Top 10 Leading Industry In Legal Services Industry


 

The global legal services market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.

Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.

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Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end-users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end-users from the tedious process of understanding the terminologies appearing in the document.

Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.

Legal Services Market Growth & Trends

·         The corporate segment is expected to emerge as the fastest-growing segment over the forecast period as disputes over organizational audits, discrimination & harassment of employees, copyright violation, and patent infringement continue to rise

·         The private practicing attorneys segment is expected to witness substantial growth over the forecast period owing to the increased opportunities for attorneys in large enterprises as well as small- & mid-sized enterprises

·         Law firms are changing their hiring patterns in line with the evolving requirements of the clients

·         Law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients

Key Companies & Market Share Insights

Vendors active in the market are focusing on expanding their customer base and gaining a competitive edge over their rivals. They are adopting various strategic initiatives, including partnerships, mergers and acquisitions, collaborations, and new product/technology development. For instance, in November 2020, Clifford Chance, a U.K.-based multinational law firm, renewed its global partnership with the WEFCOS (Women's Forum for the Economy & Society). The partnership, first signed in November 2019, underscores the company’s commitment to showcasing the creativity and talent of women while fostering international cooperation. Similarly, in January 2020, Baker McKenzie, a U.S.-based multinational law firm, collaborated with SparkBeyond, an AI-based problem-solving platform provider, to implement SparkBeyond's technology to disrupt the industry. This technology is expected to help law firms predict what kind of services clients will demand. Some of the prominent players operating in the global legal services market are 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

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