The Business Research Company’s Legal Services Global Market Report 2025 - Market Size, Trends, And Global Forecast 2025-2034
How Big Is The Legal Services Market In 2025?
The steady expansion of the legal services market has been observed over the past few years. The market, which will have a size of $790.14 billion in 2024, is projected to reach $819.91 billion in 2025, with a compound annual growth rate (CAGR) of 3.8%. The progress during the historic period is a result of various factors including an escalation in government initiatives, rising divorce rates, growth in cybercrime incidents, and the reduction of regulations in the legal sector.
Stable expansion is forecasted in the legal services market size in the upcoming years, with a projection to reach $996.4 billion by 2029 and a compound annual growth rate (CAGR) of 5.0%. The predicted growth within this period can be tied to factors like state backing, escalating global drug issues and legal suits, the rising legal tech sector, and an elevated demand for transactional practice. Key projected trends in this period encompass the adoption of artificial intelligence, strategic alliances and buyouts, inception of alternative legal service providers (ALSPs), the initiation of legal enlightenment programs and platforms by law agencies, investments by law firms in data safety, and technological progress.
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What Are The Key Driving Factors For The Growth Of The Legal Services Market?
The rise in cybercrime globally has led to law firms around the globe extending their services to include legal consultation on cybercrime. This pertains to crimes executed using a computer and internet connection, such as cyber-stalking, counterfeit activities, online frauds, embezzlement, tax dodging, and money laundering. With an estimated yearly cost of cybercrime in the UK standing at around $35 billion, the importance of such services rises. The teams working on these services include lawyers, ethical hackers, and consultants who specialize in dealing with situations involving crisis management, online financial theft, privacy breaches, loss of data, and infringement of intellectual property rights. Renowned law firms engaging in providing services regarding data privacy and cyber security like Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom, are playing their role in this field. Due to the escalating worry about cybercrime, the universal demand for these legal consultation services related to cybercrime is predicted to grow.
Who Are The Key Players In The Legal Services Industry?
Major players in the Legal Services include:
• Baker McKenzie
• Uría Menéndez
• Latham & Watkins
• Szuchy Ügyvédi Iroda
• J Sagar And Associates (JSA)
• Amarchand and Mangaldas and Suresh A. Shroff and Co
• Norton Rose Fulbright
• ZICO Law
• Allen and Gledhill LLP
• Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
What Are The Upcoming Trends Of Legal Services Market In The Globe?
Top firms in the legal services market are developing innovative products like legal generative AI platforms in a bid to expand their customer bases, boost sales and augment revenue. These platforms are software tools that use the power of artificial intelligence to aid legal professionals in their tasks. For example, LexisNexis, a software company in the U.S., introduced Lexis+ AI in May 2023. This generative AI platform is aimed at modernizing legal services. The Lexis+ AI platform, which is built and refined using the most comprehensive repository of accurate, unique legal content, aims to provide reliable, comprehensive legal outcomes with unmatched accuracy and speed, backed by verifiable, quotable authority. The Lexis+ AI technology comes with advanced security and privacy measures. It offers services like conversational search, intelligent summarization and smart legal writing. The conversational search feature eases the complex, time-consuming process of legal research and makes it more effective by providing a search experience for various legal issues, complete with citations.
What Segments Are Covered In The Legal Services Market Report?
The legal services market covered in this report is segmented –
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
2) By Type Of Practice: Litigation, Corporate, Labor or Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M And A, Antitrust, Environmental)
3) BY Size: Large Law Firms, SME Law Firms
4) By Mode: Online Legal Services, Offline Legal Services
5) By End User: Individuals, Financial Services, Mining and Oil & Gas, Manufacturing, Construction, IT Services, Others
Subsegments:
1) By B2B Legal Services: Corporate Law Services, Contract Law Services, Intellectual Property Law Services
2) By B2C Legal Services: Family Law Services, Personal Injury Law Services, Consumer Protection Law Services
3) By Hybrid Legal Services: Alternative Dispute Resolution (ADR), Online Legal Services Platforms, Subscription-Based Legal Services
4) By Criminal Law Practices: Defense Attorney Services, Prosecution Services, Legal Advisory Services For Criminal Cases
View the full legal services market report:
https://www.thebusinessresearchcompany.com/report/legal-services-global-market-report
Which Region Is Expected To Lead The Legal Services Market By 2025?
In 2024, the North American region led the legal services market, followed by Western Europe. The market report for legal services included regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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