Legal Services Market projected to further boost demand in upcoming years.

Legal Services Industry Overview

The global legal services market size was estimated at USD 952.29 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

The increasing adoption of advanced technologies and several macroeconomic factors including growing business competition, commoditization, varying economic growth trends, and Foreign Direct Investment (FDI). There is an emerging trend of businesses employing Alternate Legal Service Providers (ALSPs) for high-demand legal services such as contract management, document review, and litigation support. The law firms are also outsourcing non-revenue generating tasks, including business analysis, project management, and billing and expenses, to ALSPs. This trend will support the market growth in the upcoming years.

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Furthermore, ALSPs are collaborating with Artificial Intelligence (AI) technology providers to expand the capabilities of their offerings. For instance, in February 2023, QuisLex, one of the leading ALSPs, collaborated with ContractPodAi, the provider of AI-powered Contract Lifecycle Management (CLM) products, to provide technologically advanced contract solutions to their clients.

Businesses globally continue to face an exponential increase in evolving legal duties and regulatory criteria. As organizations expand global operations and services, the number of regulations to comply with increases, creating a demand for an integrated approach to legal Governance, Risk Management, and Compliance (GRC), consequently driving the global legal services market’s growth. Legal services help legal departments within organizations to streamline complexities associated with compliance through services such as matter management, policy management, investigations, and reporting and filing, among others.

Advanced technologies such as Machine Learning (ML) and artificial intelligence help professionals automate some processes and utilize their resources and time on vital legal operations. These technologies enable businesses to draft and evaluate contracts and mining and due diligence of documents. Big data analytics is also projected to offer favorable growth prospects. 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.

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Legal Services Market Segmentation

Grand View Research has segmented the global legal services market based on service, firm size, provider, and region:

Legal Service Outlook (Revenue, USD Billion, 2018 - 2030)