For legal, regulatory and other reasons, not all member firms, their affiliates or their related entities provide legal services or are associated with Deloitte Legal practices. The Legal Services industry is predominantly comprised of small firms. That means, the report advises, that UK law firms need to target their service offerings to clients to best address the areas in which clients are indicating they most need assistance in order to capture a larger share of this spending. London. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. ", To understand key trends, Download Sample For qualitative research, like focus groups or interviews, write out answers and compare notes later. This has created numerous opportunities for litigation service providers. Free business intelligence platform with subscription, 4. The legal business firms invest in business development tactics, such as client education, pipeline management, local community activities, and public relations. The 2021 State of the Legal Market Report. With the help of social listening and monitoring tools, brands can gather relevant data to make more informed marketing decisions. Your transaction & personal information is safe and secure. . Key factors that are driving the legal services market growth include technological disruptions in the legal industry and a rise in the number of alternative legal service providers. Due to the stagnant growth of the market over the years, some firms have started to either lower their expenses or raise their rates since they find it challenging to maintain profitability. An array of technologies are being deployed to provide legal services at a cheaper, more efficient, and improved standard. Report. To use individual functions (e.g., mark statistics as favourites, set and risk management resources for todays professional services This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Meanwhile, online legal services in the United States have also grown with a market size of $9 billion as of 2020. Clicking on the following button will update the content below. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. Law firms can identify new unexplored correlations among data by using ML and AI to large datasets, enabling their increased capacity to mitigate risk, tailor solutions, optimize delivery, and forecast outcomes to consumer demands. (IBISWorld, 2020) The average revenue growth across the legal market in 2019 was 5.4%. Report scope can be . Permanent, full-time. U.S. After having bounced back strongly in 2021, the UK legal market is poised for continued growth this year, says Lucinda Case, head of Legal Professionals Europe for Thomson Reuters, adding that businesses are anticipating an increased need for legal services such as regulatory work, mergers & acquisitions, and labor & employment. Another noticeable development in the industry is a growing demand for Alternative Legal Services Providers (ALSPs), which is projected to encourage paralegals to establish new businesses. Currently, the typical UK buyer spends $13 million on legal services annually, compared to a global average spend of $19.9 million more than one-third less. What are the key factors driving legal services market growth. State of the Law Firm Hiring Market - Fall/Winter 2020. Tactile Systems Technology, is a medical technology company focused on developing medical devices for the treatment of patients with underserved chronic diseases at home, October 2022: Kirkland & Ellis advised Nordic Capital, a leading European private equity investor, on the recently closed Nordic Capital Fund XI. legal content, expertise, and technology, Find essential resources Law firms are looking into different ways to assist their clients in minimizing risk and compliance costs by assisting them in better managing information, paving the road for the adoption of document automation software in legal services. As a Premium user you get access to the detailed source references and background information about this statistic. Even though it is far from clear how long the crisis will last and what effects it will haveit is already possible to identify changes and foresee certain developments. In addition, the service providers involved in third-party legal financing and litigation funding are gradually expanding their global capacity and diversifying their jurisdiction range. Some of the legal tech use cases are: e-Discovery & e-Records: E-discovery and e-records help keep track of documents in an organised manner. Large firms have an advantage with serving large MNCs, Government, corporate giants with a wide range of needs but the small firms usually compete by successfully providing expertise and superior outcomes in a local situation. For information, contact Deloitte Global. Firms can improve their decision-making capabilities by using predictive analytical technologies. 233 0 obj Similarly, In November 2021, EY announced its acquisition of TAO Leadership Development, Inc., a consultancy that focuses on enabling a fast-paced culture change and organizational transformation in enterprises. The coronavirus disease (COVID-19) restrained the legal services market in 2020 as governments imposed lockdowns and restricted trade globally, thereby limiting the need for professional services. |BGu?W$L2 The Legal Services Market is segmented by end users (Legal Aid Consumers, Private Consumers, SMEs, Charities, Large Businesses, and Government), by application ( Corporate, Financial and Commercial Law, Personal Injury, Commercial and Residential Property, Wills, Trusts and Probate, Family Law, Employment Law, Criminal Law, and Other Applications), by services (Representation, Taxation, Litigation, Bankruptcy, Advice, Notarial Activities, and Research), and by geography ( North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). <> Financial. 1. Please fill out the form below for a free PDF report sample & The report explores how issues unfolded in the market and the implications for all those legal leaders looking to make the right strategic decisions in 2022, to include: Explore a collection of articles, white papers, and more to see how Thomson Reuters technology can help you work smarter and faster. b. By the end of 2022, more than 80% of law organisations are expected to adopt the following technologies- Smart Contract, Predictive Analytics and Decision Support Tools and along with that $3.2 billion was the valuation of the AI legal technology market in 2018 which is expected to rise with a CAGR of 36% by 2026. These reports are designed to provide a wholistic view of the global Law industry. All Rights Reserved to Mordor Intelligence. Globally, four in 10 corporate clients are anticipating an increase in legal. The law firms in the law industry provide legal services of lawyers, barristers, legal practitioners, solicitors and legal aid officers to individuals, businesses, government agencies and nonprofit organizations. Due to varying update cycles, statistics can display more up-to-date Cushman & Wakefield's Legal Sector Advisory Group (LSAG) is proud to present our 9th annual 2022 Bright Insight . Please be sure to check your spam folder too. Click here. statistic alerts) please log in with your personal account. This product is a market research report. At no time has it been more tested or more valued in our leaders and each other. They were placed on your computer when you launched this website. HtWIsG@r8NEvEjdWc^U.Vq tw7|99;g~C.MO/Ou;gN;~ .%oy z5kxdm6 wK+zBt X_9Hcw?Oyxyr6 ['KY.__8h11d\67[,n>ywN0&:HfBL&dI1RtN~2`77O:pOO/+oyO7.Vkek{'_Fc{G-v Explore purchase options. The market research on . Major firms in law industry include Baker & McKenzie, Gibson, Dunn & Crutcher, Greenberg Traurig, Latham & Watkins, Clifford Chance and Linklaters. Deloitte Legal means the legal practices of DTTL member firms, their affiliates or their related entities that provide legal services. The coronavirus disease (COVID-19) restrained the legal services market in 2020 as governments imposed lockdowns and restricted trade globally, thereby limiting the need for professional services. 'vZFE5r}Znd8 `V91tGa*#ch^X-!"[{]fT:['**+YX-un($ E)BHomH5U*U S+R+u_UfP&1:ZX\D]R4TFQ B About Us; Free Tools. The legal industry is experiencing long-overdue changes brought about by Covid-19, new technologies, and new consumer habits. Reuters, The 2023 Canadian Legal Market Update: Exhibiting stability, while embracing change, Australian Legal Market Midyear Update: Signals of a midyear turnaround evident, 2023 State of the Courts Report: Moving toward modernization, Technology and talent are needed to manage the new global trade arena: Podcast, Reimagining lawyer compensation models: Lessons from the Law Firm COO & CFO Forum, ACAMS: Crypto scams targeting seniors are on the rise, but so are efforts to prevent them, Innovation Sector data for your market research in the UK Health The food industry Agriculture Transport Housing Energy Education Innovation Also worth consulting Official national statistics First of all, you will need to find out about the area in which you wish to set up your business. Research consisted of 243 web-based surveys and 30 long-form qualitative interviews. Europe and the United States lead the industry overall. Our support available to help you 24 hours a day, five days a week. The Legal Services Market is studied from 2019 - 2028. endstream View All. Read Article. We are GDPR and CCPA compliant! As a Premium user you get access to background information and details about the release of this statistic. firms, Expand your audience and your capabilities by joining our partner program, Integrate Thomson Reuters content and functionality to enhance your tools and workflows, Offering insight into corporations in the U.S. and abroad, Insights on issues concerning environmental, social, and governance topics, A look into the inner workings of government and the courts, Legal coverage focusing on the business and practice of law, Featuring an expanded insight into the world of tax professionals, Technology and innovation resource center, Exploring how technology and innovation will influence the evolution of future services, About Thomson LONDON Over the past year, the continuing impact of the global pandemic and the aftermath of Brexit has weighed heavily on the United Kingdoms legal market, leaving law firms there to navigate their clients through uncharted waters such as how the move away from the European Union will affect the region and how best to manage evolving trade, labor, regulatory, and compliance landscapes in the new environment. Data was collected between September 2015 and February . Privacy Policy. & account inquiries, For CA: Do not sell my personal information. Gartner provides the insights, tools and advice legal departments need to make smart legal technology investments with confidence, develop a long-term legal technology strategy without the vendor hype, and fully realize the power of legal technology to automate workflows and increase legal department . The global legal services market size was estimated at USD 901.79 billion in 2021 and is expected to reach USD 952.29 billion in 2022. b. Artificial intelligence (AI), natural language processing (NLP), and robotic process automation (RPA) are just some of the tools used to facilitate this, both in business-to-business (B2B) and business-to-consumer (B2C) settings. Please do not hesitate to contact me. The legal sector has been revolutionized by the emergence of Artificial Intelligence (AI). Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars) [Graph]. Furthermore, law firms have begun to employ predictive analytics technologies to study massive datasets to extract information, recognize patterns, and forecast trends. b. Usually the demand for legal services across the world keeps rising and falling with fluctuations in the volume of court cases and civil and commercial legal transactions. 2023. Legal Marijuana Market Size, Share & Trends Analysis Report by Product Type (Flower, Oil and Tinctures), by Application (Medical, Adult Use), by Region (North America, Europe, APAC, LATAM, Africa), and Segment Forecasts, 2022-2030 . This website is secure and your personal details are safe. The merger and acquisitions (M&A) market has been hit severely by the COVID-19 crisis. The European legal services market generated approximately $195 billion in 2010, and estimated value is to reach $247 billion by 2015 and the US legal services generated approximately $240 billion in 2010 and it is expected to generate $300 billion by 2015, according to MarketLine. Available: https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/, Legal tech market revenue worldwide from 2021 to 2027, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Attorney workforce in France 2020, by bar association, Legal tech startups in France 2021, by activity sector, Public legal sector workforce in France 2022, by profession, Magistrates active in the legal system in France 2016-2021, Justice system personnel in France 2021, by entity, Expenses incurred by the legal system in France 2016-2021, by legal item, Budget of the French public legal system 2016-2021, by legal entity, Public legal sector profits in France 2020, by profession, Public legal sector turnover in France 2020, by profession, Personnel working for the leading business law firms in France 2020, by employee type, Distribution of the French legal workforce in 2020, by employment type, Distribution of the French legal workforce in 2020, by specialization, Breakdown of the turnover generated by lawyers in France 2020, by client type, Gender composition of the legal workforce in France 2020, by profession, Top 5 work aspects lawyers are satisfied with in France 2021, Challenges perceived and prioritized by lawyers in France 2021, Largest corporate law firms in France 2020 by revenue per lawyer, Economic impact of COVID-19 on French law firms 2021, Corporate law firm partners moves in France 2006-2021, Leading legal tech firms in France 2020, by value of investments received, VC investments received by legal tech firms in France 2017-2020, Legal tech start ups in France 2020, by revenue class, Legal tech startups in France 2020-2021, by revenue growth, Legal tech startups in France 2021, by region, Client profile of legal tech start ups in France 2020, Impact of the COVID-19 crisis on legal techs in France 2020, Obstacles faced by legal tech startups in France 2021, Legal services firms in U.S. 2010-2018, by size, Biggest IT security threat to law firms in the U.S. 2017, Top U.S. law firms by number of antitrust plaintiff cases 2013-2017, Top U.S. law firms by number of product liability defendant cases 2013-2017, Revenue of the leading legal services firms worldwide 2014-2016, Top U.S. law firms by number of copyright plaintiff cases 2013-2017, Chicago law firms by number of lawyers 2019, Domestic arbitrations, mediations and adjudications in the UK 2009-2019, Global law firms by revenue per lawyer 2021, Largest law firms in Ireland in 2016, by turnover, Boston law firms by number of lawyers 2019, Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, Europe and North America are the shining lights for legal tech. Although profit margins have been quite high in the recent years, the revenue has dropped as the declining demand for legal services due to cost cutting by business has proved to be a challenging time. Legal services include representation, advice, notarial activities, and research-related services. The total U.S. industry market size for Legal Services: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. What is the legal services market growth? Deloitte 2018 technology studyEnabling the legal function to embrace digital transformation. These include overall key growth opportunities in global Law industry. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Advanced technologies such as Machine Learning (ML) and artificial intelligence (AI) help professionals automate some processes and utilize their resources and time on vital legal operations. dollars)." 229 0 obj Kirkland & Ellis LLP, Latham & Watkins LLP, Baker McKenzie, Skadden, Arps, Slate, Meagher & Flom, Clifford Chance are the major companies operating in Legal Services Market. The top 10 market research companies accounted for over 50% of the global market research turnover in comparison to 49.6% in 2017 and total revenue of US $23.77 bn.

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