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.
Full Research Report On Legal Services Market Visit Here:
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.
Request a Sample Copy of the Report @
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.
For more info visit @ https://www.grandviewresearch.com
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