Top Five Trends In The Global Legal Services Market 2021 By The Business Research Company

The global legal services market report describes and explains the legal services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region. The legal services market is segmented by type of law service into B2B legal services, B2C legal services, hybrid legal services and criminal law practices; by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy and others (regulatory, M&A, antitrust, environmental); by end-user into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others.

LONDON, Feb. 10, 2021 (GLOBE NEWSWIRE) --

New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact:

According to The Business research company’s Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030, the global legal services market size 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

Major trends influencing the legal services market are –

      1.Law Firms Investing In Data Security:

An increasing number of law firms are investing in data security technologies to safeguard clients' data following the growing incidence of cybercrimes. Law firms dealing with criminal cases possess confidential data regarding case details, witness statements, financial disclosures, and property details. Companies are adopting various technologies and practices to safeguard clients' data, which include two-factor authentication, email encryption, risk assessment, and breach response plans. 

      2.Rising Hashtag Trademark Registrations:

Companies in the legal services market are witnessing rising demand for hashtag trademarking services from businesses that are looking to expanding their business through social media platforms. A hashtag refers to a hash sign (#) used before a word or a phrase to identify specific topics and themes, especially on social media platforms.

      3.Alternative Legal Service Models:  

In the legal marketplace, clients are seeking criminal law assistance from non-lawyer professionals for less serious services. Non-lawyer professionals include paralegal technicians, legal document preparers, legal self-help websites, virtual assistants and offshore legal vendors. These new sources are enabling disadvantaged populations to access civil legal advice services at affordable rates to deal with legal issues such as contract law, patent law, bankruptcy law, tax law and divorce cases. Since legal services costs are rising, new legal delivery models are emerging to offer affordable legal services to a large proportion of the population.

Large law firms are increasingly acquiring smaller companies in geographies where they have a limited presence to enable them to offer a wide range of services in multiple geographies. Some law firms are looking at legal networks as an alternative to offer their services in multiple geographical locations. Legal networks are structured networks of small firms that offer tailored services. Advantages of legal networks include central co-ordination, single point of billing and local advice delivered through a well-established network.

      5.Growing Cyber-Crime Consulting Services:
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.
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. 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 in the market includes Kirkland & Ellis LLP, Latham & Watkins LLP, DLA Piper, Baker & McKenzie, and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

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Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provide legal services market overview, forecast legal services market size and growth for the whole market, legal services market segments, and geographies, legal services market trends, legal services market drivers, restraints, leading competitors’ revenues, profiles and market shares.

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