The Business Research Company Global Legal Services Market Report 2021: Impact and Recovery of COVID-19 through 2030
LONDON, GREATER LONDON, UK, January 5, 2022 /EINPresswire.com/ – The legal services market will rebound under the impact of COVID-19 and reflect the economic fortunes of different regions. In 2020, the global market was dominated by North America. The growing demand for legal services in emerging markets, coupled with the impact of digital technologies, is likely to drive growth over the next 5 years.
The legal services market includes the sale of legal services and related goods by entities that advise clients on their legal rights and responsibilities, and represent clients in civil or criminal matters, business transactions and other matters, in whom legal advice and other assistance is sought.
After showing steady growth through 2019, the global legal services market revenue was $ 714 billion in 2020, a significant drop from $ 734 billion in 2019. The coronavirus pandemic (COVID-19) weighed on the legal services market in 2020 as governments globally imposed closures and restricted trade, limiting the need for professional services. As the impact of COVID-19 was not related to persistent or fundamental weaknesses in the market or the global economy, revenues returned to pre-pandemic levels of around $ 735 billion in 2021. The segment B2B is the largest, accounting for 54.7% ($ 391 billion) of legal service revenue.
North America is the largest region in the global legal services market, accounting for a 56% market share in 2020, with the Western Europe and Asia-Pacific regions accounting for 24% and 10% of the global market, respectively. . According to the global market model data, the market is expected to reach $ 908 billion by 2025 at a CAGR of 5% with the growth primarily in emerging markets. For example, the legal services market in South America is expected to grow (15.7% CAGR), more than four times that of North America (3.8% CAGR).
Digital technologies are proving to be drivers of transformation in the legal services market. Software with artificial intelligence (AI) capabilities plays a key role in enabling the legal services industry to increase its productivity. New software enables efficient document production, proofreading, legal research and collaborative software that further streamlines the execution of documentation processes. These developments provide greater efficiency in legal services, reduce costs, and increase speed and convenience, in a human capital-driven business. In addition, artificial intelligence and machine learning (ML) algorithms make it easier to automate more complex ‘expert’ activities such as drafting documents, reviewing contracts and exploring documents. information in the areas of discovery, due diligence, legal advice, case law and prior art. The ability to use expert systems makes it easier to use human capital to focus on more critical legal operations. Ongoing developments in Big Data analytics are expected to offer new perspectives for growth by using historical performance data to make decisions on individual cases or legal transactions, mitigate risk, optimize delivery, predict outcomes. and tailor solutions to specific customers.
At the same time, legal services firms are increasingly offering cybercrime services to their clients, due to the increasing incidence of this type of crime. Cybercrime refers to a crime committed using an Internet connection and a computer. This includes cyberbullying, counterfeiting, money laundering, embezzlement, fraud and tax evasion using the Internet and electronic devices. In the UK alone, around $ 35 billion is the estimated annual cost of cybercrime. Cybercrime firms employ lawyers, consultants, and ethical hackers with experience in crisis management, online financial theft, data loss, data privacy, and intellectual property infringement. Major data privacy and cybersecurity law firms include Latham & Watkins, DLA Piper & Skadden, Arps, Slate, Meagher & Flom. The growing concern of organizations and individuals regarding cybercrime is expected to increase the global cybercrime legal services market.
The Global Legal Services Market report is one of a series of new reports by The Business Research Company that provides Legal Services market overviews, analysis, and forecast on Legal Services market size, share, legal services market players, legal services market segments and geographies, revenue, profiles and market share of major competitors.
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