Legal Services Market Growth & Trends
The global legal services market size is anticipated to reach USD 1.36 trillion by 2030, exhibiting a CAGR of over 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing use of the latest technologies in offering legal services is projected to drive market growth. A strong significance of transparency in the relationship with customers is also projected to drive the development of the market.
Chatbots are increasingly adopted by law firms to help them optimize their work processes and save money and time for themselves and their clients. Chatbots can assist law companies with a variety of activities, including digitization of data and searching for lawyer-specific documents, and other tasks. Chatbots can also assist in the follow-up of non-responsive clients and the gathering of essential information via automated conversations.
Law companies are seeking different ways to assist their clients in minimizing risks and compliance costs by assisting them in better managing information, creating the path for the adoption of document automation software in legal services. End-users are guided through a questionnaire to gather necessary data and direct them through the entire document formation process via document automation software. End-users are relieved of the time-consuming task of deciphering the document's terminology with this method.
Social networking has the potential to completely change the way legal services are delivered. As a result, law professionals are using a variety of social media tools to perform a plethora of legal tasks even while pursuing their career aspirations. Social networking platforms, including Facebook, Twitter, and LinkedIn are predominantly helping law professionals in connecting with a larger audience.
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Legal Services Market Report Highlights
- The corporate segment is projected to be the leading service segment during the forecast period, as arguments over harassment of employees, and organizational discrimination audits, and copyright violation & patent infringement continue to rise.
- Due to expanded opportunities for attorneys in both large and small and mid-sized businesses, the private practicing attorneys’ segment is predicted to grow significantly throughout the forecast period.
- Law firms are modifying their hiring practices to meet the changing needs of their customers.
- Law firms are partnering with professional service providers to deliver unified diverse services to their clients.
Access Press Release@ https://www.grandviewresearch.com/press-release/legal-services-market
Legal Services Market Segmentation
Grand View Research has segmented the global legal services market based on services, firm size, provider, and region:
Legal Services 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
- US.
- Canada
- Europe
- UK.
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Argentina
- Chile
- Middle East and Africa
List of Key Players of the Global Legal Services Market
- Baker & McKenzie
- Clifford Chance LLP
- Deloitte
- DLA Piper
- Ernst & Young (E&Y)
- Kirkland & Ellis LLP
- KPMG
- LATHAM & WATKINS LLP
- PwC
- Skadden, Arps, Slate, Meagher & Flom LLP
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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