The global legal services market size is anticipated to reach USD 1.04 trillion by 2025, according to a report by Grand View Research, Inc. The industry is projected to exhibit a CAGR of 4.1% over the forecast period, as per the report. Legal services assist a person, a group, or an organization. The Legal Process Outsourcing (LPO) model involves the procurement of legal support services, usually offered by in-house legal professionals and attorneys, from a third-party service provider. The growing use of latest technologies in offering legal services is expected to drive the industry growth in the coming years. The implementation of AI allows enterprises to help scrutinize contracts in bulk and analyze the data to predict the outcomes of judicial proceedings better than humans. A strong emphasis on ensuring transparency in the relationship with clients is also expected to lead to tangible progress in the market.
Law firms have increasingly resorted to chatbots for assistance in the optimization of the work process, thus saving time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. They also assist in following up with unresponsive clients and seeking the required information through automated conversations. Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end users through a questionnaire to collect relevant data, and directs them through the entire document creation process. Such an approach relieves the end users from the tedious process of understanding the terminologies appearing in the document.
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Further key findings suggest:
• The advent of social media is projected to accelerate the growth of the legal services market in the coming years, with law professionals adopting various social media tools to accomplish a myriad of legal tasks, while pursuing their career objectives, as well as reaching a larger audience
• The corporate service segment is expected to show fastest growth over the forecast period in the legal services market, owing to the rising instances of disputes over organizational audits, discrimination and harassment of employees, copyright violation, and patent infringement
• Based on provider, the private practicing attorney segment is expected to witness substantial growth in the legal services market, owing to the increased opportunities for attorneys in large, as well as small- & mid-sized enterprises
• Law firms are changing their hiring patterns in line with the evolving requirements of the clients; furthermore, law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients
• The COVID-19 pandemic led to an increased demand for civil legal services, with the Legal Services Corporation (LSC) in the US stating that 97% of LSC grantees expected an accelerated demand for legal aid, primarily in the areas of foreclosures, eviction, unemployment assistance and appeals, consumer debt, and income maintenance
• Some of the key players in the legal services market include Baker & McKenzie, Clifford Chance LLP, DLA Piper, KPMG, and Ernst & Young (EY), among others. These providers have dived primarily into technological developments for maintaining their industry competitiveness
• In March 2021, DLA Piper announced the launch of Aiscension, an AI-enabled service for finding cartel risks within corporations. The development combines DLA Piper’s legal knowledge with AI technology from Reveal. The service will be a part of DLA Piper’s enhanced legal offering named ‘Law&’
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Legal Services Market Segmentation
Grand View Research has segmented the global legal services market on the basis of services, firm size, provider, and region:
Legal Services Outlook (Revenue, USD Billion, 2014 – 2025)
• Real Estate
Legal Services Firm Size Outlook (Revenue, USD Billion, 2014 – 2025)
• Large Firms
• Medium Firms
• Small Firms
Legal Services Provider Outlook (Revenue, USD Billion, 2014 – 2025)
• Private Practicing Attorneys
• Legal Business Firms
• Government Departments
Legal Services Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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