Global Legal Services Market: Overview
Artificial Intelligence (AI) has completely altered the legal sector. AI-enabled software is critical in allowing attorneys and legal firms to save time. Automation software makes document generation and proofreading more effective. Team collaboration software can help to improve the efficiency with which documentation procedures are carried out. These advancements and technology provide greater value to attorneys by assisting them in lowering costs and increasing comfort, which is likely to drive growth of the global Legal Services Market in the years to come.
Sophisticated technologies like machine learning (ML) and artificial intelligence (AI) assist professionals in automating various activities and focusing their resources and time on more crucial legal operations. These technologies assist businesses in contract formulation and review, as well as document mining for discovery as well as due diligence. Big data analytics is also anticipated to have a promising future. This has resulted in the rise of various businesses, like FiscalNote, InvestCEE Tanacsado Kft., and Ravel legal, who provide sophisticated analytical insights to their customers.
This study from Transparency Market Research (TMR) provides a complete insight of the global legal services market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
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Global Legal Services Market: Notable Developments
Baker McKenzie, an international legal firm located in the US, partnered with SparkBeyond, a supplier of AI-based problem-solving platforms, in January 2020 to deploy SparkBeyond's technology to disrupt the sector. This technology is supposed to assist legal firms in predicting what kind of services customers may want.
The noted players that are operational in the global legal services market are Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, PricewaterhouseCoopers, Clifford Chance LLP, Ernst & Young Global Limited, and Latham & Watkins LLP.
Global Legal Services Market: Key Trends
Below-mentioned market trends and opportunities mark the global Legal Services market:
Increasing Integration of Technology into Legal Services to Drive Growth of the Market
Taxation, disputes, copyrights, corporate affairs, patents, antitrust, finance, property, arbitration, labour, litigation, political, and charitable organizations all rely on legal knowledge for advice or representation.
Because of the convergence of technology and globalization, the legal services industry is a dynamic, ever-changing environment. The two key practices in the legal services sector are data privacy and cybersecurity, as well as media and technology. General changes in the legal services market may impose significant pricing pressure on law practitioners who have previously enjoyed a reasonably steady and secure business. For example, it is anticipated that changes in this industry will force lawyers to offer fixed price deals, rather than an hourly-based billing system
Outsourcing of the legal services market is anticipated to grow more rapidly, with the introduction of more secure/confidential procedures to the process. Globalization is also important in determining the prospects for the legal services sector. Legal companies have gone international in order to provide legal services to multinational clients.
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Global Legal Services Market: Geographical Analysis
North America dominated the market in 2020, with a sizeable chunk of the global sales. High proportion of the North America region can be attributed to increased assignment volumes amongst corporate legal departments in the United States. Because of the large presence of providers of legal services, the US has emerged as one of the leading countries in the North America region. Furthermore, the region's rising acquisitions and mergers are expected to raise raise demand for these services.
Asia Pacific also accounted for a sizable chunk of the market in 2020, owing to the rapid adoption of regulatory and legal requirements, notably in India and China. In India, for example, providers of legal services have begun to offer advanced cross-border judicial services to their business clients, creating enormous prospects for expansion in the country.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.