Legal Services Industry Overview

The global legal services market size was estimated at USD 952.29 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

The increasing adoption of advanced technologies and several macroeconomic factors including growing business competition, commoditization, varying economic growth trends, and Foreign Direct Investment (FDI). There is an emerging trend of businesses employing Alternate Legal Service Providers (ALSPs) for high-demand legal services such as contract management, document review, and litigation support. The law firms are also outsourcing non-revenue generating tasks, including business analysis, project management, and billing and expenses, to ALSPs. This trend will support the market growth in the upcoming years.

Gather more insights about the market drivers, restrains and growth of the Legal Services Market

Furthermore, ALSPs are collaborating with Artificial Intelligence (AI) technology providers to expand the capabilities of their offerings. For instance, in February 2023, QuisLex, one of the leading ALSPs, collaborated with ContractPodAi, the provider of AI-powered Contract Lifecycle Management (CLM) products, to provide technologically advanced contract solutions to their clients.

Businesses globally continue to face an exponential increase in evolving legal duties and regulatory criteria. As organizations expand global operations and services, the number of regulations to comply with increases, creating a demand for an integrated approach to legal Governance, Risk Management, and Compliance (GRC), consequently driving the global legal services market’s growth. Legal services help legal departments within organizations to streamline complexities associated with compliance through services such as matter management, policy management, investigations, and reporting and filing, among others.

Advanced technologies such as Machine Learning (ML) and artificial intelligence help professionals automate some processes and utilize their resources and time on vital legal operations. These technologies enable businesses to draft and evaluate contracts and mining and due diligence of documents. Big data analytics is also projected to offer favorable growth prospects. Law firms can identify new unexplored correlations among data by using ML and AI to large datasets, enabling their increased capacity to mitigate risk, tailor solutions, optimize delivery, and forecast outcomes to consumer demands.

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• The global missile market size was estimated at USD 55.70 billion in 2023 and is projected to grow at a CAGR 7.4% from 2024 to 2030.
• The global air defense systems market size was estimated at USD 46.89 billion in 2023 and is expected to grow at a CAGR of 5.4% from 2024 to 2030.

Legal Services Market Segmentation

Grand View Research has segmented the global legal services market based on service, firm size, provider, and region:

Legal Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Taxation
• Real Estate
• Litigation
• Bankruptcy
• Labor/Employment
• Corporate

Legal Services Firm Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Firms
• Medium Firms
• Small Firms

Legal Services Provider Outlook (Revenue, USD Billion, 2018 - 2030)

• Private Practicing Attorneys
• Legal Business Firms
• Government Departments
• Others

Legal Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Latin America
  • Brazil
  • Argentina
  • Chile
• Middle East and Africa
  • South Africa

Key Companies profiled:

• Baker McKenzie LLP
• Clifford Chance
• Deloitte
• DLA Piper LLP
• Ernst & Young Global Limited
• Kirkland & Ellis LLP
• KPMG
• Latham & Watkins
• PwC
• Skadden, Arps, Slate, Meagher & Flom LLP 

Order a free sample PDF of the Legal Services Market Intelligence Study, published by Grand View Research.