Legal Services Market Competitive Insight and Key Drivers 2023 to 2030: Grand View Research Inc.

 Legal Services Market Growth & Trends

The global legal services market size is anticipated to reach USD 1,362.81 billion by 2030, growing at a CAGR of 4.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapid growth can be attributed to increasing globalization and the expansion of in-house legal departments in the corporate sector. The increasing prevalence of economic crimes, such as fraud and cybercrimes is fueling the demand for legal services around the globe. On the other hand, businesses are increasingly employing Alternate Legal Service Providers (ALSPs) for routine legal services, further creating growth opportunities for the market.

There is an increasing trend of building in-house legal departments across large enterprises, while small and medium-sized enterprises are turning towards consulting firms to reduce legal costs. This significant focus on legal services in the corporate sector has contributed to its substantial market share throughout the historic and forecast period. Rising demand for legal services associated with intellectual property in the corporate sector is projected to further boost demand for legal services in upcoming years.

Litigation funding or financing is one of the fastest-growing trends in the global legal services industry. A third party provides financial assistance to a litigant in this mechanism. It is the practice where a third party unrelated to the lawsuit offers capital to a litigant involved in litigation in return for a portion of financial recovery from the lawsuit. This type of funding helps enhance the winning chances for litigants who may not have the financial resources to pursue their claims against better-funded and larger defendants.

In recent years, litigation funding has grown rapidly and become more mainstream. HMR Servicing, Fair Rate Funding, Fast Funds, and USClaims are some of the litigation funding firms that specialize in providing capital to litigants and law firms involved in litigation. Further, large law firms collaborate with smaller firms to enhance their litigation service offerings. For instance, in July 2023, Womble Bond Dickinson partnered with Simmonds & Narita L.P., a boutique litigation firm, to enhance the dispute resolution and litigation practice rate of Womble Bond Dickinson.

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Legal Services Market Report Highlights

• Corporate is projected to be the leading service segment over the forecast period, as arguments over harassment of employees, and organizational discrimination audits, and copyright violation & patent infringement continue to rise
• The private practicing attorneys provider segment is predicted to grow significantly throughout the forecast period due to expanded opportunities for attorneys in both large and small and mid-sized businesses
• Law firms are modifying their hiring practices to meet the changing needs of their customers. In addition, law firms are partnering with professional service providers to deliver unified, diverse services to their clients
• Asia Pacific has experienced exponential growth fueled by the rise in demand for legal services due to the increase in cross-border transactions and the growing complexity of business transactions

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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
  • US.
  • 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

List of Key Players in the Legal Services Market

• 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

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.