Global Legal Services Market (2020 to 2030) - Opportunities and Strategies with COVID-19 Impact and Recovery

The "Legal Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers, and senior management with the critical information they need to assess the global legal services market as it emerges from the COVID-19 shut down.

The legal services market reached a value of nearly $713.7 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015. The market is expected to grow from $713.7 billion in 2020 to $908.26 billion in 2025 at a rate of 4.9%. The market is then expected to grow at a CAGR of 4.8% from 2025 and reach $1,145.9 billion in 2030. 

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The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider legal services market and compares it with other markets.
This report describes and explains the legal services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from strong economic growth in emerging markets, increased mergers and acquisitions (M&A), rise in consumer spending/increase in disposable income, and deregulation of the legal industry. Factor that negatively affected growth in the historic period was regulatory challenges, skills shortages, and in-house legal teams increased pressure on traditional law firms.
Going forward, increasing demand for transactional practice areas, growing legal tech industry, and globalization will drive the growth. Factors that could hinder the growth of the legal services market in the future include rising costs and decreasing margins, lack of transparency and consistent service quality, data security issues, reduction in free trade, and impact of COVID-19. 
North America was the largest region in the legal services market, accounting for 56.3% of the total in 2020. 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 Africa, where growth will be at CAGRs of 14.1% and 8.0% respectively. These will be followed by Asia Pacific, and Eastern Europe where the markets are expected to grow at CAGRs of 7.2% and 7.1% respectively. 
The legal services market is expected to be negatively impacted due to the spread of COVID-19. The market faced several issues such as closures of law firms, the slowdown in services, absence of clients, cancellation of appointments and agreements by clients, decrease in the available workforce due to illness or isolation and difficulty to holding specific meetings and services. According to a study by Clio, around 77% of the legal professionals surveyed stated they faced a disruption in day-to-day activities due to COVID. Around 56% of legal professionals surveyed also faced a significant decrease in the number of people reaching out their law practice for services. This is expected to negatively impact the market.
The legal services market is highly fragmented, with a large number of small players operating in the market. The top five competitors in the market made up to 3.82% of the total market in 2019. The key players in the industry are focusing on expanding their geographical presence in market through strategic partnership and collaborations with existing domestic players. Major players I the market includes Kirkland & Ellis LLP, Latham & Watkins LLP, DLA Piper, Baker & McKenzie, and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.
The top opportunities in the legal services market segmented by type of service will arise in the B2B legal services segment, which will gain $104.3 billion of global annual sales by 2025. The top opportunities in segment by size of a law firm will arise in the large law firms segment, which will gain $154.7 billion of global annual sales by 2025. The top opportunities in segment by end user will arise in the financial services segment, which will gain $61.8billion of global annual sales by 2025. The legal services market size will gain the most in the USA at $72.9 billion.
Market-trend-based strategies for the legal services market include engaging ALSPs for outsourcing purposes, broadening services with information technology solutions, offering cybercrime and data protection consulting, investing in data security systems, outsourcing non-critical functions to offshore centers, expanding their services portfolios and including services, such as finance and accounting, among others, employing non-lawyer professionals to deal with legal issues such as contract law, patent law, bankruptcy law, tax law, and others.
Player-adopted strategies in the legal services market include expansion into new geographies through strategic partnerships and collaborations, expansion in M&A practices, diversification of the firms, and enhancing their services by increasing partners headcount.
To take advantage of the opportunities, the publisher recommends the legal services companies to provide cybercrime consulting services, offer online legal services, adopt digital technologies, expand in emerging markets, offer alternative billing/pricing solutions, leverage social media, acquire or collaborate with other companies and prioritize staff retention.