Global Legal Services Market
Dublin, Aug. 17, 2022 (GLOBE NEWSWIRE) — The “Legal Services Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The global legal services market reached a value of nearly $713.12 billion in 2021, having increased at a compound annual growth rate (CAGR) of 2.52% since 2016. The market is expected to grow from $713.12 billion in 2021 to $998.73 billion in 2026 at a rate of 6.97%. The market is then expected to grow at a CAGR of 5.60% from 2026 and reach $1311.63 billion in 2031.
Growth in the historic period, from strong economic growth in emerging markets, an increase in government initiatives and the deregulation of the legal industry. Factor that negatively affected growth in the historic period were in-house legal teams increased pressure on traditional law firms, impact of COVID-19, skills shortages and lack of transparency.
Going forward, increasing demand for civil legal services, growth in fraud and other economic crimes and increasing demand for transactional practice areas will drive the growth. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins and data security issues.
North America was the largest region in the legal services market, accounting for 55.0% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the legal services market will be South America, and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 9.8% and 8.9% respectively.
Market-trend-based strategies for the legal services market include strategic partnerships and acquisitions, alternative billing