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Legal Services Market Analysis
- Report ID: GMI7277
- Published Date: Nov 2023
- Report Format: PDF
Legal Services Market Analysis
Based on services, the corporate & commercial services segment held over USD 210 billion revenue in 2022. Strategic alliances are driving growth of the corporate & commercial services sector of the market. Firms forge partnerships to leverage combined expertise and resources, which enables them to offer a broader range of services.
For instance, in September 2023, Donaldson & Burkinshaw and Meridian Lawyers formed a strategic alliance to strengthen collaboration in insurance and commercial legal services across borders. This partnership combined the expertise and resources of both companies, fostering enhanced cooperation between Australia and Singapore. Shared knowledge and specialized skills lead to innovative solutions, ensuring the efficient handling of complex corporate and commercial matters.
Based on firm size, the legal services market size from large firm’s segment dominated around USD 490 billion in 2022, due to their diverse expertise and extensive networking capabilities. Their diverse teams of specialized lawyers enable them to offer a wide array of legal services, catering to different client needs comprehensively. These firms also leverage extensive networks, within the legal community and with various industries, facilitating referrals, partnerships, and a broad client base. This ensures their ability to handle complex cases while fostering collaborations that expand their client reach and bolster reputation.
North America legal services market accounted for 33% of revenue share in 2022. The integration of advanced technology is driving significant growth of the market. Automation, Artificial Intelligence (AI), and data analytics streamline legal processes, enhancing efficiency and reducing the costs. Cloud-based platforms facilitate secure document management and collaboration, transforming the way legal professionals work. Online legal research tools provide quick access to vast databases, improving the accuracy of legal advice. Such technological advancements boost productivity along with enabling law firms to offer innovative, tech-driven solutions, making them competitive in the evolving legal landscape.
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Legal Services Market Scope
