Major companies in the legal services market include Latham & Watkins; Kirkland & Ellis LLP; Baker & McKenzie; Skadden, Arps, Slate, Meagher & Flom and DLA Piper.
The global legal services market is expected to grow from $713.66 billion in 2020 to $734.56 billion in 2021 at a compound annual growth rate (CAGR) of 2.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $908.17 billion in 2025 at a CAGR of 5%.
The legal services market consists of the sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client. The legal services market is segmented into B2B legal services; B2C services; hybrid services and criminal services.
North America was the largest region in the global legal services market, accounting for 56% of the market in 2020. Western Europe was the second largest region accounting for 24% of the global legal services market. Africa was the smallest region in the global legal services market.
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. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. The growing concern of organizations and individuals about cybercrimes is expected to increase the cybercrime legal consulting services market globally.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the legal services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the legal services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.?
Political Trade Agreements Reforms - Globally, changes in political structure, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increases the demand for legal services. For instance, the UK’s exit from the European Union is expected to increase the demand for law services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have set up specialized BREXIT teams and hotlines staffed with lawyers to help clients with a smooth transition. Going forward, the USA’s withdrawal from the Trans-Pacific Partnership, Paris Agreement, and South Korea trade deal is expected to further drive the demand for legal services in the future.
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108 pages •
By Global Industry Analysts
• Sep 2020
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