About Legal Services
Legal services are described as an important consideration for any owner of the business, but especially for small business owners, who many times face a number of legal hurdles. Protecting the owner's personal assets from various lawsuits against the business, wrongful termination, ensuring protection for the business against lawsuits charging discrimination, and sexual harassment, and handling the employee contracts, incorporation and copyright claims are just a few of the legal issues which commonly face by the small business owners. Companies of Legal services advise their clients (individuals or corporations) about legal responsibilities and rights and represent clients in business transactions, civil or criminal cases, and other matters in which the legal advice and other assistance are sought.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Legal Services market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Deloitte (United States), Latham & Watkins (United States), Baker & McKenzie (United States), DLA Piper (United Kingdom), Skadden (United States), Arps (United States), Slate (United Kingdom), Kirkland & Ellis (United States), Allen & Overy (United Kingdom) and Jones Day (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Sidley Austin (United States) and Morgan, Lewis & Bockius (United States).
Segmentation Overview
AMA Research has segmented the market of Global Legal Services market by Type (B2B Legal Services, B2C Legal Services, Criminal Law Practices and Hybrid Commercial Legal Services), Application (Finance, Manufacturing, Energy & Utilities and IT and Others) and Region.
On the basis of geography, the market of Legal Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Practise, the sub-segment i.e. Litigation will boost the Legal Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand for hashtag trademarking services from businesses that are looking to expanding their business through social media platforms and Legal process outsourcing to cut costs
Market Growth Drivers:
Going forward, faster economic growth and globalization resulting in faster growth of the legal services market
Challenges:
Imposing of regulatory factors by government associated with the legal services market
Restraints:
Rising costs and reduction in free trade
Opportunities:
Economic growth and an increase in the size of the educated middle classes
Market Leaders and their expansionary development strategies
In August 2023, eDiscovery vendor Consilio is set to acquired flexible legal services provider Lawyers On Demand (LOD) and SYKE, the UK headquartered legal technology consultancy that LOD invested in in 2021. The acquisition will extend Consilio’s enterprise legal services business to Europe, the Middle East, Africa, Asia, and Australia, as well as expand its current UK business.
In March 2024, Proxiio Global Solutions, an alternative legal services provider headquartered in India, has launched in the United States (US). Proxiio was founded in Gurugram, Delhi NCR, with strategic sales and marketing leadership based in the United States. This expansion is spearheaded by Dominic Hithon, from TransPerfect Legal Solutions and LIGL, as VP of Sales, and Peter Vazquez, formerly of Consilio and Xact Data Discovery, as VP of Business Development.
Key Target Audience
Legal Services Providers, Professional and Managed Service Providers, Financial Institutes and Venture Capitalists, System Integrators, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.