Global Legal Services Market Expected To Surge At A CAGR More Than 4.2% During 2019–2025

According to Zion Market Research, the global legal services market size was capitalized at USD 795 billion in 2018 and is projected to report a CAGR growth surpassing 4.2% during 2019 to 2025. The rising adoption of the LPO (Legal Process Outsourcing) model is anticipated to present an impulsion to the market development. The LPO model predicts procuring legal assistance services, generally offered by in-house legal experts and attorneys, from a third-party service supplier.

Some of the key players in the market are Clifford Chance LLP, Baker & McKenzie, KPMG, LexisNexis, and E&Y. The providers are targeting at technological advancements, the establishment of products based on technologies like deep learning, AI, and the surged deployment of e-discovery to maintain competitiveness across the industry. For example, during June 2018, Baker McKenzie released an AI platform, titled Lancelaw, in the framework of its digital transformation plan. The personal assistant offers the lawyers with a weekly collection of personalized plus pertinent news pieces linked with transformations and innovations in the law profession. It is based on machine learning techniques and neuronal circuits and has been skilled by two lawyers to study to prioritize its sources while selecting the news items.

Artificial Intelligence Acting As A Driving Force In The Global Legal Services Market

The increasing use of AI (artificial intelligence) in offering legal services is anticipated to revolutionize the judicial profession significantly in the estimated period. AI permits businesses to aid in scrutinizing contracts in bulk and study the data to forecast the results of judicial happenings better than humans. Furthermore, AI-supported software can also influence NLP to aid in analyzing legal documents. For example, ROSS—a legal research service supported by AI—assists clients in identifying the suitable law that can help the client’s needs. AI-supported legal services are increasingly gaining importance across Asia Pacific.

The global legal services market is categorized based on end user, application, service, and regional analysis. Based on the end user, the market is divided into private consumers, legal aid consumers, SMEs, large businesses, charities, and government. Based on the applications, the market is segmented personal injury; commercial and residential property; corporate, financial, and commercial law; family law; employment law; wills, trusts, and probate; criminal law; and other applications. Based on the service, the market is divided into notarial activities, representation, advice, and research.

Growing Awareness About Regulated Legal Services In Europe And North America To Boost The Market

Based on the regional analysis, the global legal services market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The legal services are enormously mature in the developed markets of North America and Europe, and quite deceived and exclusive in the non-developed regions, like Africa and Asia. Nevertheless, there are still a few delusions regarding the legal services in Europe. The major misapprehension is that all law companies are regulated. During 2013, almost 67% of clients were of the consideration that the legal services are regulated. Nevertheless, this number severely declined in 2018, attaining 50%.

Browse the full “Legal Services Market - By End User (Private Consumers, Legal Aid Consumers, SMEs, Large Businesses, Charities, Government), By Application (Personal Injury; Commercial, Residential Property; Corporate, Financial, Commercial Law; Family Law; Employment Law; Wills, Trusts, Probate; And Criminal Law), By Service (Notarial Activities, Representation, Advice, And Research), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/legal-services-market

The global legal services market is segmented as follows:

By End User:

• Charities
• Legal Aid Consumers
• Private Consumers
• SMEs
• Large Businesses
• Government

By Application:

• Commercial and Residential Property
• Wills, Trusts, and Probate
• Corporate, Financial, and Commercial Law
• Personal Injury
• Family Law
• Employment Law
• Criminal Law
• Other Applications

By Service:

• Notarial Activities
• Representation
• Advice
• Research

By Region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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