to outpace all other segments, experiencing a remarkable CAGR of 15.8% from 2022 to 2027, highlighting their burgeoning relevance in the industry.

When broken down by mode, while the offline market reigns supreme, online legal services are identified as a burgeoning frontier, set to expand at a rapid CAGR of 9.3% through 2027. This uptick reflects the sector's accelerating digital transformation and adoption of technology.

Within types of practice, corporate legal services lead the charge, but patent litigation is forecasted to sprint ahead with the highest CAGR within the forecast period. This trend underscores the increased importance of intellectual property law amidst a globally competitive innovation climate.

Geographic and End-User Dynamics

North America remains the market leader, yet regions such as South America and the Middle East are anticipated to experience remarkable growth rates of 12.0% and 11.5% CAGR respectively, heralding a diversification of influence and opportunity across the globe.

Individuals currently constitute the largest end-user segment, yet IT services display the most significant growth potential - a probable indicator of the sector's escalating needs for specialized legal services linked with technological advancements.

Competitive Fragmentation and Strategic Direction

The report also addresses the fragmented nature of the market, where the top ten competitors represent just over 5% of the total market. With firms like Kirkland & Ellis LLP leading the pack, the industry's competitive landscape is rife with opportunities for strategic partnerships, acquisitions, and technological innovation.

The detailed document offers strategic recommendations for industry players looking to navigate and capitalize on these market dynamics. Key among them is the incorporation of artificial intelligence, an approach that is transforming the efficiency and capabilities of legal services worldwide.

Market Opportunities for Forward-Thinking Firms

Opportunities abound, particularly for those invested in B2B legal services, large law firm segments, and IT services. With global annual sales in these segments projected to soar, there is considerable potential for firms to gain a competitive edge and enhance their market position.

The inherent recommendation for legal service providers is to emphasize technological innovation, particularly with burgeoning demand in emergent markets, competitive pricing strategies, and industry-targeted promotional activities.

Key Attributes:





Report Attribute Details
No. of Pages 480
Forecast Period 2022 - 2032
Estimated Market Value (USD) in 2022 $764.8 Billion
Forecasted Market Value (USD) by 2032 $1256.2 Billion
Compound Annual Growth Rate 5.1%
Regions Covered Global

A selection of companies mentioned in this report includes

  • 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 Kopec 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

For more information about this report visit https://www.researchandmarkets.com/r/7e01tc

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