The global legal services market is expected to grow from $713.12 billion in 2021 to $788.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to reach $1112.75 billion in 2026 at a CAGR of 9.0%.
North America was the largest region in the legal services market in 2021. Western Europe was the second largest region in the legal services market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increases the demand for legal services.
Law firms around the world are offering cybercrime legal consulting services to their clients, owing to the increasing incidence of this type of crime. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrimes. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. The growing concern of organizations and individuals about cybercrimes is expected to increase the cybercrime legal consulting services market globally.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider legal services market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The legal services market section of the report gives context. It compares the legal services market with other segments of the professional services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, legal services indicators comparison.
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 & Gas; Manufacturing; Construction; IT Services; Others
By Type Of Practice: Litigation; Corporate; Labor/Employment; Real Estate; Patent Litigation; Tax; Bankruptcy; Others (Regulatory, M&A, Antitrust, Environmental)
By Mode: Online; Offline
Metrics Covered: Number of Enterprises; Number of Employees
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, legal services indicators comparison.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
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