Legal Services Market Demand, Growth And Development Trends By 2022 - 2030.

The global legal services market size was valued at USD 849.28 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028. The introduction of Artificial Intelligence (AI) has transformed the legal industry. Software with AI capabilities plays a vital role in enabling lawyers and law firms to save time. Automation software enables more efficient document production and proofreading. Team collaboration software helps to further streamline the execution of documentation processes. These developments and technologies offer greater value to lawyers by helping them decrease their expenses and increase convenience.

Gather more insights about the market drivers, restrains and growth of the Global Legal Services market

Advanced technologies such as AI and Machine Learning (ML) aid professionals to automate several processes and utilize their time and resources on more critical legal operations. These technologies help organizations in drafting and reviewing contracts and mining documents in discovery and due diligence. Big data analytics is also expected to offer promising growth prospects. This has led to the growth of several startups such as InvestCEE Tanacsado Kft., FiscalNote, and Ravel law, which offer advanced analytical insights to their clients.

The use of legal library applications such as LawSauce, NotaryCam, and iLegal Legislation has become common, enabling people and lawyers to access legal services in a hassle-free manner. Service providers are also providing in-house digital strategies to transform and enhance a company’s processes and activities. By applying AI and ML to large datasets, law firms can identify former unknown correlations among data, thereby providing them with enhanced capacity to mitigate risk, optimize delivery, predict outcomes, and tailor solutions to consumer demands.

Furthermore, there has been a steady rise in the adoption of cloud technology by law firms and legal departments. The implementation of stricter rules and regulations is making cloud computing a safer space for managing critical files and client information. Cloud computing also facilitates the implementation of practice management software, which provides clients with access to documents via a client portal. Clio, MyCase, and NetDocuments are the most popular legal-specific cloud service providers.

Browse through Grand View Research's Communication Services Industry Research Reports.

Music Streaming Market - The global music streaming market size was valued at USD 29.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. The rising penetration of digital platforms and the growing use of smart devices are anticipated to boost the market growth over the forecast period.

Online Grocery Market - The global online grocery market size was valued at USD 285.70 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.3% from 2022 to 2030. The changing shopping preferences of consumers in the wake of the outbreak of the pandemic and the unabated growth of the e-commerce industry are expected to drive the growth of the market over the forecast period.

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 Services Outlook (Revenue, USD Billion, 2018 - 2028)

• Taxation
• Real Estate
• Litigation
• Bankruptcy
• Labor/Employment
• Corporate

Legal Services Firm Size Outlook (Revenue, USD Billion, 2018 - 2028)

• Large Firms
• Medium Firms
• Small Firms

Legal Services Provider Outlook (Revenue, USD Billion, 2018 - 2028)

• Private Practicing Attorneys
• Legal Business Firms
• Government Departments
• Others

Legal Services Regional Outlook (Revenue, USD Billion, 2018 - 2028)

North America

• U.S.
• Canada

Europe

• U.K.
• Germany

Asia Pacific

• China
• Japan
• India

Latin America

• Brazil
• Argentina
• Chile

Middle East and Africa

Market Share Insights

November 2020 - Clifford Chance, a U.K.-based multinational law firm, renewed its global partnership with the WEFCOS (Women's Forum for the Economy & Society).

January 2020 - Baker McKenzie, a U.S.-based multinational law firm, collaborated with SparkBeyond, an AI-based problem-solving platform provider, to implement SparkBeyond's technology to disrupt the industry.

Key Companies profiled:

Some prominent players in the global Legal Services market include

• Baker & McKenzie
• Clifford Chance LLP
• Deloitte
• DLA Piper
• Ernst & Young (E&Y)
• Kirkland & Ellis LLP
• KPMG
• LATHAM & WATKINS LLP
• PwC
• Skadden, Arps, Slate, Meagher & Flom LLP

Order a free sample PDF of the Legal Services Market Intelligence Study, published by Grand View Research.