Product Code: PM4158
The global legal services market size is expected to reach USD 1,4470.35 billion by 2032, according to a new study by Polaris Market Research. The report "Legal Services Market Share, Size, Trends, Industry Analysis Report, By Services (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size (Large, Medium, Small), By Provider, And Segment Forecasts, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The swift expansion can be credited to the rising trend of globalization and the expansion of in-house legal departments within the corporate sector. The growing incidence of economic crimes, including fraud and cybercrimes, is driving the global demand for legal services. Simultaneously, businesses are increasingly turning to Alternate Legal Service Providers (ALSPs) for routine legal services, presenting additional avenues for market growth.
A growing trend among large enterprises is to establish in-house legal departments, while small and medium-sized enterprises are opting for consulting firms as a strategy to cut down on legal costs. This pronounced emphasis on legal services within the corporate sector has led to a significant market share both historically and in the forecast period. The increasing demand for legal services related to intellectual property in the corporate sector is expected to further enhance the demand for legal services in the years to come.
Litigation funding, also known as litigation financing, represents one of the swiftly emerging trends in the global legal services industry. In this practice, a third party not directly involved in the lawsuit provides financial support to a litigant. The fundamental premise is that this external entity offers capital to individuals or businesses engaged in litigation, with the expectation of receiving a portion of the financial recovery obtained from the lawsuit.
This type of funding serves as a crucial mechanism for leveling the playing field in legal disputes. Often, litigants may face challenges in pursuing their claims, especially when pitted against better-funded and larger defendants. Litigation funding steps in to address this imbalance by providing financial assistance to those who might not have the resources to navigate complex legal battles on their own. By offering the necessary capital, litigation funding enhances the chances of success for litigants, making it a valuable tool for accessing justice and legal recourse.
In recent times, litigation funding has experienced significant and widespread growth, becoming increasingly commonplace. Entities such as HMR Servicing, Fast Funds, & USClaims are among the litigation firms that focus on supplying capital to individuals and law firms engaged in legal proceedings. Additionally, prominent law firms are engaging in partnerships with smaller counterparts to augment their suite of litigation services. For instance, in July 2023, Womble Bond Dickinson joined forces with Simmonds & Narita, with the aim of bolstering the dispute resolution and litigation practice of the Womble Bond Dickinson.
Legal Services Market Report Highlights
Corporate segment garnered the largest share, as disputes related to employee harassment, cases of copyright violation & patent infringement continue to escalate
Private practicing attorneys will grow at the substantial pace, as they expanded into the boutique legal firms
Asia Pacific will experience exponential growth, owing to rise in cross border transactions and legal disputes
The global players include Baker McKenzie, Deloitte, DLA Piper, Kirkland & Ellis, Latham & Watkins, and PwC.
Polaris Market Research has segmented the legal services market report based on services, firm size, provider, and region:
Legal Services, Services Outlook (Revenue - USD Billion, 2019 - 2032)
- Taxation
- Real Estate
- Litigation
- Bankruptcy
- Labor/Employment
- Corporate
Legal Services, Firm Size Outlook (Revenue - USD Billion, 2019 - 2032)
- Large Firms
- Medium Firms
- Small Firms
Legal Services, Provider Outlook (Revenue - USD Billion, 2019 - 2032)
- Private Practicing Attorneys
- Legal Business Firms
- Government Departments
- Others
Legal Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Legal Services Market Insights
- 4.1. Legal Services Market - Provider Snapshot
- 4.2. Legal Services Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Technology Advancements
- 4.2.1.2. The increase in globalization and cross-border transactions has led to a higher demand for legal services to navigate complex international laws and regulations
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Cost Sensitivity
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Legal Services Market Provider Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Legal Services Market, by Services
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Legal Services Market, by Services, 2019-2032 (USD Billion)
- 5.3. Taxation
- 5.3.1. Global Legal Services Market, by Taxation, by Region, 2019-2032 (USD Billion)
- 5.4. Real Estate
- 5.4.1. Global Legal Services Market, by Real Estate, by Region, 2019-2032 (USD Billion)
- 5.5. Litigation
- 5.5.1. Global Legal Services Market, by Litigation, by Region, 2019-2032 (USD Billion)
- 5.6. Bankruptcy
- 5.6.1. Global Legal Services Market, by Bankruptcy, by Region, 2019-2032 (USD Billion)
- 5.7. Labor/Employment
- 5.7.1. Global Legal Services Market, by Labor/Employment, by Region, 2019-2032 (USD Billion)
- 5.8. Corporate
- 5.8.1. Global Legal Services Market, by Corporate, by Region, 2019-2032 (USD Billion)
6. Global Legal Services Market, by Firm Size
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 6.3. Large Firms
- 6.3.1. Global Legal Services Market, by Large Firms, by Region, 2019-2032 (USD Billion)
- 6.4. Medium Firms
- 6.4.1. Global Legal Services Market, by Medium Firms, by Region, 2019-2032 (USD Billion)
- 6.5. Small Firms
- 6.5.1. Global Legal Services Market, by Small Firms, by Region, 2019-2032 (USD Billion)
7. Global Legal Services Market, by Provider
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 7.3. Private Practicing Attorneys
- 7.3.1. Global Legal Services Market, by Private Practicing Attorneys, By Region, 2019-2032 (USD Billion)
- 7.4. Legal Business Firms
- 7.4.1. Global Legal Services Market, by Legal Business Firms, By Region, 2019-2032 (USD Billion)
- 7.5. Government Departments
- 7.5.1. Global Legal Services Market, by Government Departments, By Region, 2019-2032 (USD Billion)
- 7.6. Others
- 7.6.1. Global Legal Services Market, by Others, By Region, 2019-2032 (USD Billion)
8. Global Legal Services Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Legal Services Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Legal Services Market - North America
- 8.3.1. North America: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.3.2. North America: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.3.3. North America: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.3.4. Legal Services Market - U.S.
- 8.3.4.1. U.S.: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.3.5. Legal Services Market - Canada
- 8.3.5.1. Canada: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4. Legal Services Market - Europe
- 8.4.1. Europe: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.3. Europe: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.4. Legal Services Market - UK
- 8.4.4.1. UK: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.5. Legal Services Market - France
- 8.4.5.1. France: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.5.3. France: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.6. Legal Services Market - Germany
- 8.4.6.1. Germany: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.7. Legal Services Market - Italy
- 8.4.7.1. Italy: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.8. Legal Services Market - Spain
- 8.4.8.1. Spain: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.9. Legal Services Market - Netherlands
- 8.4.9.1. Netherlands: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.4.10. Legal Services Market - Russia
- 8.4.10.1. Russia: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5. Legal Services Market - Asia Pacific
- 8.5.1. Asia Pacific: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.4. Legal Services Market - China
- 8.5.4.1. China: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.4.3. China: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.5. Legal Services Market - India
- 8.5.5.1. India: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.5.3. India: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.6. Legal Services Market - Malaysia
- 8.5.6.1. Malaysia: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.7. Legal Services Market - Japan
- 8.5.7.1. Japan: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.8. Legal Services Market - Indonesia
- 8.5.8.1. Indonesia: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.5.9. Legal Services Market - South Korea
- 8.5.9.1. South Korea: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.6. Legal Services Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.6.4. Legal Services Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.6.5. Legal Services Market - UAE
- 8.6.5.1. UAE: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.6.6. Legal Services Market - Israel
- 8.6.6.1. Israel: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.6.7. Legal Services Market - South Africa
- 8.6.7.1. South Africa: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.7. Legal Services Market - Latin America
- 8.7.1. Latin America: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.7.4. Legal Services Market - Mexico
- 8.7.4.1. Mexico: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.7.5. Legal Services Market - Brazil
- 8.7.5.1. Brazil: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
- 8.7.6. Legal Services Market - Argentina
- 8.7.6.1. Argentina: Legal Services Market, by Services, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Legal Services Market, by Provider, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Legal Services Market, by Firm Size, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Baker McKenzie LLP
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Clifford Chance
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Deloitte
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. DLA Piper LLP
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Ernst & Young Global Limited
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Kirkland & Ellis LLP
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. KPMG
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Latham & Watkins
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. PwC
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Skadden, Arps, Slate, Meagher & Flom LLP
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development