Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "B2B Legal Services Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global B2B legal services market is expected to grow from $390.92 billion in 2021 to $432.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The market is expected to reach $610.02 billion in 2026 at a CAGR of 9.0%.
North America was the largest region in the B2B legal services market in 2021. Western Europe was the second largest region in the B2B legal services market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An Increase in the number of mergers and acquisitions contributed to the growth of the B2B legal services market. For completing mergers and acquisitions transactions, the companies require to consult legal firms for finalizing the deal. According to Refinitiv data, the total value of disclosed pending and completed deals in 2021 has already surpassed $3.6 trillion year to date, surpassing the full-year total of $3.59 trillion in 2020. The increase in the number of mergers and acquisitions drove the B2B legal services market.
The shortage of skilled workforce in the industry is expected to limit the B2B legal services market. The effects of skilled workforce shortage are high turnover rate, ineffective staff management, increased business expenses, and loss of customers. According to new study into the extent of the skills shortage conducted by The Lawyer in 2021, 58% of legal organisations are currently feeling the strain of a lack of competent workers. The shortage of qualified workforce reduces the effectiveness of the firms output and negatively affects B2B legal services market.
Legal service firms are using blockchain to provide a secure way to make transactions and record that transparently. Blockchain is open, distributed ledger that record transactions between the two association or companies efficiently and permanent way. According to a law firm research report in 2020, 41% of law firms will employ blockchain in transactional legal services, 21% for business assistance, and the remaining 31% for high-value legal services.
Smart contracts are created digitally and verifiable since they are on the blockchain. Smart contracts help lawyers spend more time on legal advising instead of drafting legal documents. For instance, Chainlink is a start-up that developed technology that relies on data from multiple sources and makes smart contracts more attractive. Blockchain and smart contracts offer several advantages such as secure transactions, transparent records, less paperwork, and more time for advising clients.
Markets Covered:
- By Service Type: Civil or Criminal; Mergers and Acquisitions; Business Transactions; Others
- By End-user: Listed Corporations; Government Institutions; Small and Medium-sized Enterprises; High Net worth Individuals; Others
- By Size of Law Firm: Large law firms, SME law firms
Companies Mentioned
- Latham & Watkins LLP
- Kirkland & Ellis LLP
- DLA Piper
- Baker & McKenzie
- Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- Sidley Austin LLP
- Morgan, Lewis & Bockius LLP
- Linklaters LLP
- Jones Day
- Allen & Overy LLP
For more information about this report visit https://www.researchandmarkets.com/r/d8z0gg
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