The "Legal Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers, and senior management with the critical information they need to assess the global legal services market as it emerges from the COVID-19 shut down.
The legal services market 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.
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The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider legal services market and compares it with other markets.
This 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.
Growth in the historic period resulted from strong economic growth in emerging markets, increased mergers and acquisitions (M&A), rise in consumer spending/increase in disposable income, and deregulation of the legal industry. Factor that negatively affected growth in the historic period was regulatory challenges, skills shortages, and in-house legal teams increased pressure on traditional law firms.
Going forward, increasing demand for transactional practice areas, growing legal tech industry, and globalization will drive the growth. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins, lack of transparency and consistent service quality, data security issues, reduction in free trade, and impact of COVID-19.
North America was the largest region in the legal services market, accounting for 56.3% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the legal services market will be South America, and Africa, where growth will be at CAGRs of 14.1% and 8.0% respectively. These will be followed by Asia Pacific, and Eastern Europe where the markets are expected to grow at CAGRs of 7.2% and 7.1% respectively.
The legal services market is expected to be negatively impacted due to the...
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