$713+ Billion Legal Services Global Market to 2030 - Identify Growth Opportunities for Investment - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 5, 2021--
The “Legal Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers, and senior management with the critical information they need to assess the global legal services market as it emerges from the COVID-19 shut down.
The legal services market reached a value of nearly $713.7 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015. The market is expected to grow from $713.7 billion in 2020 to $908.26 billion in 2025 at a rate of 4.9%. The market is then expected to grow at a CAGR of 4.8% from 2025 and reach $1,145.9 billion in 2030.
- Kirkland & Ellis LLP
- Latham & Watkins LLP
- DLA Piper
- Baker & McKenzie
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- Clifford Chance LLP
- Sidley Austin LLP
- Morgan, Lewis & Bockius LLP
- Allen & Overy LLP
- Linklaters LLP
- Beijing Yingke Law Firm
- Dacheng Law Offices
- Rajah & Tann
- Allen & Gledhill LLP and
- Tilleke & Gibbins
- ZICO Law
- Nishimura & Asahi
- Amarchand & Mangaldas & Suresh A. Shroff & Co
- Kim & Chang
- And Many More!
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North America was the largest region in the legal services market, accounting for 56.3% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the legal services market will be South America, and Africa, where growth will be at CAGRs of 14.1% and 8.0% respectively. These will be followed by Asia Pacific, and Eastern Europe where the markets are expected to grow at CAGRs of 7.2% and 7.1% respectively.
The legal services market is expected to be negatively impacted due to the spread of COVID-19. The market faced several issues such as closures of law firms, the slowdown in services, absence of clients, cancellation of appointments and agreements by clients, decrease in the available workforce due to illness or isolation and difficulty to holding specific meetings and services. According to a study by Clio, around 77% of the legal professionals surveyed stated they faced a disruption in day-to-day activities due to COVID. Around 56% of legal professionals surveyed also faced a significant decrease in the number of people reaching out their law practice for services. This is expected to negatively impact the market.
The legal services market is highly fragmented, with a large number of small players operating in the market. The top five competitors in the market made up to 3.82% of the total market in 2019. The key players in the industry are focusing on expanding their geographical presence in market through strategic partnership and collaborations with existing domestic players. Major players I the market includes Kirkland & Ellis LLP, Latham & Watkins LLP, DLA Piper, Baker & McKenzie, and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.
The top opportunities in the legal services market segmented by type of service will arise in the B2B legal services segment, which will gain $104.3 billion of global annual sales by 2025. The top opportunities in segment by size of a law firm will arise in the large law firms segment, which will gain $154.7 billion of global annual sales by 2025. The top opportunities in segment by end user will arise in the financial services segment, which will gain $61.8billion of global annual sales by 2025. The legal services market size will gain the most in the USA at $72.9 billion.
For more information about this report visit https://www.researchandmarkets.com/r/u3rwri
View source version on businesswire.com:https://www.businesswire.com/news/home/20210705005179/en/
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Research and Markets
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PUB: 07/05/2021 09:43 AM/DISC: 07/05/2021 09:43 AM