The Business Research Company’s Legal Services Market 2022 – Opportunities and Strategies – Forecast to 2030
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The Business Research Company’s “Legal Services Market Report 2022” predicts that the legal services market size will reach a value of $998.73 billion in 2026 at a rate of 6.97%. The legal services market growth is then expected to grow at a CAGR of 5.60% from 2026 and reach $1311.63 billion in 2031.
The growth in fraud, cyber crimes and other economic crimes is expected to drive the legal services market during the forecast period.
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Legal Services Market Trends
Artificial Intelligence (AI) is a key trend gaining popularity in the legal services market and is transforming the sector. AI-enabled software is critical to enabling lawyers and law firms to save time. Automation software makes document generation and proofreading more efficient. For example, in 2019 Linklaters unveiled MatterExplorer, an AI-powered search and knowledge management system across the firm’s global offices in 20 countries that cuts the time it takes to find a document from hours to seconds. Since launching MatterExplorer, the corporation in its global offices has saved more than 15,416 hours on searches in six months.
Legal Services Market Overview
The legal services market consists of sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance is sought. Legal service providers undertake processes where human capital is the most important input. They make the knowledge and skills of their employees available, often on an assignment basis, where an individual or a team is responsible for delivering services to the client.
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Legal Services Global Market Report 2022 from TBRC covers the following information:
Legal Services Market Segmentation
• By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
• By Size: Large Law Firms, SME Law Firms
•By end users: individuals, financial services, mining and oil and gas, manufacturing, construction, IT services, others
•By Type of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Other (Regulatory, M&A, Antitrust, Environmental)
•By Mode: Online, Offline
•By geography: North America, South America, Asia Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America holds the largest share in the market.
Market size data
• Forecast Period: Historical and Future
• By region: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• By Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major market players such as Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Dentons, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Trends, opportunities, strategies and so much more.
Legal Services Market Report 2022 is one of The Business Research Company’s comprehensive reports that provides in-depth legal services global market research. The market report analyzes legal services market size, legal services global market segments, legal services global market growth drivers, legal services global market growth across geographies, and legal services global market competitors’ revenue and market positioning. The report enables you to gain insights into opportunities and strategies, as well as to identify countries and segments with the highest growth potential.
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