Press release
Legal Services Market Size, Share Analysis, Top Players, And Forecast To 2033
Legal Services Market
The legal services market size is expected to see steady growth in the next few years. It will grow to $1006.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice. Major trends in the forecast period include adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (alsps), launch of legal learning programs and platforms by law firms, law firms investing in data security, technology advancements..
Market Overview -
Legal services refers to any service related to the conduct of any case or other legal proceeding before any court, different authority, or tribunal, as well as the provision of legal advice. Legal service is regarded as central in providing access to justice by ensuring equality before the law, the right to counsel and the right to a fair trial.
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Rising Demand For Cybercrime Legal Consulting Services Amidst Escalating Cyber Threats
Due to the increasing incidence of cybercrime, law firms around the world are offering cybercrime legal consulting services to their clients. 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 the internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrime. 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. Global demand for cybercrime legal consulting services is expected to rise as organizations and individuals become more concerned about cybercrime.
Competitive Landscape -
Major companies operating in the legal services market report are Johnson Matthey Plc, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, DSK Legal, Baker McKenzie, Uría Menéndez, Latham & Watkins, Szuchy Ügyvédi Iroda, J Sagar And Associates (JSA), Amarchand and Mangaldas and Suresh A. Shroff and Co, Norton Rose Fulbright, ZICO Law, Allen and Gledhill LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Kim and Lee LLC, King and Wood Mallesons, Dudkowiak and Kopec Business Layers, Jones Day, Nishimura and Asahi, Heskia-Hacmun Law Firm, Beijing Yingke Law Firm, Kirkland & Ellis LLP, Dacheng Law Offices, Kim and Chang, Gleiss Lutz, Luther, Cuatrecasas Gonçalves Pereira, Flick Gocke Schaumburg, BonelliErede, Han Kun Law Offices, Meagher & Flom, Arendt and Medernach, Garlicke and Bousfield, Hogan Lovells, Nagashima Ohno and Tsunematsu, Liouta and Partners Law Firm, Osler, Slate, DLA Piper, Lobo de Rizzo Advogados, Fidal, Elham Ali Hassan & Associates, CGO Finance sp. z o.o., Andrékó Ferenczi Kinstellar Ügyvédi Iroda, Webber Wentzel, Linklaters, SEgorov Puginsky Afanasiev and Partners, India Law Offices LLP, Cravath Swaine & Moore, Tilleke and Gibbins, Arps, VJT and Partners Law Firm, Menwer & Associates, Pinheiro Guimarães, Hoskin & Harcourt, Jun He Law Offices, KPMG, Demarest Advogados, Loyens and Loeff, Sidley Austin LLP, Carpena Advogados Associados, Al Sulaiti law firm, Al Tamami & Co., Heuking Kühn Lüer Wojtek, Alya Al Zeera, ASAR Al Ruwayeh and Partners, Mischcon de Reya, Erward Nathan Sonnenbergs, Afridi & Angell, Garrigues, Cliffe Dekker Hofmeyr, Eversheds Sutherland, Rajah and Tann, B M Musau and Company, Dentons and Pepeliaev Group, Bitala and Co Advocates, Bowmans
Development Of Products To Drive The Revenues Of Legal Services Market
Major companies operating in the legal services market are developing new products such as legal generative AI platforms to meet larger customer bases, more sales, and increase revenue. A legal generative AI platform is a software tool that uses artificial intelligence (AI) to assist legal professionals in their work. For instance, in May 2023, LexisNexis, a US-based software company, launched Lexis+ AI, a generative AI platform for the modernization of legal services. In order to give consumers reliable, thorough legal results with unsurpassed speed and precision and supported by verifiable, citable authority, Lexis+ AI is constructed and trained on the largest archive of accurate and exclusive legal content. Through the use of advanced security and privacy technologies, the new Lexis+ AI technology offers conversational search, smart summarization, and intelligent legal writing capabilities. By offering a search experience for a variety of legal issues with citations, conversational search makes the difficult and time-consuming process of conducting legal research simpler and more successful for lawyers.
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Key Segments -
The legal services market covered in this report is segmented -
1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices
2) By Type Of Practice: Litigation, Corporate, Labor or Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M And A, Antitrust, Environmental)
3) BY Size: Large Law Firms, SME Law Firms
4) By Mode: Online Legal Services, Offline Legal Services
5) By End User: Individuals, Financial Services, Mining and Oil & Gas, Manufacturing, Construction, IT Services, Others
Sub segments: B2B Legal Services - Large Law Firms, B2B Legal Services - SME Law Firms, B2C Legal Services - Large Law Firms, B2C Legal Services - SME Law Firms, Criminal Law Practices - Large Law Firms, Criminal Law Practices - SME Law Firms, Hybrid Legal Services - Large Law Firms, Hybrid Legal Services - SME Law Firms.
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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