Of course, this may be partially explained by the fact that the average UK buyer keeps 44% of its legal work in-house, compared to the global average of 38%. h T pE`Owi^&I\hB8M Investigation support and legal research ; As a relatively new phenomenon in the legal industry, new service categories are constantly emerging in the growing ALSP market. Similarly, In November 2021, EY announced its acquisition of TAO Leadership Development, Inc., a consultancy that focuses on enabling a fast-paced culture change and organizational transformation in enterprises. The COVID-19 pandemic led to an increased demand for civil legal services. Use Ask Statista Research Service. The reports covering Law industry offer trends analysis of various types. In November 2021, Clifford Chance LLP partnered with Green Map System, Inc., an independent non-profit organization, to offer assistance and advice on the design and implementation of the International Guarantee Trust Fund program to facilitate the deployment of renewables on a large scale. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The fund was closed at its hard cap with aggregate capital commitments of 9 billion. Get in touch with us. These technologies enable businesses to draft and evaluate contracts and mining and due diligence of documents. Please check with your bank for further details. dollars)." Those UK law firms that emphasize a holistic approach that focuses on thoroughly understanding a clients business and applying proactive legal service supported by efficiency-enhancing technologies are likely to be most sought after by clients.. Qb1m,&neQ/@tmJ&[3k@u>+cQc%J1NbwF! decisions about benefits. Legal Research: Legal research tools are constantly evolving thanks to the rise of technology. The content, technology and expertise that you need to run your legal business. (August 10, 2022). <> Law Firms in the US industry statistics As we recover, reopen, and rebuild, its time to rethink the importance of Trust. Please select an option from the list below. It is a form of practical education that is more than just a process - it should be meaningful, continuous and ongoing. Available: https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/, Legal tech market revenue worldwide from 2021 to 2027, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Attorney workforce in France 2020, by bar association, Legal tech startups in France 2021, by activity sector, Public legal sector workforce in France 2022, by profession, Magistrates active in the legal system in France 2016-2021, Justice system personnel in France 2021, by entity, Expenses incurred by the legal system in France 2016-2021, by legal item, Budget of the French public legal system 2016-2021, by legal entity, Public legal sector profits in France 2020, by profession, Public legal sector turnover in France 2020, by profession, Personnel working for the leading business law firms in France 2020, by employee type, Distribution of the French legal workforce in 2020, by employment type, Distribution of the French legal workforce in 2020, by specialization, Breakdown of the turnover generated by lawyers in France 2020, by client type, Gender composition of the legal workforce in France 2020, by profession, Top 5 work aspects lawyers are satisfied with in France 2021, Challenges perceived and prioritized by lawyers in France 2021, Largest corporate law firms in France 2020 by revenue per lawyer, Economic impact of COVID-19 on French law firms 2021, Corporate law firm partners moves in France 2006-2021, Leading legal tech firms in France 2020, by value of investments received, VC investments received by legal tech firms in France 2017-2020, Legal tech start ups in France 2020, by revenue class, Legal tech startups in France 2020-2021, by revenue growth, Legal tech startups in France 2021, by region, Client profile of legal tech start ups in France 2020, Impact of the COVID-19 crisis on legal techs in France 2020, Obstacles faced by legal tech startups in France 2021, Legal services firms in U.S. 2010-2018, by size, Biggest IT security threat to law firms in the U.S. 2017, Top U.S. law firms by number of antitrust plaintiff cases 2013-2017, Top U.S. law firms by number of product liability defendant cases 2013-2017, Revenue of the leading legal services firms worldwide 2014-2016, Top U.S. law firms by number of copyright plaintiff cases 2013-2017, Chicago law firms by number of lawyers 2019, Domestic arbitrations, mediations and adjudications in the UK 2009-2019, Global law firms by revenue per lawyer 2021, Largest law firms in Ireland in 2016, by turnover, Boston law firms by number of lawyers 2019, Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, Europe and North America are the shining lights for legal tech. In a growing market, purchasing patterns for legal services are changing. Report. Team collaboration tools might help to simplify documentation procedures even more. Along with revenue, the legal professional body is growing as well with Europe exceeded over 1,030,000 employees in 2010 and US exceeded 1,141,000 employees with growth of hiring increase of 2.5% and 1% respectively. The Legal Services Market is studied from 2019 - 2028. This segment is also projected to show significant growth during the estimated period. The State of the UK Legal Market 2022 report combines research of more than 265 senior corporate counsel and the financial results of 29 global law firms operations within the UK. In 2021, the legal tech market generated revenues of 27.6 billion U.S. dollars worldwide, with the market forecast to grow at a compound annual growth rate (CAGR) of over four percent for the. The Global Legal Services Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. 2023 State of The Legal Market Report. Please wait while we are processing your request Legal Services Market Size & Growth Analysis Report, 2030. Accessed March 18, 2023. https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/, Statista. You can also send your requirements using the contact form. We offer syndicated research reports (like country analysis, SWOT analysis, competitive intelligence, industry reports, company reports and market analysis & trends reports) and custom market research from our website MarketResearchReports.com only. to incorporate the statistic into your presentation at any time. The Legal Services industry is predominantly comprised of small firms. endobj To tell us what you think, pleaseupdate your settings to accept analytics and performance cookies. The Thailand legal cannabis market size was valued at USD 80.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 58.4% from 2022 to 2030. Policy, Increasing optimism on outside legal spending. . Build high-performing teams, improve manager effectiveness, and make informed and timely business decisions. startxref Your payment is successful. Europe and the United States lead the industry overall. HtWIsG@r8NEvEjdWc^U.Vq tw7|99;g~C.MO/Ou;gN;~ .%oy z5kxdm6 wK+zBt X_9Hcw?Oyxyr6 ['KY.__8h11d\67[,n>ywN0&:HfBL&dI1RtN~2`77O:pOO/+oyO7.Vkek{'_Fc{G-v You can get legal advice and information to solve common problems, for example about: debts. Billions of people are creating and consuming content for social media on a daily basis. Legal Services Market Outlook (2022-2032) [297 Pages Report] The global legal services industry is predicted to increase at a 4.6% CAGR during the forecast period from 2022 to 2032.The legal services market is estimated to garner a valuation of US$ 400 Billion by the end of 2022.. Development in the historical period was driven by significant economic growth in emerging nations, increasing . Please fill out the form below for a free PDF report sample & No purchase commitment. According to its data, hybrid work is "inevitable", with 73% of employees surveyed wanting flexible options to continue and 67% . Artificial intelligence (AI), natural language processing (NLP), and robotic process automation (RPA) are just some of the tools used to facilitate this, both in business-to-business (B2B) and business-to-consumer (B2C) settings. Read Article. immigration statuses. Major firms in law industry include Baker & McKenzie, Gibson, Dunn & Crutcher, Greenberg Traurig, Latham & Watkins, Clifford Chance and Linklaters. Privacy Policy. want us to tailor yours? 6. For instance, large firms deliver most judicial work, such as large-scale litigations, significant business transactions, and criminal defense matters for businesses across various industries. Artificial intelligence (AI)-enabled software has played an essential role in allowing law firms and lawyers to save time. DTTL does not provide services to clients. Please enable JavaScript to view the site. Patrick Casey, Director of Growth Marketing at Felix Health, says: In 2022, I forecast a greater demand in market research for social listening tools. The legal services sector comprises legal professionals across various domains including family, taxation, criminal, commercial, insolvency and legal aid. Due to a bleak economic outlook around the world, many of a law firm's top clients are cutting their legal costs in an effort to improve efficiency and profitability. To use individual functions (e.g., mark statistics as favourites, set endstream UAd:0[H2 ^Y&a`I@ i Fact Check: The market research sector increased slightly in 2018 at over the US $47 bn from the US $46 bn in 2017. Future Trends for Legal Services is a research study commissioned by Deloitte Legal. Service providers such as Venable LLP, Baker & McKenzie, and Allen & Overy LLP have also entered the market in India, which is expected to boost the market growth in the coming years in the region. endobj Legal Technology Transformation: Going beyond risk and compliance, A Matter of Trust: what Chief Legal Officers Should know, Six important legal M&A considerations during the global pandemic, Infrastructure, Transport & Regional Government, Telecommunications, Media & Entertainment, update your settings to accept analytics and performance cookies, The market for legal services is moving and growing, Purchasers expectations of legal services providers are evolving, Demand for alternative or non-traditional legal service providers is increasing. "Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. 30,000 - 40,000 per annum. Civil law practices account for 90% of industry revenue where criminal law practices account for 4%, and in civil law practices, services to businesses account for 40%, other civil law for 15%, civil negligence 12%, real estate law for 9% and labor and employment law accounts for 5%. Primary research consisted of targeted interviews with material suppliers, converters and experts drawn from key markets. The total U.S. industry market size for Legal Services: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. endobj Given this, UK law firms would be wise to keep a strong focus on their clients strategic priorities, engage those drivers that most impact client favorability, and meet client expectations in the delivery of legal services, the report explains. They are implementing various strategic initiatives, including collaborations, mergers and acquisitions, partnerships, and new product/technology development. Along with that, conveyancing services from lawyers and patent offices are also included in the overall law industry. 1. Then you can access your favorite statistics via the star in the header. The global legal services market size was valued at USD 901.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% during the forecast period. State of the UK Legal Market 2022. Meanwhile, online legal services in the United States have also grown with a market size of $9 billion as of 2020. Law firms are looking into different ways to assist their clients in minimizing risk and compliance costs by assisting them in better managing information, paving the road for the adoption of document automation software in legal services. To understand geography trends, Download Sample firms, Access global tax, legal, The 2021 State of the Legal Market Report. For legal, regulatory and other reasons, not all member firms, their affiliates or their related entities provide legal services or are associated with Deloitte Legal practices. The corporate segment led the market in 2021, accounting for more than 25% share of the global revenue. $EF According to the report, the ALSP market is currently valued at $14 billion. Overview PRODUCTS Engage Lifecycle Analytics Solutions Continuous Employee Listening Engagement Pulse CrossXM 360 Development Candidate Experience Employee Journey Analytics eBook 2023 Employee Experience Trends Report 2023. The reports offered by us provide deep regional data for Law industry. The report also discusses the environment of new law firms or alternative legal service providers and how their use has grown within the UK legal market. Statista assumes no Usually the demand for legal services across the world keeps rising and falling with fluctuations in the volume of court cases and civil and commercial legal transactions. The growing assignment volumes within the legal divisions of the corporate industry in the U.S.Due to the wideavailability of legal service providers, the U.S.has emerged as the top country in the North America market. Large firms have an advantage with serving large MNCs, Government, corporate giants with a wide range of needs but the small firms usually compete by successfully providing expertise and superior outcomes in a local situation. You can also chat with us using the online chat system facility available at the bottom right corner of this page. We are happy to help. In-depth industry statistics and market share insights of the Global Legal Services Market sector for 2020, 2021, and 2022. Search all reports related to the Law Industry. <> Unlimited access to Law.com. Io_oTp? Further, UK law firms are seeing the legal needs of their corporate clients shift and evolve as well, a process that started even before the pandemic crisis. This information is designed to help decision makers identify the key growth markets of Law industry and prepare their business strategy accordingly. online dashboard trial. Understanding the French market for legal services, Private legal service providers: law firms, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering the global hardware industry, Profit from additional features with an Employee Account. Data security has always been a hot topic for law firms, but in 2022, it's going to become one of the most important emerging concerns in law. With the help of social listening and monitoring tools, brands can gather relevant data to make more informed marketing decisions. We never share your personal data. The global legal services market size was estimated at USD 901.79 billion in 2021 and is expected to reach USD 952.29 billion in 2022. b. Some of the key players in the global legal services market include Baker & McKenzie; Clifford Chance LLP; E&Y; Deloitte; Kirkland & Ellis LLP; LATHAM & WATKINS LLP; PwC; and KPMG. liability for the information given being complete or correct. Show publisher information 6 - Focus on Diversity and Inclusion . Each Deloitte Legal practice is legally separate and independent, and cannot obligate any other Deloitte Legal practice. This text provides general information. Despite international economic and financial obstacles, the legal services sector is relatively immune to cyclical or seasonal changes, allowing it to grow at a healthy rate. For information, contact Deloitte Global. 79m~ z Indeed, even as the pandemic crisis ebbs, law firms need to demonstrate new skills and levels of efficiency to meet clients increasing demands. 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