The global legal services market size is estimated to attain USD 1,045.2 billion, by the end of 2025, and is projected to grow at the CAGR of 4.1% during the forecast duration, 2019 to 2025, as per the new report by Million Insights. Increasing use of new & advanced technologies in legal services are projected to boost market growth. Additionally, companies are now emphasizing on delivering transparency to clients which, in turn, is expected to foster market growth.
Companies in law are utilizing chatbots for the time-saving and optimizing process of work. Chatbots help in digitizing information related to law firms and other processes. Chatbots are capable of tracking automated conversations through following up measures. This helps to track on non-receptive clients’ information.
Several law firms focus on mitigation of risks to clients through the use of efficient information management. Thus, document automation solutions are highly preferred in legal services management. The document automation tool collects customer data through a questionnaire. This makes the end-user processes very easy and simple to understand the documentation.
Legal services are gaining traction in various sectors like IT & Telecom, healthcare, consumer electronics to manage automation software tools. Legal services are used to manage transactional and litigation practices through predictive analytics solution.
Social networking and digital media are projected to play a key role in the growth of legal services market. In addition, professionals in law firms are utilizing different social media platforms to perform legal tasks. Several social networking sites such as Facebook, Twitter, and LinkedIn are used by law professionals to expand their reach.
Key manufacturers in the market include DLA Piper, Ernst & Young (EY), Cliffiord Chance LLP, and Baker and McKenzie. Major players are focusing on strategic activities such as merger & acquisitions, collaboration to expand their reach across the globe.
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Further key findings from the report suggest:
• Corporate sector in legal services is projected to propel at fastest CAGR during the forecasted period. This growth is contributed to growing copyright violation, patent infringement, and audits.
• Private practicing attorney type segment is projected to grow at significant rate owing to rising opportunities in medium & small enterprises.
• The companies in the market are also changing hiring patterns according to client requirements.
• Law companies are cooperating with service providers to provide multi-disciplinary practices.
Million Insights has segmented the global legal services market based on 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 Application 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
• Asia Pacific
• Latin America
• Middle East & Africa