Legal Services Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026

Report Code: ZMR-4441 | Report Format : | Status : Upcoming |

Abstract

Global Legal Services Market: Overview

Legal services are offered by the law firms to the clients including both individual person and companies. The law firms advise the clients about their legal rights & bindings along with representing the clients in the civil or criminal suits, business deals, and/or other matters requiring advice or legal support. Firms offering legal services include lawyer office, notary office, and title abstract. Key legal services offered include drafting of contracts, legal transcription, litigation review or support services, legal publishing services, and intellectual property aid services.

Global Legal Services Market: Growth Factors

Escalating need for transactional practice domains including corporate work, taxation work, and work pertaining to real estate along with legal process outsourcing to developing countries due to low costs will steer the demand for legal services market over the forthcoming years. Apart from this, favorable government legislation, steps taken by various governments to liberalize the law policies, less requirement of licensing, and removal of constraints put on FDI are some of the major factors anticipated to accelerate the market surge in the years to come. Additionally, the burgeoning demand for legal services across the Middle East and Africa and the Asia Pacific regions will provide impetus to the growth of the legal services market in the years ahead.

Moreover, the growth of the market is influenced by globalization, firms’ ability to deliver effective services, commoditization of the legal services, the onset of new technologies, and evolution of expert legal service providers. Nonetheless, the growing pressure on acceptance of alternative fee arrangement along with clearness in the billing methods can put brakes on the growth of the industry in the years to come. Furthermore, differences observed in the legal procedures of various nations may pose a challenge to the growth of the overall market in the ensuing years.

Global Legal Services Market: Segmentation

The legal services market can be classified into the type of services, type of service providers, end-user industry, and type of practice. Based on the type of services, the market for legal services can be segregated into B2B Legal Services, Criminal Law Practices, B2C Legal Services, and Hybrid Commercial Legal Services. On the basis of type of service providers, the industry can be sectored into Large Law firms as well as SME Law Firms. Based on the end-user industry, the industry can be divided into Manufacturing, Services, Energy & Utilities, Finance, and IT. On the basis of type of practice, the legal services industry can be segmented into Patent Litigation, Corporate, Litigation, Tax, Real Estate, Labor Employment, and Bankruptcy. 

Global Legal Services Market: Regional Analysis

The European market is predicted to witness a lucrative surge over the forthcoming years due to a large presence of lawyers offering these services in countries like Spain. Apart from this, the increase in the foreign direct investments in the region will further boost the regional market growth trends.

Moreover, regulatory reforms along with established industry standards are expected to favorably leverage the growth of the legal services market in the North American region. Furthermore, high prominence of legal services outsourcing in countries like India due to availability of cost-effective legal experts will drive the expansion of business in the Asia Pacific zone.

Global Legal Services Market: Competitive Players

Few of the main participants in legal services market are Exigent Clutch Group, United Lex, SDD Global Solutions, Quattro BPO, Tusker Group, Lexadigm Solutions LLC, Acumen Legal Services Pvt. Ltd., Lex Outsourcing, LawScribe, Inc., Clairvolex Knowledge Processes Pvt. Ltd., Legal Advantage, New Galexy, Cobra Legal Solutions, CPA Global, Evalueserve SEZ, Infosys Limited, Integreon, Lason, Lexplosion, LexSphere, Mindcrest, Office Tiger, Pangea3, Quislex, and Wipro Limited.

Global Legal Services Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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