The global legal services market size is anticipated to reach
USD 1,045.24 billion by 2025, exhibiting a CAGR of 4.1% over the forecast
period, according to a new report by Grand View Research, Inc. The growing use
of latest technologies in offering legal services is expected to drive the
market growth. A strong emphasis on ensuring transparency in the relationship
with clients is also expected to drive the growth of the market.
Law firms are increasingly adopting chatbots
to aid in optimizing the work process and save time and costs for themselves as
well as their clients. Chatbots can help law firms in digitizing the
information and searching for lawyer-specific documents, among other tasks.
Chatbots can also help in following up with non-responsive clients and seeking
the required information through automated conversations.
Law firms are exploring different ways to help
their clients in reducing exposure to risks and the costs incurred on
compliances by aiding them in better management of information, thereby paving
the way for adopting document automation software in legal services. Document
automation software takes end users through a questionnaire to collect relevant
data and direct them throughout the entire document creation process. Such an
approach relieves the end users from the tedious process of understanding the
terminologies appearing in the document.
Social networking holds significant potential
to transform the way legal services are delivered. As such, law professionals
are adopting various social media tools to accomplish a myriad of legal tasks
as well as pursuing their career objectives. Social networking platforms,
including LinkedIn, Facebook, and Twitter, are particularly helping law
professionals in reaching a larger audience.
Browse full research report on Legal
Services Market:
https://www.grandviewresearch.com/industry-analysis/global-legal-services-market
Further key
findings from the report suggest:
- The corporate segment is expected to emerge as
the fastest-growing segment over the forecast period as disputes over
organizational audits, discrimination and harassment of employees,
copyright violation, and patent infringement continue to rise
- The private practicing attorneys segment is
expected to witness substantial growth over the forecast period owing to
the increased opportunities for attorneys in large enterprises as well as
small- & mid-sized enterprises
- Law firms are changing their hiring patterns
in line with the evolving requirements of the clients
- Law firms are collaborating with professional
service providers to offer unified multi-disciplinary services to their
clients
- Some of the key players in the market include
Baker & McKenzie, Clifford Chance LLP, DLA Piper, and Ernst &
Young (EY), among others.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/global-legal-services-market/request/rs1
Grand
View Research has segmented the global legal services market on the basis of
services, firm size, provider, and region:
Legal
Services Outlook (Revenue, USD Billion, 2014 - 2025)
- Taxation
- Real Estate
- Litigation
- Bankruptcy
- Labor/Employment
- Corporate
Legal
Services Firm Size Outlook (Revenue, USD Billion, 2014 - 2025)
- Large Firms
- Medium Firms
- Small Firms
Legal
Services Provider Outlook (Revenue, USD Billion, 2014 - 2025)
- Private Practicing
Attorneys
- Legal Business Firms
- Government
Departments
- Others
Legal
Services Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Argentina
- Chile
- MEA
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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