LONDON, February 10, 2021 (GLOBE NEWSWIRE) –
New year, new updates! Our reports have been revised regarding market size, forecasts and strategies for 2021 after the impact of COVID-19: https://www.thebusinessresearchcompany.com/global-market-reports
According to The Business Research Company Global Legal Services Market Report 2021: COVID-19 Impact and Recovery by 2030, the global legal services market size reached nearly $ 713.7 billion in 2020 after growing at a compound annual growth rate (CAGR) of 3.4% since 2015. The market is expected to grow $ 713.7 billion in 2020 to $ 908.26 billion in 2025 at a rate of 4.9%. The market is then expected to grow with a CAGR of 4.8% from 2025 and achieve $ 1,145.9 billion in the 2030.
Key trends influencing the legal services market are:
1.Law Firms Investing in Data Security:
An increasing number of Law firms invest in data security technologies to protect customer data after the increasing incidence of Cyber crime. Own law firms dealing with criminal matters confidential data regarding case details, testimony, financial information and property details. Companies use a variety of technologies and procedures to protect their customers’ data Two-factor authentication, email encryption, risk assessment, and plans to respond to violations.
2.Growing hashtag brand registrations:
Companies in the legal services market are seeing increasing demand for Hashtag branding services by companies looking to grow their business through social media platforms. A hashtag refers to a hash mark (#) that is used before a word or phrase to identify specific topics and topics, especially on social media platforms.
3.Alternative legal service models:
Customers are looking for customers in the legal market criminal support from non-lawyers Professionals for less serious services. Non-attorney professionals include paralegal, legal document writers, legal self-help websites, virtual assistants, and offshore legal providers. These new sources are empower disadvantaged population groups Access to civil law advisory services at affordable prices for legal issues such as contract law, patent law, bankruptcy law, tax law and divorce cases. As the cost of legal services increases, new models of legal service provision are emerging to provide affordable legal services to a large segment of the population.
Large law firms are growing Acquisition of smaller businesses in different regions where they have a limited presence in order to be able to offer a wide range of services in multiple regions. Some law firms consider legal networks as an alternative to offering their services in multiple geographic locations. Legal networks are structured networks of small companies that offer tailored services. The advantages of legal networks include central coordination, central billing and on-site advice via a well-established network.
5.Growing cyber crime advisory services:
Law firms around the world offer Legal advice in the field of cyber crime to their clients due to the increasing incidence of this type of crime. Cybercrime refers to a crime committed over an internet connection and a computer. This contains Cyber stalking, counterfeiting, money laundering, embezzlement, fraud and tax evasion Use of the Internet and electronic devices. In the UK alone, the estimated annual cost of cybercrime is around $ 35 billion.
The market for legal services is heavily fragmentedwith a large number of small players in the market. The Top five competitors made in the market 3.82% of the total market. The main players in the industry are focused on expanding their geographic presence in the market through strategic partnership and collaboration with existing domestic players. Major players in the market are Kirkland & Ellis LLP, Latham & Watkins LLP, DLA Piper, Baker & McKenzie and Skadden, Arps, Slate, Meagher & Flom LLP and affiliates.
Request for a sample of the Global Report of the Legal Services Market:
Global Legal Services Market Report 2021: COVID-19 Impact And Recovery By 2030 is one of a series of new reports from The Business Research Company that provides an overview of the Legal Services market, a forecast of Legal Services market size and growth for the overall market as well segments and regions, market trends for legal services, market drivers for legal services, restrictions, sales, profiles and market shares of leading competitors offer the market for legal services.
Here is a list of similar reports from the Business Research Company:
Global B2B Legal Services Market Report 2021: COVID 19 Impact And Recovery By 2030
Hybrid Commercial Legal Services 2018 Global Market Report
Legal Services Market – By Types (B2B Legal Services, B2C Legal Services, Criminal Law Practices, and Hybrid Commercial Law Services), By Size, Practice, Region, Opportunities, and Strategies – Global Forecast to 2023
Legal Software (Focus on Machine Learning) Global Market Report 2020-30: Covid 19 Growth and Change
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