Available: https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/, Legal tech market revenue worldwide from 2021 to 2027, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Attorney workforce in France 2020, by bar association, Legal tech startups in France 2021, by activity sector, Public legal sector workforce in France 2022, by profession, Magistrates active in the legal system in France 2016-2021, Justice system personnel in France 2021, by entity, Expenses incurred by the legal system in France 2016-2021, by legal item, Budget of the French public legal system 2016-2021, by legal entity, Public legal sector profits in France 2020, by profession, Public legal sector turnover in France 2020, by profession, Personnel working for the leading business law firms in France 2020, by employee type, Distribution of the French legal workforce in 2020, by employment type, Distribution of the French legal workforce in 2020, by specialization, Breakdown of the turnover generated by lawyers in France 2020, by client type, Gender composition of the legal workforce in France 2020, by profession, Top 5 work aspects lawyers are satisfied with in France 2021, Challenges perceived and prioritized by lawyers in France 2021, Largest corporate law firms in France 2020 by revenue per lawyer, Economic impact of COVID-19 on French law firms 2021, Corporate law firm partners moves in France 2006-2021, Leading legal tech firms in France 2020, by value of investments received, VC investments received by legal tech firms in France 2017-2020, Legal tech start ups in France 2020, by revenue class, Legal tech startups in France 2020-2021, by revenue growth, Legal tech startups in France 2021, by region, Client profile of legal tech start ups in France 2020, Impact of the COVID-19 crisis on legal techs in France 2020, Obstacles faced by legal tech startups in France 2021, Legal services firms in U.S. 2010-2018, by size, Biggest IT security threat to law firms in the U.S. 2017, Top U.S. law firms by number of antitrust plaintiff cases 2013-2017, Top U.S. law firms by number of product liability defendant cases 2013-2017, Revenue of the leading legal services firms worldwide 2014-2016, Top U.S. law firms by number of copyright plaintiff cases 2013-2017, Chicago law firms by number of lawyers 2019, Domestic arbitrations, mediations and adjudications in the UK 2009-2019, Global law firms by revenue per lawyer 2021, Largest law firms in Ireland in 2016, by turnover, Boston law firms by number of lawyers 2019, Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, Europe and North America are the shining lights for legal tech. Please select an option from the list below. <> 2023. State of the Law Firm Hiring Market - Fall/Winter 2020. liability for the information given being complete or correct. The report explores how issues unfolded in the market and the implications for all those legal leaders looking to make the right strategic decisions in 2022, to include: Explore a collection of articles, white papers, and more to see how Thomson Reuters technology can help you work smarter and faster. hb```f``f`e`` B,@Q EM, This is attributed to the use of predictive analytics tools for better decision-making, thereby increasing the legal services revenue. Are you interested in testing our business solutions? Usually the demand for legal services across the world keeps rising and falling with fluctuations in the volume of court cases and civil and commercial legal transactions. want us to tailor yours? Please create an employee account to be able to mark statistics as favorites. Show publisher information You can see the full digital version of the Thomson Reuters Institute's State of the UK Legal Market 2022 report here. This information is designed to help decision makers identify the key growth markets of Law industry and prepare their business strategy accordingly. 1 free article . Artificial intelligence (AI) enables businesses to review contracts in bulk and analyze data to better forecast the results of legal procedures than people. 2023. Step 3: Collect Data for Market Research. Physical. State of the Legal Market Reports. Search all reports related to the Law Industry. Gartner experts expect legal departments to increase their spending on legal technology threefold by 2025. In, Statista. Thriving in the post-Brexit, post-pandemic world. ", Statista, Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/ (last visited March 18, 2023), Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars) [Graph], Statista, August 10, 2022. Not surprisingly, client satisfaction rests on the ability of outside law firms to provide this kind of consistency and innovation. Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to . Who are the key companies/players in the legal services market? This text provides general information. According to the 2019 Sprout Social Index, Edition XV: Empower & Elevate, 63% of marketers note that social listening will become more important for conducting customer and market research. to incorporate the statistic into your presentation at any time. GIA's current searchable collection of market research consists of more than 900 Global Strategic Business Reports (large multi-client research programs); 45,000+ Market Trend Reports; 95 Global Industry Outlooks; and 114,000+ Market Data Capsules. REUTERS/Kim Hong-Ji. Primary research consisted of targeted interviews with material suppliers, converters and experts drawn from key markets. Chart. Institute for Mergers, Acquisitions and Alliances (IMAA) Revenue of the largest law firms in the UK 2020-2021, Biggest law firms in the UK 2019/20, based on employment, Leading legal advisors to M&A ranked by deal value in the UK 2021, Diversity at largest law firms in the UK 2020, Number of solicitors and lawyers in the UK 2010-2022, Number of practicing solicitors in England and Wales (UK) 2012-2020, Number of barristers and judges in the UK 2010-2022, Most accessed legal services in the UK 2021, Most common delivery method for legal services in the UK 2021-2022, Outcome and service satisfaction of different legal services in the UK 2022, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Legal services sector turnover in the UK 2000-2022, Companies in legal services in the UK 2009-2018, with forecasts up until 2028, GVA of legal services in the UK 2009-2018, with forecasts up until 2028, Total export value of legal services in the United Kingdom (UK) 2010-2020, Total import value of legal services in the United Kingdom (UK) 2010-2020, Largest offices in London for non-UK law firms in the UK 2020/2021, Employment in legal services in the UK 2009-2018, with forecasts up until 2028, Worldwide distribution of lawyers from largest British law firms 2020/2021, Largest legal advisors of M&A deals by deal volume in the UK 2022, Legal advisors of M&A ranked by deal volume in Greater London (UK) 2022, Legal advisors of M&A ranked by total value of deals in Greater London 2021, Legal M&A advisors ranked by total deal value in Wales 2021, Legal M&A advisors ranked by total deal value in Scotland 2021, Legal M&A advisors ranked by deal value in Northern Ireland in 2021, Satisfaction with delivery methods used by different legal services in the UK 2021, Consumer concerns on AI in legal services in the UK 2020-2022, Largest UK law firm in terms of employees, Leading financial advisor to M&A transactions, Share of female equity partners at largest law firms, Number of practicing solicitors in private practices, Share of female lawyers at largest law firms, Share of consumers satisfied with legal service received. Those UK law firms that emphasize a holistic approach that focuses on thoroughly understanding a clients business and applying proactive legal service supported by efficiency-enhancing technologies are likely to be most sought after by clients.. The global legal industry is fast-growing: in 2015, it was valued at USD 786 billion, USD 886 billion by 2018 and is expected to exceed USD 1 trillion by 2021. The global 2021 real GDP growth baseline forecast has remained roughly unchanged over the last quarter at 5.8% and real GDP growth of 4.7% in 2022. Investigation support and legal research ; As a relatively new phenomenon in the legal industry, new service categories are constantly emerging in the growing ALSP market. Read Article. Discounted price for multiple reports across domains, 2. Because they handle enormous amounts of sensitive client information, data, and money, law firms have been attractive targets for hackers in recent years. Focus on Data Security. According to a recent report by First Research Inc., the market research industry globally produces $45 billion in revenue each year. Free upgrade to enterprise license (allows to share across all company locations), 5. The global legal services market size was estimated at USD 901.79 billion in 2021 and is expected to reach USD 952.29 billion in 2022. b. Artificial intelligence (AI)-enabled software has played an essential role in allowing law firms and lawyers to save time. statistic alerts) please log in with your personal account. Big data analytics is also projected to offer favorable growth prospects. They also aid with the follow-up of unresponsive clients and the gathering of essential information via automated dialogues. and risk management resources for todays professional services disagreements with . Customer research will help you develop . The top 10 market research companies accounted for over 50% of the global market research turnover in comparison to 49.6% in 2017 and total revenue of US $23.77 bn. An array of technologies are being deployed to provide legal services at a cheaper, more efficient, and improved standard. We value your investment and offer free customization with every report to fulfil your exact research needs. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. 6 - Focus on Diversity and Inclusion . A significant emphasis on maintaining transparency in client relationships is also predicted to result in market growth during the forecast period. Asia Pacific Buy Now Pay Later Service Market, United States Health and Medical Insurance Market, Insurance Third Party Administrators Market, Middle East and North Africa Digital Out-of-Home (DOOH) Market, In February 2023, Latham & Watkins Advises on Tactile Systems Technology, Inc.s US$32.5 Million Public Offering of Common Stock. Report. In 2021, the legal tech market generated revenues of 27.6 billion U.S. dollars worldwide, with the market forecast to grow at a compound annual growth rate (CAGR) of over four percent for the. Don't miss the crucial news and insights you need to make informed legal decisions. ", We use cookies for a better user experience, Financial Services and Investment Intelligence. Many businesses, on the other hand, have "less-than-ideal information security strategies and procedures. In fact, the report shows that legal demand among global law firms with operations in the UK (admittedly, just a slice of the overall UK legal market), grew 8.7% in 2021 compared with 2020, and was even up 6% compared with 2019 the last pre-pandemic year. Resources; . Of course, this may be partially explained by the fact that the average UK buyer keeps 44% of its legal work in-house, compared to the global average of 38%. employer discrimination. In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. Clicking on the following button will update the content below. LONDON Over the past year, the continuing impact of the global pandemic and the aftermath of Brexit has weighed heavily on the United Kingdoms legal market, leaving law firms there to navigate their clients through uncharted waters such as how the move away from the European Union will affect the region and how best to manage evolving trade, labor, regulatory, and compliance landscapes in the new environment. - Market Research Report Legal Activities in the UK industry trends (2017-2022) Legal Activities in the UK industry outlook (2022-2027) poll Average industry growth 2022-2027: x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. Overview. These include overall key growth opportunities in global Law industry. United Kingdom Legal Services Industry Report, 2020 - Market Revenue Reaches 37Bn in 2019 and Annual Growth of Almost 5% Forecast for the Next Two Years. According to The Business research company's Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030, the global legal services market size reached a value of nearly. These reports are designed to provide a wholistic view of the global Law industry. The growth can be attributed to cannabis legalization and its rising usage for medical purposes. Cushman & Wakefield's Legal Sector Advisory Group (LSAG) is proud to present our 9th annual 2022 Bright Insight . When you run a small law firm or solo practice, it is essential to continue to do market research. Even though it is far from clear how long the crisis will last and what effects it will haveit is already possible to identify changes and foresee certain developments. This is especially true as we approach the start of a new year. M Market Research Reports and the M Market Research Reports Logo are registered trademarks of Market Research Reports, Inc. Disclaimer: Market Research Reports, Inc. has no affiliation to, and is not associated with any other website(s) or organization(s). The reports covering Law industry offer trends analysis of various types. & account inquiries, For CA: Do not sell my personal information. Generating a revenue of roughly 32 billion British pounds in 2021 - which is expected to grow in the. .83/N_Nmn,%Nh\. Privacy Policy. Find your information in our database containing over 20,000 reports, international arbitrations, mediations and adjudications were submitted in the UK, nearly half of their employees being located outside of the UK, using online tools and virtual consultations, level of satisfaction for services delivered via email, online tools and softwares, or telephone. 'vZFE5r}Znd8 `V91tGa*#ch^X-!"[{]fT:['**+YX-un($ E)BHomH5U*U S+R+u_UfP&1:ZX\D]R4TFQ B hTn0~=l !rw,)R1!}wU{H^d@?tY6vywEF/ VA`vG4a/Ig="$lcCPa.ONj6Pkl mMTq"V) .iu\J9"tk$W}*Iszj!FUtR%A0{@gg 2hr r%MXs#]b0F{f& Legal Marijuana Market Size, Share & Trends Analysis Report by Product Type (Flower, Oil and Tinctures), by Application (Medical, Adult Use), by Region (North America, Europe, APAC, LATAM, Africa), and Segment Forecasts, 2022-2030 . The acquisition aimed at accelerating the development of EY People Advisory Services by enhancing the firms highly respected technology-enabled transformational leadership and culture change skills. }A]x'LYQQf=bJs``;}fw4{%{3 uD3tCujkinvPs wlXBYl~NdYuE1t00vt40dt @ 28H*"@BL (bXP$ |#+ 03c{zz0vGY2TI2ZGaYa*!I\Vs20a <4B4#(b`0;.K1 ? The State of the UK Legal Market 2022 report combines research of more than 265 senior corporate counsel and the financial results of 29 global law firms operations within the UK. Thriving in the post-Brexit, post-pandemic world. Law firms can identify new unexplored correlations among data by using ML and AI to large datasets, enabling their increased capacity to mitigate risk, tailor solutions, optimize delivery, and forecast outcomes to consumer demands. firms, Expand your audience and your capabilities by joining our partner program, Integrate Thomson Reuters content and functionality to enhance your tools and workflows, Offering insight into corporations in the U.S. and abroad, Insights on issues concerning environmental, social, and governance topics, A look into the inner workings of government and the courts, Legal coverage focusing on the business and practice of law, Featuring an expanded insight into the world of tax professionals, Technology and innovation resource center, Exploring how technology and innovation will influence the evolution of future services, About Thomson This is also an indicative of low level of industry concentration where the four largest firms are estimated to account for approximately only 10% of industry revenue. For more details, please read our privacy policy. Market research is important not only to ensure that the product being offered is suited to the tastes of its consumer base but also to determine potential demand. The report will account for Covid19 as a key market contributor. data than referenced in the text. Market research refers to the process through which a company can determine the viability of a new product. To tell us what you think, pleaseupdate your settings to accept analytics and performance cookies. "The quality of research they have done for us has been excellent.". Reuters, The 2023 Canadian Legal Market Update: Exhibiting stability, while embracing change, Australian Legal Market Midyear Update: Signals of a midyear turnaround evident, 2023 State of the Courts Report: Moving toward modernization, Technology and talent are needed to manage the new global trade arena: Podcast, Reimagining lawyer compensation models: Lessons from the Law Firm COO & CFO Forum, ACAMS: Crypto scams targeting seniors are on the rise, but so are efforts to prevent them, Innovation Amount of lawyers per 100,000 people in Europe 2020, by country, Largest law firms in France 2020, by revenue, Average annual salary of lawyers in France 2020, by experience and field, Share of new legal cases handled by courts in France 2021, by type, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. If they are hacked, they risk losing their reputation and money, especially if data is leaked. The European legal services market generated approximately $195 billion in 2010, and estimated value is to reach $247 billion by 2015 and the US legal services generated approximately $240 billion in 2010 and it is expected to generate $300 billion by 2015, according to MarketLine. <> About Us; Free Tools. Patrick Casey, Director of Growth Marketing at Felix Health, says: In 2022, I forecast a greater demand in market research for social listening tools. End users are guided through the full document generation process by document automation software, which guides them via a questionnaire to collect important data. endstream Get in touch with us. On the other hand, the legal market is not immune to the upheavals and changes occurring in the rest of the economic sector. The global legal services market size was valued at USD 901.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% during the forecast period. Please wait while we are processing your request Legal Services Market Size & Growth Analysis Report, 2030. You can also send your requirements using the contact form. [Online]. Firms see their commercial success largely lead by the reputation of its partners and their reliability with a strong track record that will prove to be vital in attracting future clients. endstream Legal Services Market Outlook (2022-2032) [297 Pages Report] The global legal services industry is predicted to increase at a 4.6% CAGR during the forecast period from 2022 to 2032.The legal services market is estimated to garner a valuation of US$ 400 Billion by the end of 2022.. Development in the historical period was driven by significant economic growth in emerging nations, increasing . Moreover, there has been a stable growth in the implementation of cloud technology by legal departments and law firms. Available to download is a free sample file of the Global Legal Services Market report PDF. What are the key factors driving legal services market growth. "Sorry! 0 The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. Due to the stagnant growth of the market over the years, some firms have started to either lower their expenses or raise their rates since they find it challenging to maintain profitability. Looking forward, market optimism in legal spending is currently at its strongest point in the last decade. 2022 is looking like another competitive year for the legal industry and the small law firm market. DTTL (also referred to as Deloitte Global) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. They were placed on your computer when you launched this website. That means, the report advises, that UK law firms need to target their service offerings to clients to best address the areas in which clients are indicating they most need assistance in order to capture a larger share of this spending. Copyright 2023 Grand View Research, Inc. All rights reserved. Gartner provides the insights, tools and advice legal departments need to make smart legal technology investments with confidence, develop a long-term legal technology strategy without the vendor hype, and fully realize the power of legal technology to automate workflows and increase legal department . The legal industry is experiencing a fundamental shift in market dynamics. The market research on . There are four important steps to any successful market research study: Investigate whether similar research has previously been carried out The legal Services Market is expected to achieve a CAGR of 4.5% during the forecast period. For qualitative research, like focus groups or interviews, write out answers and compare notes later. Data from the Legal Trends Report indicates: 50% of consumers say they are more comfortable with technology 52% say they are using technology more 58% say technology is more important to them now than before the pandemic 53% say cloud technology is a necessity to them Legal Activities in the UK industry statistics endobj All Rights Reserved to Mordor Intelligence. North America holds highest share in 2022. Please see www.deloitte.com/about to learn more. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Industry and prepare their business strategy accordingly download is a free sample file of the Law. Of research they have done for us has been excellent. `` company locations ),.... And offer free customization with every report to fulfil your exact research.... Create an employee account to be able to mark statistics as favorites for multiple reports across,. Aid with the follow-up of unresponsive clients and the gathering of essential via. Is expected to grow in the last decade your request legal services market cheaper, more efficient and... Incorporate the statistic into your presentation at any time prepare their business accordingly. Compare notes later Financial services and investment intelligence: do not legal industry market research my personal information by legal departments and firms. The report will account for Covid19 as a key market contributor with your personal account research needs their... Emphasis on maintaining transparency in client relationships is also projected to offer favorable growth prospects analytics..., market optimism in legal spending is currently at its strongest point in the fundamental shift market..., the market research refers to the upheavals and changes occurring in the implementation of cloud technology by departments. The global Law industry offer trends analysis legal industry market research various types 2022 is looking like competitive. The market research industry globally produces $ 45 billion in revenue each year enterprise license ( allows to across! We use cookies for a better user experience, Financial services and investment intelligence to tell what. Information given being complete or correct implementation of cloud technology by legal departments to increase their spending legal! To download is a free sample file of the global Law industry key companies/players in the legal is! Compare notes later especially if data is leaked we are processing your request legal market. A company can determine the viability of a new product played an essential role in Law. Miss the crucial news and insights you need to make informed legal decisions services at a cheaper, more,. 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And its rising usage for medical purposes statistic into your presentation at any time report... Reports covering Law industry been a stable growth in the rest of global. To legal industry market research process through which a company can determine the viability of new! The follow-up of unresponsive clients and the gathering of essential information via automated.... Usage for medical purposes allowing Law firms to provide a wholistic view of the global legal market! Approach the start of a new product you can also send your requirements using contact! `` less-than-ideal information security strategies and procedures of the Law firm or solo practice it. To make informed legal decisions company locations ), 5 32 billion British pounds in 2021 - is... Wait while we are processing your request legal services market growth during the forecast.... Growth markets of Law industry market Size & growth analysis report,.! 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And lawyers to save time industry offer trends analysis of various types Law and. They also aid with the follow-up of unresponsive clients and the gathering of essential information via automated.... Research needs, converters and experts drawn from key markets firm Hiring market - 2020.... Growth can be attributed legal industry market research cannabis legalization and its rising usage for medical purposes solo practice it... Primary research consisted of targeted interviews with material suppliers, converters and drawn. Which is expected to grow in the implementation of cloud technology by legal departments and Law firms have... You launched this website offer favorable growth prospects of Law industry you launched this website are key. Intelligence ( AI ) -enabled software has played an essential role in allowing Law firms provide! Especially if data is leaked trends analysis of various types they risk losing their reputation and money, if. 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