Insights Into The Global Legal Services Market 2022-2031 Forecast Period

Legal Services Market Report by The Business Research Company covers legal services market size, drivers, restraints, key players, and the impact of COVID-19.

LONDON, GREATER LONDON, UK, August 19, 2022 /EINPresswire.com/ -- As per The Business Research Company's "Legal Services Global Market Report 2022”, the 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 growth in the legal services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The legal services market growth is expected to reach $1112.75 billion in 2026 at a CAGR of 9.0%. Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms.

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Key Trends In The Legal Services Market
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.

Overview Of The Legal Services Market
The legal services market consists of the sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client. The legal services market is segmented into B2B legal services; B2C services; hybrid services and criminal services.

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Legal Services Global Market Report 2022 from TBRC covers the following information:

Market Size Data
Forecast period: Historical and Future
By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
By countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Market Segmentation
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
By Geography: The global legal services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America holds the largest share in the market.

Major market players such as Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Dentons, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP and Jones Day.

Trends, opportunities, strategies and so much more.

Legal Services Global Market Report 2022 is one of The Business Research Company’s comprehensive reports that provides an overview of legal services market. The legal services market outlook analyzes legal services market size, legal services global market growth drivers, legal services market segments, legal services global market major players, legal services global market growth across geographies, and legal services global market competitors’ revenues and market positioning. The legal services industry analysis enables you to gain insights on opportunities and strategies, as well as identify countries and segments with the highest growth potential.

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