Rise in Economic Crimes Drives Legal Services Market Growth at a Rate of Over 10%
TBRC’s Legal Services industry report analyzes legal market growth, market trends, drivers, and regional and industry opportunities.
LONDON, May 26, 2022 /PRNewswire/ — Growth in fraud, cybercrime and other economic crimes is expected to drive the legal services market in the forecast period. Due to the growing prevalence of fraud, law firms around the world will face increased demand for legal services.
the global legal services market size should go from $713.12 billion in 2021 for $788.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth of the legal services market is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, working at distance and the closure of commercial activities which led to operational stoppages. challenges. the legal services market should reach $1112.75 billion in 2026 at a CAGR of 9.0%.
The emergence of the market for alternative legal service providers is a key trend in the legal industry. ALSPs are non-traditional niche businesses that specialize in providing high-demand legal services such as document review, contract management, litigation support, e-discovery, contract attorneys and staffing personnel, legal research and intellectual property management. They focus primarily on the “business of law”, leveraging a combination of legal, business and technology capabilities, to provide services to corporations and law firms. Companies are increasingly employing ALSPs for many routine legal services, and law firms are outsourcing non-revenue-generating tasks, such as project management, business analysis, invoicing and expenses to ALSPs. .
The legal services market is segmented by type of service into B2B legal services, B2C legal services, hybrid legal services and criminal law firms. B2B legal services was the largest segment of the legal services market segmented by type of service, accounting for 54.8% of the total in 2021. Going forward, the hybrid legal services segment is expected to be the fastest growing segment market for legal services. segmented by type of service, at a CAGR of 9.0% over the period 2021-2026.
The legal services market is also segmented by law firm size into large law firms and SME law firms, by online and offline mode, by type of litigation practice, business, labor/employment, real estate, patent litigation, tax, bankruptcy, and other (regulatory, M&A, antitrust, environmental), and by end user in consumer, financial services, mining, and oil and gas, manufacturing, construction, computer services, other services and others.
North America was the largest region in the legal services marketrepresenting 55.0% of the total in 2021. It was followed by Western Europe, then the other regions. Going forward, the fastest growing regions in the legal services market will be South America and the Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Eastern Europe.
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