s

Legal Services
MARKET ANALYSIS AND SEGMENT FORECASTS TO 2030

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Legal Services
MARKET ANALYSIS & SEGMENT FORECASTS TO
2030
Market by Service Type: Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, and
Corporate
Market by Firm Size: Large Firms, Medium Firms, and Small Firms
Market by Provider: Private Practicing Attorneys, Legal Business Firms, Government
Departments, and Others
Market by Region: North America, Europe, Asia Pacific, Latin America, and Middle East and
Africa

Copyright © 2023 Grand View Research, Inc., USA

All Rights Reserved. This document contains highly confidential information and is the sole property of
Grand View Research. No part of it may be circulated, copied, quoted, or otherwise reproduced without
the approval of Grand View Research.

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 Table of Contents
CHAPTER 01 Methodology and Scope .............................................................. 10
1.1 Market Segmentation & Scope ............................................................................... 10
1.2 Market Definitions ............................................................................................. 10
1.3 Information Procurement ..................................................................................... 13
1.3.1 INFORMATION ANALYSIS .............................................................................................................. 14
1.3.2 MARKET FORMULATION & DATA VISUALIZATION ........................................................................ 15
1.3.3 DATA VALIDATION & PUBLISHING ................................................................................................ 16
1.4 Research Scope and Assumptions ........................................................................... 17
1.4.1 LIST OF DATA SOURCES ................................................................................................................ 18
CHAPTER 02 Executive Summary...................................................................... 20
2.1 Legal Services Market Snapshot ............................................................................. 23
2.2 Legal Services - Segment Snapshot (1/2) .................................................................. 24
2.3 Legal Services - Segment Snapshot (2/2) .................................................................. 25
2.4 Legal Services - Competitive Landscape Snapshot ....................................................... 26
CHAPTER 03 Legal Services Market– Industry Outlook ................................... 27
3.1 Market Lineage Outlook ...................................................................................... 27
3.2 Value Chain Analysis .......................................................................................... 29
3.3 Market Dynamics .............................................................................................. 32
3.3.1 MARKET DRIVER ANALYSIS .......................................................................................................... 33
3.3.1.1 Increasing corporate legal spending ................................................................................... 33
3.3.1.2 Growth of alternative legal service providers (ALSPs) ........................................................ 36
3.3.2 MARKET RESTRAINT ANALYSIS .................................................................................................... 38
3.3.2.1 threats of data security......................................................................................................... 38
3.3.2.2 Lack of skilled workforce ...................................................................................................... 40
3.3.3 MARKET OPPORTUNITY ANALYSIS ............................................................................................... 41
3.3.3.1 Technological advancements in the legal industry ............................................................. 41
3.3.3.2 Third-party litigation financing .............................................................................................. 42
3.4 Industry Analysis Tools ....................................................................................... 44
3.4.1 PORTER’S ANALYSIS ..................................................................................................................... 44
3.4.2 MACROECONOMIC ANALYSIS ....................................................................................................... 45
3.5 Impact of COVID-19 on Legal Services Market .......................................................... 46
CHAPTER 04 Legal Services Market: Service Type Estimates & Trend
Analysis .............................................................................................................. 47

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 4.1 Service Type Movement Analysis & Market Share, 2022 & 2030 ..................................... 48
4.2 Legal Services Market Estimates & Forecast, By Service Type (USD Billion) ...................... 49
4.2.1 TAXATION........................................................................................................................................ 50
4.2.2 REAL ESTATE.................................................................................................................................. 51
4.2.3 LITIGATION ..................................................................................................................................... 52
4.2.4 BANKRUPTCY ................................................................................................................................. 53
4.2.5 LABOR/EMPLOYMENT .................................................................................................................. 54
4.2.6 CORPORATE ................................................................................................................................... 55
CHAPTER 05 Legal Services Market: Firm Size Estimates & Trend Analysis .. 56
5.1 Firm Size Movement Analysis & Market Share, 2022 & 2030 ......................................... 57
5.2 Legal Services Market Estimates & Forecast, By Firm Size (USD Billion) .......................... 58
5.2.1 LARGE FIRMS................................................................................................................................. 59
5.2.2 MEDIUM FIRMS ............................................................................................................................. 60
5.2.3 SMALL FIRMS ................................................................................................................................ 61
CHAPTER 06 Legal Services Market: Provider Estimates & Trend Analysis .... 62
6.1 Provider Movement Analysis & Market Share, 2022 & 2030 .......................................... 63
6.2 Legal Services Market Estimates & Forecast, By Provider (USD Billion) ........................... 64
6.2.1 PRIVATE PRACTICING ATTORNEYS ............................................................................................... 65
6.2.2 LEGAL BUSINESS FIRMS ............................................................................................................... 66
6.2.3 GOVERNMENT DEPARTMENTS ..................................................................................................... 67
6.2.4 OTHERS .......................................................................................................................................... 68
CHAPTER 07 Regional Estimates & Trend Analysis ......................................... 69
7.1 Legal Services Market: Regional Outlook ................................................................. 69
7.2 North America .................................................................................................. 71
7.2.1 NORTH AMERICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030
(USD BILLION)................................................................................................................................ 71
7.2.2 U.S. ................................................................................................................................................. 72
7.2.2.1 U.S. Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION).............. 72
7.2.3 CANADA .......................................................................................................................................... 73
7.2.3.1 Canada Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) ....... 73
7.3 Europe ............................................................................................................ 74
7.3.1 EUROPE LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030
(USD BILLION)................................................................................................................................ 74
7.3.2 U.K .................................................................................................................................................. 75
7.3.2.1 U.K. Legal services Market Estimates & Forecasts, 2018-2030, (USD BILLION) ............ 75
7.3.3 GERMANY....................................................................................................................................... 76
7.3.3.1 Germany Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) ..... 76
7.4 Asia Pacific ...................................................................................................... 77

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 7.4.1 ASIA PACIFIC LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030
(USD BILLION)................................................................................................................................ 77
7.4.2 CHINA ............................................................................................................................................. 78
7.4.2.1 China Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION)........... 78
7.4.3 JAPAN ............................................................................................................................................. 79
7.4.3.1 Japan Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) .......... 79
7.4.4 INDIA............................................................................................................................................... 80
7.4.4.1 India Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) ............ 80
7.5 Latin America ................................................................................................... 81
7.5.1 LATIN AMERICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030
(USD BILLION)................................................................................................................................ 81
7.5.2 BRAZIL ............................................................................................................................................ 82
7.5.2.1 Brazil Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) ........... 82
7.5.3 ARGENTINA .................................................................................................................................... 83
7.5.3.1 Argentina Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) .... 83
7.5.4 CHILE .............................................................................................................................................. 84
7.5.4.1 Chile Legal services Market Estimates & Forecasts, 2018-2030 (USD BILLION) ............ 84
7.6 Middle East and Africa ........................................................................................ 85
7.6.1 MIDDLE EAST AND AFRICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS,
2018-2030, (USD BILLION) .......................................................................................................... 85
CHAPTER 08 Legal Services Market – Competitive Landscape ...................... 86
8.1 Recent Developments & Impact Analysis, By Key Market Participants ............................. 86
8.2 Company Categorization ..................................................................................... 87
8.3 Participant’s Overview ........................................................................................ 88
8.4 Financial Performance ........................................................................................ 92
8.5 Product Benchmarking ........................................................................................ 93
8.6 Company Market Positioning ...............................................................................110
8.7 Legal Services Market - Key Company/Competition Categorization
(Key Innovators, Market Leaders, Emerging Players) .................................................111
8.8 Company Heat Map Analysis ...............................................................................112
8.9 Strategy Mapping ..............................................................................................113
8.9.1 PARTNERSHIP ..............................................................................................................................114
8.9.2 MERGER & ACQUISITION ............................................................................................................116
8.9.3 EXPANSION ..................................................................................................................................117
8.9.4 NEW PRODUCT LAUNCH .............................................................................................................117

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 Index of Figures
Fig.1 Legal Services Market Segmentation .................................................................................................. 10

Fig.2 Information Procurement...................................................................................................................... 13

Fig.3 Data Analysis Models ............................................................................................................................ 14

Fig.4 Market Formulation and Validation...................................................................................................... 15

Fig.5 Data Validating & Publishing ................................................................................................................ 16

Fig.6 Market Snapshot ................................................................................................................................... 23

Fig.7 Segment Snapshot (1/2) ...................................................................................................................... 24

Fig.8 Segment Snapshot (2/2) ...................................................................................................................... 25

Fig.9 Competitive Landscape Snapshot ....................................................................................................... 26

Fig.11 Legal Services Market- Industry Value Chain Analysis ..................................................................... 29

Fig.12 Market Dynamics ................................................................................................................................ 32

Fig.13 U.S. corporate legal spending on class actions, 2015 to 2023 (USD Bn) ..................................... 34

Fig.14 Class actions and annual spending breakdown by type, 2023 ....................................................... 35

Fig.15 Corporate use of ALSPs, (% of corporations using ALSPs for use cases) ........................................ 36

Fig.16 Number of cyber-security breaches in law firms, (% of total number of law firms worldwide) ...... 38

Fig.17 Top 5 sectors by data breach notifications, (% share during July to December 2022).................. 39

Fig.18 Motivation for seeking litigation finance in U.S., 2022 .................................................................... 42

Fig.19 Dedicated litigation funding companies, Funds Under Management (USD million) ...................... 43

Fig.20 Legal services market: PORTER’s Analysis........................................................................................ 44

Fig.21 Legal services market: PESTEL Analysis ........................................................................................... 45

Fig.22 Legal Services Market, by Service Type: Key Takeaways ................................................................. 47

Fig.23 Legal Services Market, by Service Type: Market Share, 2022 & 2030 .......................................... 48

Fig.24 Taxation service type market estimates & forecasts, 2018-2030 (USD Billion) ............................ 50

Fig.25 Real estate service type market estimates & forecasts, 2018-2030 (USD Billion) ....................... 51

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 Fig.26 Litigation service type market estimates & forecasts, 2018-2030 (USD Billion) ........................... 52

Fig.27 Bankruptcy service type market estimates & forecasts, 2018-2030 (USD Billion) ....................... 53

Fig.28 Labor/Employment service type market estimates & forecasts, 2018-2030 (USD Billion) .......... 54

Fig.29 Corporate service type market estimates & forecasts, 2018-2030 (USD Billion).......................... 55

Fig.30 Legal Services Market, by Firm Size: Key Takeaways ...................................................................... 56

Fig.31 Legal Services Market, by Firm Size: Market Share, 2022 & 2030 ................................................ 57

Fig.32 Large firms market estimates & forecasts, 2018-2030 (USD Billion) ............................................ 59

Fig.33 Medium firms market estimates & forecasts, 2018-2030 (USD Billion) ........................................ 60

Fig.34 Small firms market estimates & forecasts, 2018-2030 (USD Billion) ............................................ 61

Fig.35 Legal Services Market, by Provider: Key Takeaways ........................................................................ 62

Fig.36 Legal Services Market, by Provider: Market Share, 2022 & 2030.................................................. 63

Fig.37 Private practicing attorneys market estimates & forecasts, 2018-2030 (USD Billion) ................. 65

Fig.38 Legal business firms market estimates & forecasts, 2018-2030 (USD Billion)............................. 66

Fig.39 Government departments market estimates & forecasts, 2018-2030 (USD Billion) .................... 67

Fig.40 Others market estimates & forecasts, 2018-2030 (USD Billion) .................................................... 68

Fig.41 Legal Services Market Revenue by Region, 2022 & 2030 (USD Billion) ........................................ 69

Fig.42 Regional marketplace: Key takeaways .............................................................................................. 70

Fig.43 North America legal services market estimates & forecasts, 2018-2030 (USD Billion) ............... 71

Fig.44 U.S. legal services market estimates & forecasts, 2018-2030 (USD Billion) ................................. 72

Fig.45 Canada legal services market estimates & forecasts, 2018-2030 (USD Billion) .......................... 73

Fig.46 Europe legal services market estimates & forecasts, 2018-2030 (USD Billion)............................ 74

Fig.47 U.K. legal services market estimates & forecasts, 2018-2030 (USD Billion)................................. 75

Fig.48 Germany legal services market estimates & forecasts, 2018-2030 (USD Billion) ........................ 76

Fig.49 Asia Pacific legal services market estimates & forecasts, 2018-2030 (USD Billion) .................... 77

Fig.50 China legal services market estimates & forecasts, 2018-2030 (USD Billion) .............................. 78

Fig.51 Japan legal services market estimates & forecasts, 2018-2030 (USD Billion) ............................. 79

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 Fig.52 India legal services market estimates & forecasts, 2018-2030 (USD Billion) ............................... 80

Fig.53 Latin America legal services market estimates & forecasts, 2018-2030 (USD Billion) ................ 81

Fig.54 Brazil legal services market estimates & forecasts, 2018-2030 (USD Billion) .............................. 82

Fig.55 Argentina legal services market estimates & forecasts, 2018-2030 (USD Billion) ....................... 83

Fig.56 Chile legal services market estimates & forecasts, 2018-2030 (USD Billion) ............................... 84

Fig.57 Middle East and Africa legal services market estimates & forecasts, 2018-2030
(USD Billion) ........................................................................................................................................... 85

Fig.58 Key company categorization .............................................................................................................. 87

Fig.59 Company Market Positioning ...........................................................................................................110

Fig.60 Strategic framework..........................................................................................................................113

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 Index of Tables
Table 1 Legal services market – key market driver impact ......................................................................... 33

Table 2 Legal services market – key market restraint impact .................................................................... 38

Table 3 Legal services market – key market opportunity impact ............................................................... 41

Table 4 Legal Services Market Revenue Estimates and Forecast, By Service Type, 2018-2030
(USD Billion) ........................................................................................................................................... 49

Table 5 Legal Services Market Revenue Estimates and Forecast, By Firm Size, 2018-2030
(USD Billion) ........................................................................................................................................... 58

Table 6 Legal Services Market Revenue Estimates and Forecast, By Provider, 2018-2030
(USD Billion) ........................................................................................................................................... 64

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 CHAPTER 01

Methodology and Scope

1.1 Market Segmentation & Scope

Fig.1 Legal Services Market Segmentation

By Service Type By Firm Size By End-User By Region

Private Practicing
Taxation Large Firms North America
Attorneys

Legal Business
Real Estate Medium Firms Europe
Firms

Government
Litigation Small Firms Asia Pacific
Departments

Bankruptcy Others Latin America

Middle East and

Labor/Employment
Africa

Corporate

1.2 Market Definitions

The legal services market has been segmented into service types, firm size, application, and regions.

• In the first level, the market has been segmented by service type into taxation, real estate,
litigation, bankruptcy, labor/employment, and corporate.

o Taxation: Legal firms add value to their business transactions by assisting the clients in
matters of taxation laws. The lawyers help the clients on various complicated issues,
including cross-border transactions to tax exemption qualification and planning for local
nonprofit organizations. The tax attorneys support clients from assisting on strategies to
resolving disputes and advises individuals & businesses on each step of the inquiry
process from investigation through its ultimate resolution, including negotiation, dispute
resolution, and litigation.
o Real-Estate: The real estate lawyers assist in property law and real estate matters. The
lawyers perform a comprehensive study of the issues, disputes, and transactions to
assess the study before providing logical solutions to the client. The attorneys offer

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 financing institutions, investors, and developers’ advice regarding compliance with real
estate regulations and acts.
o Litigation: Litigation is a legal method for resolving disputes among persons,
organizations, and the state. In the litigation services, a case is presented before the
court by the parties involved for resolution. For litigation purposes, attorneys are hired to
represent the client’s interests, who engage in pre-suit litigation, which include writing
messages on behalf of the client, demand that the party compensates a victim for
physical or economic injury, and to file a Notice of Eviction with a local court.
o Bankruptcy: It is a legal condition through which people who can’t repay debts seek
relief from the legal authorities. Bankruptcy is imposed by court order, usually initiated
by a debtor. The legal attorney works in an administrative or secretarial capacity for a
law office or attorney handling bankruptcy and creditors’ rights matters.
o Labor/Employment: Labor law encompasses the relationships among employers,
employees, and unions. Labor laws empower employees in certain sectors the right to
unionize and allow employers to engage in various workplace-related activities in order
to further their demands for changes in the employer-employee relationship.
o Corporate: The lawyers advise corporate clients, including entrepreneurs and small,
large, and medium corporations on matters related to a wide array of corporate legal
transactions. The attorneys offer expert guidance on diverse corporate issues,
structuring business deals to minimize risk & optimize the client’s short and long-term
objectives. Moreover, the attorneys’ advice clients on a large spectrum of corporate
transactions including mergers & acquisitions, business & asset transfers, scheme of
arrangements, employee/employer agreements, demergers, joint-ventures agreements,
deferred compensation arrangements, transactional assignments, subsidiary spin-offs,
and formation & structuring of holding companies.

• In the second level, the market has been segmented further by firm size into large firms,
medium firms, and small firms.

o Large Firms: Large law firms can range in size from over 75 to several thousands of
paralegals, lawyers, administrative staff, librarians, human resource specialists, and
other staff. Large legal firms exist in multiple cities, states, and even countries.
Additionally, large legal firms can handle most types of legal work, including large scale
litigation, business transactions, and criminal defense matters.

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 o Medium Firms: The segment includes firms characterized by having a medium number
of attorneys and staff (20 -75 lawyers). These firms are larger than small boutique law
firms; however, smaller than large law firms that usually operate internationally.
o Small Firms: The segment includes small law firms generally employing less than 20
legal attorneys. The firm often allows the lawyers an opportunity to team up with other
lawyers on complicated legal matters.
• In the third level, the market has been segmented further by provider into private practicing
attorneys, legal business firms, government departments, and others.

o Private Practicing Attorneys: Private practicing attorneys work in a small workplace or

along with lawyers at large law firms. An attorney possibly focuses on a niche area of law
such as real estate law or family law.
o Legal Business Firms: A legal business firm is a unit formed by a few lawyers to involve
in the law practice. The primary service is to advise clients about their legal
responsibilities & rights and represent the clients in criminal or civil cases, business
transactions, and other matters in which legal advice is required.
o Government Departments: Government legal departments are an umbrella group
consisting of qualified lawyers working as civil servants around the government of a
particular country.
o Others: The other legal providers include insurance providers and corporate legal
departments.
• In the fourth level, the market has been segmented further by region into North America,
Europe, Asia Pacific, Latin America, Middle East & Africa.
o The North American regional market covers the markets of the U.S. and Canada.
o The European regional market covers the markets of Germany, U.K., France, Spain,
Italy, and the Rest of the European countries.
o The Asia Pacific regional market covers the markets of China, Japan, India, Singapore,
and the Rest of Asia Pacific countries.
o The Latin American regional market covers the markets of Brazil, Mexico, and the Rest
of Latin American countries.
o The Middle Eastern & African regional market covers the markets of Bahrain, Cyprus,
Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia,
Syria, Turkey, UAE, Yemen, and South African countries.

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 1.3 Information Procurement

Fig.2 Information Procurement

PRIMARY RESEARCH INFORMATION PROCUREMENT PURCHASED DATABASE

Primary interviews with industry experts, The stage involves the procurement of We buy access to paid databases like
freelance consultants, prominent legal market data or related information via Hoover’s and Factiva to gain access to
services industry leaders, lawyers, law different sources & methodologies such company financials, industry information,
firms, and key end-users. Interviews are as primary interviews, paid and internal and industry journal publications
largely based on tele-interviews and databases and secondary sources
online survey.

SECONDARY SOURCES GVR’S INTERNAL DATABASE THIRD PARTY PERSPECTIVE

Includes government statistics published Includes historic market databases, case Analysis of investor analyst reports,
by various organizations like American studies, internal audit reports, & archives. broker reports, government quotes, key
Bar Association, IBA, ALTA, etc. and Pertinent data are also taken into opinion leaders, research institutes &
investor documents, whitepapers, and account. We have a dedicated team of academic centers
use cases. analysts updating & maintaining these
databases

Source: Grand View Research

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 1.3.1 INFORMATION ANALYSIS

Fig.3 Data Analysis Models

Combine Approach
Top-down
Approach

Bottom Up
Approach
Derived via commodity flow and demand / consumption models

Source: Grand View Research

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 1.3.2 MARKET FORMULATION & DATA VISUALIZATION

Fig.4 Market Formulation and Validation

Market Formulation
‣ This step involves finalization of market numbers. This step on
an internal level is designed to manage outputs from the Data
Analysis step.
‣ Data Normalization
‣ The final market estimates and forecasts are then aligned
sent to industry experts, in-panel quality control managers for
validation.
‣ This step also entails the finalization of the report scope and
Before our research is published or data representation pattern.
finalized for clients, it goes through a
protocol of internal and external checks to Validation
ensure we deliver the highest quality of ‣ The process entails multiple levels of validation. All these
reliable, informed data and insights. We steps run in parallel and the study is forwarded for publishing
call it Multi-Level Data Validation. only if all three level render validated results.

28

Source: Grand View Research

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 1.3.3 DATA VALIDATION & PUBLISHING

Fig.5 Data Validating & Publishing

Multi-level Data Validation

Level 3
Level 1 Level 2
Validation by Multiple Data
In panel quality check and Validation by industry experts and
Analysis Models (Data
validation KoLs
Triangulation)

Output

Validated Validated

Move to step 2 Move to step 2

Move to Publishing

Post-launch market monitoring

Source: Grand View Research

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 We implement a mix of primary and secondary research for our market estimate and forecast.
Secondary research forms the initial phase of our study, where we conduct extensive data mining,
referring to verified data sources such as independent studies, government, and regulatory published
material, technical journals, trade magazines, and paid data sources. This forms the basis of our
estimates.

For forecasting, the following parameters were considered,

➢ Market drivers and restraints, along with their current and expected impact.
➢ Technological scenario and expected developments.
➢ End-use industry trends and dynamics
➢ Trends in consumer preferences and demand analysis

We assigned weights to these parameters and quantified their impact using weighted average analysis
to derive an expected market growth rate.

All our estimates and forecasts were verified through exhaustive primary research with Key Industry
Participants (KIPs), which typically include,

➢ Leading law firms

➢ Individual Lawyers, Consultants
➢ Alternative legal service providers (ALSPs)

The key objectives of primary research are as follows,

➢ To validate our data in terms of accuracy and acceptability

➢ To gain an insight into the current market and future expectations

1.4 Research Scope and Assumptions

➢ The report provides the market value for the base year 2022 and a yearly forecast till 2030 in
terms of revenue (USD Billion)
➢ Key industry dynamics, regulatory scenarios, and derivatives markets are evaluated to
understand their impact on demand over the forecast period. Growth rates are estimated using
correlation, regression, and time-series analysis.
➢ We have used a bottom-up approach for market sizing, analyzing key regional markets,
dynamics, and trends for different categories. The global market is estimated by integrating
regional markets.
➢ All market estimates and forecasts have been validated through primary interviews with key
industry participants.

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 ➢ Inflation has not been accounted for to estimate and forecast the market.
➢ Prices have been derived using quotes from manufacturers, distributors, vendors, and suppliers
in the market. The variation in the quotes obtained through different sources has been
normalized with the help of extensive primary interviews.
➢ Financial data is only provided for publicly listed companies.
➢ Numbers may not add up due to rounding off.
➢ Numbers may appear similar due to rounding off.
➢ The market is segmented based on the ‘Services’ into Taxation, Real Estate, Litigation,
Bankruptcy, Labor/Employment, and Corporate.
➢ The market is segmented based on ‘Firm Size’ into Large Firms, Medium Firms, and Small
Firms.
➢ The market is segmented based on ‘Provider’ into Private Practicing Attorneys, Legal Business
Firms, Government Departments, and Others.
➢ The North America regional legal services market would present data for the U.S. and Canada.
➢ Europe regional legal services market would present data for Germany, U.K., and other European
Countries.
➢ The Asia Pacific regional legal services market would present data for China, Japan, India, and
other Asia-Pacific countries.
➢ Latin America regional legal services market would present data for Brazil, Argentina, Chile, and
other Latin American countries.
➢ Middle East and Africa regional legal services market would present data for Bahrain, Cyprus,
Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria,
Turkey, the United Arab Emirates, Yemen, and African countries.

1.4.1 LIST OF DATA SOURCES

Some of the secondary sources used for this report:

➢ American Bar Association

➢ International Bar Association
➢ Law.com International
➢ United States Department of Justice
➢ The Law Society
➢ U.S. Census
➢ The Association of Corporate Counsel (ACC)
➢ U.S. Bureau of Labor Statistics

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 ➢ The American Lawyer
➢ The National Association for Law Placement (NALP)
➢ International Association of Lawyers
➢ World Population Review
➢ University of Oxford
➢ The Organization for Economic Co-operation and Development (OECD)
➢ Singapore Academy of Law
➢ Wolters Kluwer Future Ready Lawyer Survey 2022
➢ Australian Legal Technology Association (ALTA)
➢ The World Bank data statistics
➢ The World Economic Forum statistics
➢ Lake Whillans & Above the Law
➢ Carlton Fields – Class Action Survey
➢ Paid sources such as Science Direct, Pitchbook, D&B Hoovers, Euromonitor, EMIS datasets, etc.
➢ Company Annual Reports/Websites/Key developments/ Investor Presentations

Some of the primary sources used for this report:

➢ Kirkland & Ellis

➢ Baker McKenzie
➢ DLA Piper

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 CHAPTER 02

Executive Summary
The legal services market is The legal services market was valued at USD 952.29 billion in
estimated to reach USD 1,362.81 2022 and is estimated to grow at a compound annual growth rate
billion by 2030 (CAGR) of 4.5% from 2023 to 2030. The rapid growth of the market
can be attributed to increasing globalization and expansion of in-
house legal departments in the corporate sector. Increasing
prevalence of economic crimes such as fraud, cybercrimes, etc. are
fueling the demand for legal services around the globe. On the other
hand, businesses are increasingly employing Alternate Legal Service
Providers (ALSPs) for routine legal services, further creating growth
opportunities for the market.

The litigation segment is Based on the services, the corporate segment accounted for a
expected to witness a growth rate significant revenue share of 29.2% in 2022 and is expected to grow
of 3.0%. at a CAGR of 6.4% over the forecast period. The segment growth is
credited to the worldwide increase in the number of arguments over
harassment of employees, organizational discrimination audits, and
patent infringement & copyright violation. There is an increasing
trend of building in-house legal departments across large
enterprises, while small and medium-sized enterprises are turning
towards consulting firms to reduce legal costs. This significant focus
on legal services in the corporate sector has contributed to its
substantial market share throughout the historic and forecast
period. Rising demand for legal services associated with intellectual
property in the corporate sector is further projected to boost
demand for legal services in upcoming years.

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 The large firms segment Based on firm size, the small firms segment accounted for a
accounted for the market of revenue share of 31.0% in 2022 and is expected to grow at
37.9% in 2022. significant CAGR of 5.5% over the forecast period. Rising efforts by
small law firms around the globe to expand their geographical
presence is creating demand for recruitment of attorneys worldwide.
The expansion helps small firms to target overseas clientele and
assist them in managing their legal requirements. According to the
survey report “2022 State of U.S. Small Law Firms” from Thomson
Reuters, 60% of small law firms were optimistic about growth in
terms of revenues per lawyer, profits per lawyer, and billable hours,
compared to 51% in 2021. In addition, 90% of small firm lawyers
rated their firm as successful or very successful in 2022.

The private practicing attorneys Based on application, legal business firms dominated the market
segment is expected to witness a with a revenue share of 46.6% in 2022 and is expected to grow at
significant growth rate of 5.4%. the highest CAGR of 4.6% over the forecast period. Legal business
firms around the globe are investing in business development
tactics, such as client education, pipeline management, local
community activities, and public relations, leading to a high market
share of the segment. In addition, law firms are adopting technology
solutions to automate workflows and eliminate time-consuming
manual processes, further creating opportunities for growth in this
segment. Investment in technology can help legal business firms
improve operational efficiency, enhancing the client experience and
lowering operational costs. According to Legalcomplex, in 2022, the
total funds raised in legal technology companies amounted to over
USD 3.43 billion, composed of 376 deals raised by 849 investors
around the globe.

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 North America accounted for a Based on region, Asia Pacific accounted for a market share of
significant market share of 41.1% 22.5% in 2022 and is expected to grow at the highest CAGR of 7.3%
in 2022. over the forecast period. This growth can be attributed to the
extensive utilization of corporate and taxation services in the region,
especially in China and Australia. The expanding middle class
population in the region is further contributing to the demand for
legal services in areas such as estate planning, family law, and
dispute resolution. Furthermore, the Association of Southeast Asian
Nations (ASEAN), a regional intergovernmental organization, offers
vast opportunities for investors in Indonesia, Thailand, Malaysia,
Singapore, Philippines, Vietnam, Laos, Brunei, Myanmar, and
Cambodia, which accounts for the rise in prospects for a new legal
services business.

The market players are focusing The key players operating in the legal services market include
on technology adoption, Kirkland & Ellis LLP, Baker & McKenzie, Clifford Chance LLP, and
partnership, and geographical DLA Piper among others. Leading players are actively moving
expansion.
towards automation technology adoption, partnership, geographical
expansions, collaborations, and agreements to increase their
presence and boost revenue streams. For instance, in October
2023, Baker McKenzie entered into a joint venture (JV) with KL
Partners, the Korean disputes and corporate law firm, to reinforce
the firm’s presence in East Asia. Through this JV, Baker McKenzie is
anticipated to bring international legal connectivity and support to
its Korean client base.

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 2.1 Legal Services Market Snapshot

Fig.6 Market Snapshot

Legal Services Market Size (USD Billion)

CAGR% (2023-2030) Growth Momentum**
1,362.81
LOW MEDIUM HIGH

952.29
North America 2.6%
794.50
Europe 4.0%

Asia Pacific 7.3%

Latin America 5.8%

2018 2022 2030 Middle East and Africa 6.6%

Regional Legal Services Market Size Regional Penetration, 2022

(USD Billion) 1.4%
9.0%
135.19 Key Trend

41.1% The expansion of in-house legal

2030 484.48 340.84 379.82
22.5% departments, technological
22.49 advancements, the growth of
85.33 alternative legal service
providers, and globalization are
2022 391.11 248.07 214.36 projected to boost the legal
26.1% services market across the North
13.43 America region in the upcoming
North America Europe
Asia Pacific Latin America years.
North America
Europe Middle East and Africa
Asia Pacific
Latin America ** Growth momentum is factor of comparison between segmental CAGR% Vs overall market CAGR%

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 2.2 Legal Services - Segment Snapshot (1/2)

Fig.7 Segment Snapshot (1/2)

CAGR% (2023-2030) Growth Momentum

Service Model Outlook (USD Billion) LOW MEDIUM HIGH

Taxation 5.4%
90.27 78.57

Real Estate 3.8%

2030 175.16 335.12 222.63 461.07

Litigation 3.0%
59.15 66.19
Bankruptcy 2.1%
2022 129.51 262.66 156.63 278.15
Labor/Employment 4.4%

Taxation Real Estate Corporate 6.4%

Litigation Bankruptcy

CAGR% (2023-2030) Growth Momentum

Firm Size Outlook (USD Billion) LOW MEDIUM HIGH

Large Firms 3.3%

Medium Firms 4.9%

2030 471.51 436.83 454.46

Small Firms 5.5%

2022 360.85 295.94 295.50

Large Firms Medium Firms Small Firms

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 2.3 Legal Services - Segment Snapshot (2/2)

Fig.8 Segment Snapshot (2/2)

CAGR% (2023-2030) Growth Momentum

Provider Outlook (USD Billion) LOW MEDIUM HIGH

Private Practicing
Attorneys
5.4%
100.66

Legal Business Firms 4.6%

2030 470.69 638.09 153.37
Government
3.8%
Departments
74.25
Others 2.3%
2022 307.07 443.91 127.06

Private Practicing Attorneys Legal Business Firms

Government Departments Others

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 2.4 Legal Services - Competitive Landscape Snapshot

Fig.9 Competitive Landscape Snapshot

Market Concentration Market Characteristics Market Participants

Industry Competition
Consolidated: Top 5 companies account
for over 70% of the market share LOW MEDIUM HIGH Key Players
Degree of Innovation • Baker & McKenzie
• Clifford Chance LLP
Level of M&A
• Deloitte
Activities
• DLA Piper
Impact of Regulations
Legal Services Market • Ernst & Young (E&Y)
Concentration • Kirkland & Ellis LLP
Services Substitutes
Fragmented: Top 5 companies account for • KPMG
less than 30% of the market share
• LATHAM & WATKINS LLP
End-User
Concentration • PwC
Market Growth Stage Pace of Market Growth
• Skadden, Arps, Slate, Meagher & Flom
Medium Accelerating
LLPs
Low | Medium | High | Exponential Accelerating | Decelerating

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 CHAPTER 03

Legal Services Market– Industry Outlook

3.1 Market Lineage Outlook

The legal services market is valued at USD Fig.10 Legal services market value, 2022 & 2030 (USD
Billion)
952.29 billion in 2022 and is anticipated to
reach USD 1,362.81 billion by 2030, growing 1,362.81

at a CAGR of 4.5% from 2023 to 2030. The

market’s growth is driven by an upsurge in 952.29
demand for legal services and growing
technology adoption, coupled with
macroeconomic factors such as growing
business competition, globalization,
commoditization, varying economic growth
trends, and Foreign Direct Investment (FDI). 2022 2030
In addition, 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 growth of the legal services market in
the upcoming years.

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. 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.

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 The rise in the size of educated middle classes in Asian countries and increased economic growth
are anticipated to give new opportunities for litigation service businesses in the region.
Additionally, the Association of Southeast Asian Nations (ASEAN), a regional intergovernmental
organization, offers vast opportunities for legal service business investors across Indonesia,
Thailand, Malaysia, Singapore, Philippines, Vietnam, Laos, Brunei, Myanmar, and Cambodia.

The key stakeholders in the global legal services market, such as law societies, judiciaries,
corporate legal departments (public and private sectors), private law firms, developers of legal
products, legal aid service providers, and the overall legal systems, are continuously seeking to
leverage advanced technological solutions to deliver effective legal services. For instance, the
emerging trend of smart contracts and blockchain technology has enabled law firms and legal
departments to record data securely. Implementation of such technologies is anticipated to
support the growth of the overall legal services industry.

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 3.2 Value Chain Analysis

Fig.11 Legal Services Market- Industry Value Chain Analysis

• Primary Legal • Legal Technology, • Users receive legal

Information Algorithms, and products and
• Primary Legal Data Data services

The Law and Legal In-house Legal Client

Law Firms End-users
System Departments Organization

• Government • Licensed legal

• Legislative —Makes professionals • Corporate
Laws • Legal Departments of
• Large Firms • Individuals
• Executive—Carries Businesses
out laws
• Small and Medium Law • Real Estate
• Judicial—Evaluates Firms • Others
laws • Virtual Law Firms

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The key elements in the value chain of the legal services market include the law and legal system, law firms, in-house legal departments,
client organization, and end-users.

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 The law and legal system form the first level of the global legal services value chain. The legal system
comprises procedures, rules, and institutions by which public initiatives as well as private endeavors
can be carried out through legitimate means. The functions of the legal system include maintenance
of law & order in society and maximum freedom of individuals among others. Legal systems are
mainly categorized as follows:

• Civil laws: This legal system deals with people's relationships, business agreements, and
property.

• Customary law: This legal system comprises a set of customs, beliefs, and practices that are
accepted as obligatory rules of conduct by local communities and indigenous peoples.

• Common law: This law system includes a body of unwritten laws based on judicial
precedents.

• Tax law: This law system comprises practices of law that relate to the assessment and
payment of taxes.

The official government sources have legal information, which provides access to the public to the
data held by national governments. The government establishes a “right-to-know” legal process by
which the public can receive government-held information at free or minimal cost, baring standard
expectations. The government is usually bound by the duty to publish and promote access to suitable
legal records and information. Legal information produced by the government include:

• Primary legal information: Official sources of law, regulations, policies, and decisions across
various branches of law.

• Primary legal data: Numerical, statistical, or other non-verbal data from official sources that
are used/created to support the development of primary legal information or produced by
any operation of the legal system, e.g., vote counts, word frequencies, bail, or remand
statistics.

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 Law firms and in-house legal departments form the second and third level of the legal services value
chain. Legal departments and law firms are moving towards automation technologies and software
solutions to ensure improved client-firm relationships, enhanced efficiency and productivity, and
increased profitability/revenues. The need to abide by the growing number of regulations related to
data security, privacy protection, and Environmental, Social, and Governance (ESG), among others, is
prompting law firms and legal departments to opt for the latest legal technology solutions. The
outbreak of the COVID-19 pandemic made it difficult for end users to access legal services. Thus, law
firms started moving towards digitization and invested in legal technology, algorithms, and data,
solutions. This has helped them with the following outcomes:

• Geographical Reach – Digitization is helping law firms and corporate legal departments to go
global. This has led to an increased market size and enhanced product development at the
global level.

• Use of Resources – Digitization has enabled law firms and corporate legal departments to
redeploy human resources from monotonous tasks to tasks that have a greater impact on
learning or fostering customer relations.

• Time Management – AI-enabled solutions have helped law firms and corporate legal
departments to deliver faster research results and analysis of documents.

• Transparency – Digitization has brought transparency to the operations of law firms and legal
departments as their clients can have access to their case progress and other related
information.

Client organization and end-users form the last stage of the legal services value chain. The users
such as individuals, corporate, and real estate clients receive the legal information/services as and
when required. Legal firms and departments are working to improve and measure the client’s
satisfaction, referrals, and loyalty. It includes activities such as feedback collection, relationship
management, performance evaluation, and service innovation.

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 3.3 Market Dynamics

Fig.12 Market Dynamics

Technology Trends Regulatory Trends

➢ Legal chatbots and Virtual Legal ➢ Enhanced regulatory frameworks
Assistants (VLAs) are helping legal and related enforcement activities
professionals undertake daily tasks on Environmental, Social and
through the automation of certain Governance (ESG) are fueling the
processes. legal services market growth.
➢ Artificial Intelligence (AI) tools have ➢ Government initiatives and policies
enabled law firms and corporate to boost the legal services industry
legal departments to achieve greater supporting the industry growth. For
efficiency by automating repetitive instance, in October 2020,
tasks. Singapore’s Ministry of Law
➢ Increased focus on data for Legal Services (MinLaw) launched the Legal
performance tracking and Market Industry Technology and Innovation
profitability in law firms. Roadmap (TIR) to promote
technology adoption in Singapore’s
legal industry.
Supplier/Vendor Trends Buyer/End-User Trends
➢ Lawyers are preferring to work with ➢ People are moving towards Alternate
law firms and in-house legal Dispute Resolution (ADR) to reach a
departments. peaceful resolution.
➢ Vendors in legal services industry ➢ Companies are seeking low-cost
are integrating the latest legal support from alternative legal
technologies such as AI, blockchain, service providers (ALSPs)
and cloud computing among others ➢ End-users are increasingly looking
into their solutions to improve the for AI-based legal technology
application performance and solutions.
enhance end-user experience.

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 3.3.1 MARKET DRIVER ANALYSIS
Table 1 Legal services market – key market driver impact

TIMELINE IMPACT ANALYSIS

MARKET DRIVERS
2023 - 2026 2027 - 2030

Increasing Corporate Legal Spending LOW HIGH LOW HIGH

Growth of Alternative legal service providers (ALSPs) LOW HIGH LOW HIGH

LOW MEDIUM HIGH

3.3.1.1 INCREASING CORPORATE LEGAL SPENDING

Heightened environmental, social, and governance (ESG) pressures, rising class actions, and growing
regulatory and legal complexity are leading to increased corporate legal spending. This factor fuels the
growth of the global legal services market. Some of the prominent drivers of corporate legal spending
are as follows:

• Employment Litigation: The regulatory agencies and employees have been more aggressive on
employment rights in the past few years, leading to more lawsuits. More jurisdictions have their
own minimum wage law, with dozens of counties, states, and cities sanctioning paid leave
legislation. Usually, companies around the globe don’t set out to violate any of the employment
laws. However, the ever-increased compliance requirements may lead to misapplication of
these laws and the potential for litigation. Employers and employees are still navigating a return
to work from office after the COVID-19 pandemic. Thus, remote work, workplace safety, and
wage disputes, among other concerns, are still being addressed. Due to this situation,
employers face legal disputes and regulatory consequences associated with employees’ rights,
varying from region to region.

Furthermore, The World Bank has warned about a global recession in 2023 and 2024. The
anticipation of this recession caused the companies to get involved in layoffs and lawsuits,
firing, and other dismissals. Former employees in the organization are more likely to sue for
wrongful dismissal, sexual harassment, unpaid overtime or wages, and other breaches of their
employment rights. For instance, according to Carlton Fields, a Florida-based law firm,
employment, and labour litigation accounts for about 35% of class action spending. This growth
in employment litigations is contributing to the growth of the global legal services market.

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 • Class Action: It refers to the legal proceeding in which one or more plaintiffs (litigants) bring a
lawsuit on behalf of a large group of people. Corporate legal spending on defending the class
actions has steadily been growing since past few years around the globe. Labor and
employment litigation are the prominent class action spending. According to the 2023 Carlton
Fields Class Action Survey, legal spending in corporate sector on defending class actions was
anticipated to grow 6.8% in 2023.

Fig.13 U.S. corporate legal spending on class actions, 2015 to 2023 (USD Bn)

3.89
3.64
3.37

2.90
2.64

2019 2020 2021 2022 2023

Corporate Legal Spending on Class Actions (USD Bn)

Source: The 2023 Carlton Fields Class Action Survey

• Intellectual Property (IP) litigation: Businesses globally continue to face an exponential

increase in compulsory legal duties and regulatory criteria. As the organization expands 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. Compliance, on the other hand, is one of
the highest priorities of law firms. These companies constantly invest in IT infrastructure and
automation technologies to maintain regulatory compliance. Businesses around the globe
increasingly make use of ideas, and more revenues are being made through the sale of
information and concepts. This makes the protection of intellectual property a bigger concern
for companies. The factors such as the upsurge of technology, the subsequent growth in media,
and an increased ability to share information have contributed to the demand for intellectual
property litigation.

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 The activities that result in IP litigation includes:

o Patent infringement of a mechanical invention

o Copyright infringement of a well-known work

o Usage of confidential information obtained from a competitor

o Patent infringement of a pharmaceuticals

o Defamatory statements about the competitor

o Trademark infringement of a registered mark owned by a large corporation

• According to the Federal Court and Federal Court of Appeal, Canada, the IP accounted for 19.3%
of Federal Court proceedings (305 of 1579) as of year ended on June 23, 2023.

The following figure shows annual matters (% share of total) spending (% share of total) by corporations
on various type of legal matters.

Fig.14 Class actions and annual spending breakdown by type, 2023

40.0%
34.8%
33.6%

35.0%

30.0%
21.7%
21.0%

25.0%

20.0%
12.1%
11.6%

10.5%
10.5%

15.0%
8.6%
7.5%

7.2%
7.0%

10.0%
3.7%

3.7%
3.4%

3.1%

5.0%

0.0%

Matters (% share) Spending (% share)

Source: The 2023 Carlton Fields Class Action Survey

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 3.3.1.2 GROWTH OF ALTERNATIVE LEGAL SERVICE PROVIDERS (ALSPS)

Businesses are turning towards the ALSPs for continuous legal services; moreover, the law firms are
also outsourcing certain jobs to ALSPs. This new trend offers some hope for the paralegals, an
opportunity to own or run their independent businesses. Alternative legal service providers (ALSPs)
account for a significant share of the global legal services industry and are seeing a period of high
demand from both corporate and legal firms. ALSPs are most preferred for applications such as e-
discovery, legal research, contract management, IP management, and litigation and investigation
support. Usually, ALSPs include companies such as EY, PricewaterhouseCoopers (PwC), Deloitte, and
Klynveld Peat Marwick Goerdeler (KPMG), among others. Law firms continuously prefer ALSPs to
outsource specific jobs that would be too expensive or time-consuming to execute in-house.

Fig.15 Corporate use of ALSPs, (% of corporations using ALSPs for use cases)

Regulatory Risk & Compliance 32%

E-discovery Services 28%

Document Review & Coding 32%

Legal Research 34%

Litigation & Investigation Support 38%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Litigation & Investigation Support Legal Research Document Review & Coding
E-discovery Services Regulatory Risk & Compliance

Source: Thomson Reuters' 2020 Report on the State of the Legal Market

ALSPs are known for their better use of technology and innovative practices, making them a growth
opportunity for the global legal services market. For instance, according to the Law.com study, ALSPs
are growing at about 30% per year. Additionally, the Alternative Legal Service Providers 2021 Survey –
produced by Thomson Reuters in collaboration with Georgetown Law and Saïd Business School,
indicated that 71% of in-house teams and 79% of law firms engaged with ALSPs for legal work as
compared with 61% and 51% respectively in 2016. This move towards ALSPs creates lucrative growth
opportunities for the market.

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 Initially, ALSPs were seen as a suitable outsourcing choice as they offered a reasonable option for law
firms and businesses looking to get specific tasks completed that doesn’t need the help of an attorney.
Therefore, traditional law firms have realized the importance of ALSPs. Moreover, the law firms have
realized that subcontracting services to ALSPs can allow them to save money while offering better services
to their clients and focus more on their core competencies. Below mentioned are the prominent trends in
the ALSPs sector:

• Continuous progress by the ALSPs: In the past few years, the revenues for alternative legal service
providers have grown tremendously, driven by an increasing number of providers across
segments and the growth of individual providers. The key ALSPs include the big four accounting
firms EY, Deloitte, PwC, and KPMG.
• Law firms and ALSP strategies: Law firms aggressively take advantage of the ALSP model to
establish collaboration with an existing ALSP. Large law firms are expected to work with several
ALSPs to offer an umbrella of legal solutions to clients.
• Stronger projection of use of ALSPs: Once a corporation turns to ALSPs, the company tends to
look for new opportunities to leverage the ALSP’s capabilities. On the enterprise side, each of the
top five functions of ALSPs is now used by about one-third of the corporations.

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 3.3.2 MARKET RESTRAINT ANALYSIS
Table 2 Legal services market – key market restraint impact

TIMELINE IMPACT ANALYSIS

MARKET RESTRAINTS
2023 - 2026 2027 - 2030

Threats of Data Security LOW HIGH LOW HIGH

Lack of Skilled Workers LOW HIGH LOW HIGH

LOW MEDIUM HIGH

3.3.2.1 THREATS OF DATA SECURITY

In the global legal services industry, law firms offer services to clients dealing with matters of taxation,
real estate, litigation, bankruptcy, employment, and corporate. The businesses in the industry create a
lot of data, which concerns the client, firm, and third-party employees. The data is highly sensitive due
to legal confidentiality and privilege among law firms and their clientele. Therefore, compliance is highly
prioritized for law firms and demands cooperation from every employee across all business parts.
Nonetheless, meeting these compliance inevitabilities for businesses' enormous amount of data is very
demanding and expensive. According to the 2022 Law Firm Business Leaders Report, 42% of law firm
leaders expressed concern about hacking, loss of data, ransomware, and security breaches.
Additionally, according to the American Bar Association’s Legal Technology Survey Report, about 26% of
law firms across the globe reported a data breach at some point in their history. The report highlighted
the growing number of cyberattacks on law firms.

Fig.16 Number of cyber-security breaches in law firms, (% of total number of law firms worldwide)

35%

30% 29%
26%
25%
25% 23%
22%

20%

15% 15%
15% 14% 14%

10%

5%

0%
2013 2014 2015 2016 2017 2018 2019 2020 2021
% of total number of law firms worldwide

Source: American Bar Association, 2022 Survey

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 Technological systems or software supporting legal-technology processes may be subject to
cyberattacks. Thus, cyber-attacks are continuously threatening the global legal services industry. For
instance, in July 2021, the New York City Law Department observed a major cyber-attack and exposed
sensitive information. According to the Office of the Australian Information Commissioner (OAIC), 497
notifications of cybersecurity were received under the Notifiable Data Breaches (NDB) scheme during
the reporting period of July to December 2022. These notifications revealed that the legal, accounting,
and management services was among the top 5 services confronting data breaches.

Fig.17 Top 5 sectors by data breach notifications, (% share during July to December 2022)

14%

Healthcare services

13% Finance services

Insurance services

51% Legal, accounting and management

services
Recruitment services

8% Others

7%

7%

Source: OAIC

On the other hand, according to a recent report by The Washington Post, global data security breaches
cost organizations and companies more than $1 trillion annually as direct economic losses. Thus,
organizations need to minimize the risks associated with cyber security. In the legal services industry,
the financial responsibility, massive volume of data, and sensitive information associated with
litigations make them particularly vulnerable to cyberattacks. This factor is expected to restrain the
growth of the market to some extent during the forecast period.

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 3.3.2.2 LACK OF SKILLED WORKFORCE

According to the report published in 2022 by the International Bar Association (IBA), one in five lawyers
is thinking about leaving the profession completely, and over 50% stated they were highly likely’ or
‘somewhat likely’ to move to a new place of work. In addition, finding and retaining high-quality legal
professional talent has been significantly difficult. As per the 2021 study by Search Consultancy, one of
the leading recruitment consultancies in the U.K., 58% of organizations within the global legal industry
are currently feeling the strain due to the lack of skilled workers.

In the past few years, client demands have transformed the overall legal services industry, creating the
need for legal professionals to integrate technology, law, and business aspects with the principles of
digital transformation. The demand for technological skills is increasing at a rapid pace, with specialists
being sought to support and deliver critical digital capabilities that legal firms must provide for their
clients. Over 70% of legal firms are experiencing significant technical skills shortages. The scarcest
skills include data, cyber, and software/solution development. Implementing the right delivery
approaches, reward structure, operating model, and sourcing model for the technology team is
essential to attracting and retaining the required skills. This scarcity of skills in the legal services
industry is anticipated to hamper the growth of the market to some extent during the forecast period.

In addition, the advanced technology and cloud-based software subscription fees or premise-based
solutions involve significant unaffordable initial investments for some large and small to medium-sized
legal firms. For instance, according to Appinventiv, a global mobile app development agency, 30% of
organizations need to pay more attention to the impact/use of advanced technologies on the law
industry due to financial issues. This is one of the major challenges that may hamper the growth of the
legal services market over the forecast period.

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 3.3.3 MARKET OPPORTUNITY ANALYSIS
Table 3 Legal services market – key market opportunity impact

TIMELINE IMPACT ANALYSIS

MARKET OPPORTUNITIES
2023 - 2026 2027 - 2030

Technological Advancements in the Legal Industry LOW HIGH LOW HIGH

Third-party Litigation Financing LOW HIGH LOW HIGH

LOW MEDIUM HIGH

3.3.3.1 TECHNOLOGICAL ADVANCEMENTS IN THE LEGAL INDUSTRY

Technological innovations and advancements in the legal industry are expected to offer new growth
opportunities in the sector, enabling law firms to maintain a transparent relationship with their clients.
AI and big data have already made inroads in law firms, but there is still a vast opportunity for data-
based technologies with profound legal implications. For instance, cloud computing provides critical
advantages where law firms witness the cloud as the scalable and efficient way to deploy advanced
legal technology tools without the need for substantial upfront capital investment in software, hardware,
or support services. Moreover, the American Bar Association revealed that 38% of the lawyers in the
U.S. use cloud computing for law-related tasks.

Legal library applications such as LawSauce, NotaryCam, and iLegal Legislation have become common,
helping people and lawyers adopt legal services in a hassle-free manner. Legal firms are also providing
in-house digital strategies that are likely to impact the company’s people, activity, process, and culture.
By applying AI and Machine Learning (ML) to large legal datasets, law firms can identify former unknown
correlations among data, thereby providing enhanced capacity to mitigate risk, optimize delivery, predict
outcomes, and tailor solutions as per consumer demands. According to the American Bar Association,
the trends that are likely to emerge in legal business are as follows:

o Various digital tools and AI systems are expected to be deployed by organizations and will be a
commonplace in upcoming decade.

o Currently the work done by the junior lawyers shall not be profitable in business models that are
premised on billable hours.

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 3.3.3.2 THIRD-PARTY LITIGATION FINANCING

Litigation funding or financing is one of the fastest-growing trends in the global legal services industry. A
third party provides financial assistance to a litigant in this mechanism. It is the practice where a third
party unrelated to the lawsuit offers capital to a litigant involved in litigation in return for a portion of
financial recovery from the lawsuit. This type of funding helps enhance the winning chances for litigants
who may not have the financial resources to pursue their claims against better-funded and larger
defendants. In recent years, litigation funding has grown rapidly and become more mainstream. HMR
Servicing, Fair Rate Funding, Fast Funds, and USClaims are some of the litigation funding firms that are
specialized in providing capital to litigants and law firms involved in litigation.

Fig.18 Motivation for seeking litigation finance in U.S., 2022

To fund operating expenses 31%

In order to obtain lower cost of capital 18%

Lack of funds for legal fees or expenses 10%

To hedge the risk of litigation 30%

Other 1%

0% 5% 10% 15% 20% 25% 30% 35%

Motivation for seeking litigation finance

Source: 2022 Litigation Finance Survey Report, Lake Whillans & Above the Law

Litigation financing unlocks the value of legal claims and provide capital to litigants before their cases
are resolved. In addition, there is rising desire among the investment firms to use litigation investment
as a means of generating revenue streams, fuelling the legal services market. The most common
reason for seeking the litigation financing is to fund operating expenses; however, lack of funds for legal
fees and need to hedge the risk of litigation are some of the prominent reasons for litigation financing.

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 The growth of litigation financing trend is attributed to increased acceptance and understanding of
third-party financing. In developing countries such as India, litigation funding/investment is gaining
popularity as the increasing number of law firms and businesses look at such financing to fund their
legal matters. Fund providers are extremely selective due to less competition for investment. Most of
them fund only 5% or less of the cases that they review. According to Westfleet's report, 44 active
funders in the U.S. legal services market in 2022, with a combined $13.5 billion in assets under
management, represented a 9% increase year-over-year. The following figure shows prominent litigation
funding companies:

Fig.19 Dedicated litigation funding companies, Funds Under Management (USD million)

Deminor
49
Balance Legal Capital
100
Lake Whillans
125
Legalist
160
Validity Finance, LLC
300
GLS Capital
400
Litigation Capital Management
450
Parabellum Capital, LLC
465
Woodsford
500
Augusta Ventures
709
Longford
1,000
Therium Group Holdings Ltd. 1,025
Harbour Litigation Funding
1,541
Omni Bridgeway
1,700
Burford Capital 4,500

Source: Company Publications, Swiss Re Institute, 2020

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 3.4 Industry Analysis Tools

3.4.1 PORTER’S ANALYSIS

Fig.20 Legal services market: PORTER’s Analysis

Bargaining Power of Buyers:

HIGH
• The bargaining power of buyers is high as many legal firms
and lawyers are providing services in the legal industry,.
Discounting, price sensitivity, and alternative fee
arrangements lead to lower client loyalty and willingness to
change legal service providers. Buyers can easily switch to
alternative legal services that are available at discounted
prices resulting in the high bargaining power of buyers.

Threat Of New Entrants: Competitive Rivalry: Threat Of New Substitute:

HIGH HIGH MORDRATE
• Legal service is a less capital-intensive industry, and the • There exists a fierce competition among the number of • There is no external substitute present in global legal
entry barriers are low. This leads to the increasing number of players operating across the global legal services industry industry for lawyers, law firms, and corporate legal
new entrants in the market. The start-ups are also seeing along with continuous emergence of regional players. The departments. The internal substitutes such as online legal
significant growth in funding with a higher emphasis on competition among the existing companies is high as these services are expected to dominate the legal service offerings
innovative technology development. Such aspects are companies are continuously adopting innovative in the future. In addition, new entrants and established
responsible for the high threat of new entrants in the global development strategies and technologies to boost the players are moving towards digitization.
legal services market. customer satisfaction. Due to such reasons, the competition
in the market is high.

Bargaining Power of Supplier:

LOW
• The suppliers in the legal services industry are lawyers and
legal professionals. The industry is seeing gradual growth in
the legal talent. This has led to presence of affordable
associates, leading to the low to moderate bargaining power.
The oversupply of talent in the global legal services industry
is expected to further lower the supplier power in future.

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 3.4.2 MACROECONOMIC ANALYSIS

Fig.21 Legal services market: PESTEL Analysis

• Strength: Overall growth of the legal services sector and revenues of law firms. This increase the
• Strength: Government policies or initiatives that promote the digitization of legal services
ability of companies to spend more on expansion and other strategies.
industry. For instance, in July 2022, The Ministry of Law in Singapore Legal Technology
Platform Initiative (“LTPI”) as a part of their digitalization journey. • Weakness: The legal services industry is becoming increasingly crowded, with new players entering
the market and established companies expanding their offerings. This increased competition could
• Weakness: Reliance on paper records and outdated search methods.
lead to pricing (fees) pressures and lower profit margins for existing players.
• Opportunity: Increased government funding for the overall development of legal services
• Opportunity: The legal financing and litigation funding trend creates opportunities for the market’s
industry.
growth.
• Threat: Extensive political instability such as civil unrest could impact the legal services
• Threat: Losses caused by cyber breaches are the prominent threat in legal industry.
market by disrupting operations of judiciary system.
POLITICAL ECONOMIC
• Strength: Adoption of modern ways of doing business is helping law firms to improve
• Strength: Stable government and peaceful political environment results in stronger
overall performance and the work quality of employees.
judiciary systems..
• Weakness: Need to keep the costs of service low to stay competitive in legal industry.
P E • Weakness: There is a shortage of skilled legal professionals.

SOCIAL
LEGAL
• Opportunity: The culture of remote law firms creates growth opportunities for the
• Opportunity: Increase in number of patents filed around the globe leads to the patent
infringement creating opportunities for legal services market.
L S market. Technology solutions are expected to take over physically demanding tasks,
reducing the risk of errors.
• Threat: Security breaches, hacking, data loss, and ransomware may pose a significant
legal threat to the legal services industry players.
E T • Threat: Individual lawyers and small law firms are facing higher competition from well-
established firms

ENVIRONMENTAL TECHNOLOGICAL
• Strength: Continuous technological innovations in the field of law is a major opportunity for the legal
• Strength: Enhanced regulatory frameworks for the environmental, social, and corporate services market. The industry is making use of artificial intelligence, cloud, and block chain
governance (ESG) and related enforcement activities. technologies to improve performance of legal services.
• Weakness: Need for training regarding protection, security, and treatment of legal records. • Weakness: Lack of IT infrastructure and investment into the technology in underdeveloped or
developing countries.
• Opportunity: Public Interest Litigation (PILs) to address issues related to environmental
protection, conservation of natural resources, and pollution control. • Opportunity: Increased use of blockchain technology in legal industry to streamline and simplify
transactional work, digitally sign and immutably store legal agreements.
• Threat: Lack of awareness about environmental laws in developing countries.
• Threat: Risk of technology failure and lack of technical knowledge and skills among the end users

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 3.5 Impact of COVID-19 on Legal Services Market
The worldwide outbreak of the COVID-19 pandemic severely impacted several significant industries
across the globe, especially in 2020, which marked the beginning of the crisis. The pandemic and the
subsequent lockdown restrictions forced businesses to close their physical operations. Law firms were
forced to adopt work from home to enable the lawyers to continue their work in a remote setting. This
situation enabled legal industry players to quickly adapt to an unprecedented wave of changes in which
digitization played an imperative role.

Legal firms and corporate legal departments were compelled to adopt digitization to support a remote
workforce, adjusting as per the needs of concerned clients and finding alternatives to in-person
meetings. For instance, Zoom, Microsoft Teams, Google Meet, Skype Meet Now, Webex, and other video
teleconferencing platforms became prominent substitutes for in-person depositions, motion hearings,
and courtroom testimonies. Cloud-based technologies became increasingly popular across law firms to
streamline processes, enhance accessibility, and increase scalability. This trend of cloud-based
technology adoption in the legal services industry has seen continuous growth post-pandemic. For
instance, according to the 2022 ABA Legal Technology Survey Report, 70% of legal professionals
reported that they used cloud computing in 2022, up from 60% in 2021.

Opportunities shaped by the outbreak of the COVID-19 pandemic:

• A greater number of businesses are projected to employ Alternate Legal Service Providers
(ALSPs) for routine legal services.

• Accounting firms such as KPMG, PwC, Deloitte, and EY are anticipated to further expand their
legal service offerings around the globe.

• Organizations will continuously adopt innovative technologies to reduce costs and drive
efficiency.

• Small and medium-sized legal service companies are focusing on aligning with client
preferences, upgrading practice management systems, and prioritizing employee satisfaction.

• Increased adoption of AI-powered chatbots in the legal industry

• Remote work and virtual legal assistants are projected to become commonplace.

• Legal departments will increase their investments in automation.

• Increased investment in Contract Lifecycle Management (CLM) systems.

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 CHAPTER 04

Legal Services Market: Service Type Estimates & Trend

Analysis
Fig.22 Legal Services Market, by Service Type: Key Takeaways

Service Type Segment Key Segment Trends

(USD Billion)

500.00
Market growth from
59.15 Billion in 2022
Taxation
to 90.27 Billion in 450.00
2030

400.00

Estimated to record a
Real Estate CAGR of 3.8% during 350.00
2023-2030

300.00

Estimated to record a
Litigation market revenue share 250.00
of 27.6% in 2022
200.00

Market growth from

66.19 Billion in 2022 150.00
Bankruptcy
to 78.57 Billion in
2030
100.00

Estimated to record a 50.00

Labor/
CAGR of 4.4% during
Employment
2023-2030
0.00
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Estimated to record a Taxation Real Estate Litigation

Corporate market revenue share
of 29.2% in 2022 Bankruptcy Labor/Employment Corporate

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Legal Services Market Analysis & Segment Forecasts To 2030

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 4.1 Service Type Movement Analysis & Market Share, 2022 & 2030

Fig.23 Legal Services Market, by Service Type: Market Share, 2022 & 2030

Segment Revenue CAGR (2023-2030)

6.62% 5.77% High

Corporate: CAGR 6.4%

2030 12.85% 24.59% 16.34% 33.83%

Medium

Bankruptcy: CAGR 2.1%

Low

6.21% 6.95%

2022 13.60% 27.58% 16.45% 29.21% Segment Revenue Share (2022)

High

Corporate: 29.21%

0% 20% 40% 60% 80% 100%

Medium

Taxation Real Estate

Litigation Bankruptcy
Labor/Employment Corporate
Taxation: 6.21%
Low

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Legal Services Market Analysis & Segment Forecasts To 2030

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 4.2 Legal Services Market Estimates & Forecast, By Service Type (USD Billion)
Table 4 Legal Services Market Revenue Estimates and Forecast, By Service Type, 2018-2030 (USD Billion)
CAGR
Service Type 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2023-
30)

Taxation 47.83 49.74 50.13 54.51 59.15 62.66 66.06 69.55 73.30 77.26 81.39 85.75 90.27 5.4%

Real Estate 110.61 113.52 112.71 120.96 129.51 135.25 140.55 145.81 151.39 157.16 163.02 169.08 175.16 3.8%

Litigation 230.01 234.65 231.23 246.76 262.66 272.50 281.27 289.79 298.73 307.82 316.90 326.10 335.12 3.0%

Bankruptcy 59.96 60.67 59.08 62.61 66.19 68.09 69.67 71.15 72.69 74.23 75.71 77.18 78.57 2.1%

Labor/
130.84 135.02 134.48 145.29 156.63 164.54 172.01 179.53 187.55 195.91 204.52 213.48 222.63 4.4%
Employment

Corporate 215.25 226.40 230.25 253.34 278.15 297.83 317.35 337.65 359.57 382.89 407.50 433.66 461.07 6.4%

Total 794.50 820.00 817.87 883.46 952.29 1,000.86 1,046.90 1,093.49 1,143.24 1,195.26 1,249.04 1,305.25 1,362.81 4.5%

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Legal Services Market Analysis & Segment Forecasts To 2030

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 4.2.1 TAXATION

Fig.24 Taxation service type market estimates & forecasts, 2018-2030 (USD Billion)

62.66

66.06

69.55

73.30

85.75

90.27
50.13

81.39
59.15
54.51
49.74

77.26
47.83

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Taxation service type of legal services market accounted for a market revenue of 59.15 billion in 2022.
This growth can be attributed to various factors such as the complexity of tax laws and regulations, the
need for specialized knowledge in tax planning, and the increasing number of businesses and
individuals seeking assistance with tax-related matters. As a result, many law firms have expanded their
services to include taxation, providing clients with a comprehensive approach to their legal and financial
needs. This trend is expected to continue as the importance of tax planning and compliance continues
to rise in today's ever-changing economic landscape. In October 2023, PwC partnered with artificial
intelligence platforms OpenAI and Harvey. The aim of this partnership is to train and deploy foundation
models of tax, legal, and human resources services.

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 4.2.2 REAL ESTATE

Fig.25 Real estate service type market estimates & forecasts, 2018-2030 (USD Billion)

120.96

135.25
113.52

140.55

163.02

169.08
129.51

145.81

151.39
110.61

112.71

175.16
157.16
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Real estate service type of legal services market estimated to have a significant growth rate of CAGR
3.8% during the forecast period 2023-2030 due to real estate industry continues to expand, there is a
growing demand for legal services to support various transactions, such as property acquisitions,
leasing agreements, and land use planning. This trend is driven by the increasing complexity of real
estate laws and regulations, as well as the need for specialized legal expertise to navigate these
complexities. As a result, real estate law is becoming an increasingly important area of practice for legal
professionals, with many firms investing in this area to meet the growing demand. In January 2023,
Deloitte Legal appointed Shoosmiths, a U.K. based law firm to establish new real-estate legal business
in U.K.

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 4.2.3 LITIGATION

Fig.26 Litigation service type market estimates & forecasts, 2018-2030 (USD Billion)

234.65

262.66

289.79

298.73

335.12
230.01

272.50
231.23

326.10
316.90
281.27
246.76

307.82
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The litigation service type of legal services market has significant market growth and expects to attain a
market revenue share of 335.12 billion by 2030. As businesses face increasing legal challenges, there
is a growing demand for litigation services to help resolve disputes and protect their interests. This
trend is driven by a variety of factors, including the complexity of modern legal disputes, the need for
specialized expertise in various areas of law, and the rising costs of litigation. As a result, litigation is
becoming an increasingly important area of practice for legal professionals, with many firms investing in
this area to meet the growing demand. This growth is expected to continue in the coming years, as
businesses and individuals seek out legal services to help them navigate the complex and ever-
changing legal landscape. In July 2023, Womble Bond Dickinson announced partnership with a
boutique litigation firm Simmonds & Narita L.P. this partnership aimed to enhance the dispute
resolution and litigation practice rate of Womble Bond Dickinson.

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 4.2.4 BANKRUPTCY

Fig.27 Bankruptcy service type market estimates & forecasts, 2018-2030 (USD Billion)
59.96

60.67

59.08

68.09

69.67

72.69
62.61

78.57
66.19

75.71
74.23
71.15

77.18
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Bankruptcy service type of legal services market accounted for a market revenue of 66.19 billion in
2022. As businesses and individuals face increasing financial challenges, there is a growing demand for
legal expertise to help them navigate the bankruptcy process. This trend is driven by a variety of factors,
including the economic impacts of the COVID-19 pandemic, increasing levels of debt, and changing
regulations around bankruptcy and debt relief. As a result, bankruptcy law is becoming an increasingly
important area of practice for legal professionals, with many firms investing in this area to meet the
growing demand. This growth is expected to continue in the coming years, as more businesses and
individuals seek out legal services to help them manage their financial challenges and navigate the
bankruptcy process successfully. In January 2023, Mercer Law School launched a new Bankruptcy
program which enables people to get a fresh financial start by disposing of many types of unsecured
debts, typically in a span of three to five months, and can put a stop to foreclosures, evictions,
repossessions, and other types of creditor collection efforts.

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 4.2.5 LABOR/EMPLOYMENT

Fig.28 Labor/Employment service type market estimates & forecasts, 2018-2030 (USD Billion)
130.84

204.52

222.63
135.02

134.48

156.63
145.29

164.54

213.48
195.91
179.53
172.01

187.55
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Labor/employment service type of legal services market estimated to have a significant growth rate of
CAGR 4.4% during the forecast period 2023-2030 due to workforce becomes more complex and
regulations continue to evolve, there is a growing demand for legal expertise to help businesses
navigate labor laws, employment contracts, and workplace disputes. This trend is driven by a variety of
factors, including increasing levels of workplace discrimination and harassment claims, changing
regulations around employee benefits and leave policies, and the rise of the gig economy. As a result,
labor and employment law is becoming an increasingly important area of practice for legal
professionals, with many firms investing in this area to meet the growing demand. This growth is
expected to continue in the coming years, as businesses seek out legal services to help them manage
their workforce and navigate the complex legal landscape around labor and employment.

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 4.2.6 CORPORATE

Fig.29 Corporate service type market estimates & forecasts, 2018-2030 (USD Billion)

226.40

230.25

253.34

382.89

433.66
359.57
215.25

278.15

461.07
337.65

407.50
297.83

317.35

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The corporate service type of legal services market has significant market growth and expects to attain
a market revenue share of 461.07 billion by 2030. This can be attributed to the increasing complexity
of business regulations and the need for companies to navigate them effectively. As a result, law firms
are expanding their services to cater to the needs of corporate clients, including contract drafting and
negotiation, mergers and acquisitions, intellectual property protection, and employment law matters.
Additionally, technology is playing an increasingly important role in the delivery of legal services, with the
adoption of AI-powered tools to streamline workflows and improve efficiency. All in all, the corporate
legal services sector is poised for continued growth in the coming years. In October 2023, Wolters
Kluwer Legal & Regulatotry launched a new Legal Services Portal for Legisway Enterprise and Legisway
Essential for their corporate legal department. The new portal helps businesses to streamline their legal
intake process, by capturing requests, then triaging and delegating those tasks to relevant members of
the legal department.

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 CHAPTER 05

Legal Services Market: Firm Size Estimates & Trend Analysis

Fig.30 Legal Services Market, by Firm Size: Key Takeaways

Firm Size Segment Key Segment Trends

(USD Billion)

500.00

450.00

Market growth from

360.85 Billion in 2022
Large Firms
to 471.51 Billion in 400.00
2030

350.00
Estimated to record a
Medium Firms CAGR of 4.9% during
2023-2030 300.00

250.00
Estimated to record a
Small Firms market revenue share
of 31.0% in 2022
200.00

150.00
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Large Firms Medium Firms Small Firms

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 5.1 Firm Size Movement Analysis & Market Share, 2022 & 2030

Fig.31 Legal Services Market, by Firm Size: Market Share, 2022 & 2030

Segment Revenue CAGR (2023-2030)

High
Small Firms: CAGR 5.5%

2030 34.60% 32.05% 33.35%

Medium

Large Firms: CAGR 3.3%

Low

2022 37.89% 31.08% 31.03% Segment Revenue Share (2022)

High

Large Firms: 37.89%

0% 20% 40% 60% 80% 100%

Medium

Large Firms Medium Firms Small Firms

Small Firms: 31.03%

Low

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 5.2 Legal Services Market Estimates & Forecast, By Firm Size (USD Billion)
Table 5 Legal Services Market Revenue Estimates and Forecast, By Firm Size, 2018-2030 (USD Billion)
CAGR
Firm Size 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2023-
30)

Large 313.09 320.18 314.42 337.19 360.85 375.40 388.55 401.45 415.05 428.97 443.00 457.31 471.51 3.3%
Firms

Medium 243.51 252.22 251.16 272.89 295.94 312.22 327.82 343.72 360.74 378.63 397.21 416.73 436.83 4.9%
Firms

Small
237.89 247.60 252.28 273.38 295.50 313.24 330.53 348.32 367.44 387.66 408.83 431.21 454.46 5.5%
Firms

Total 794.50 820.00 817.87 883.46 952.29 1,000.86 1,046.90 1,093.49 1,143.24 1,195.26 1,249.04 1,305.25 1,362.81 4.5%

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 5.2.1 LARGE FIRMS

Fig.32 Large firms market estimates & forecasts, 2018-2030 (USD Billion)

443.00
360.85

388.55

401.45
320.18

375.40

428.97
313.09

314.42

415.05

457.31
337.19

471.51
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Large firms in the legal services market accounted for a market revenue of 360.85 billion in 2022.
Large firms' diversified range of services is attributed to this high share. For instance, large firms deliver
most judicial work, such as large-scale litigations, significant business transactions, and criminal
defense matters for businesses across various industries. The increased demand from large
organizations for corporate and judicial services is expected to drive the growth of the large firm
segment during the estimated period. Large firms are expanding their services and hiring more lawyers
to cater to the needs of their clients. This trend can be attributed to several factors, including the
complexity of legal matters, the globalization of business, and the need for specialized expertise.
Additionally, larger firms can offer a broader range of services, including litigation, corporate law,
intellectual property, and regulatory compliance. This has resulted in a consolidation of the legal
market, with larger firms acquiring smaller ones to increase their market share. However, this trend has
also led to concerns about the cost of legal services, as larger firms often charge higher fees. Overall,
the growth in the size of law firms is expected to continue as the demand for specialized legal services
continues to increase.

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 5.2.2 MEDIUM FIRMS

Fig.33 Medium firms market estimates & forecasts, 2018-2030 (USD Billion)

295.94
252.22

343.72

436.83
272.89

312.22

378.63

416.73
360.74
243.51

251.16

327.82

397.21
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Medium firms in the legal services market estimated to have a significant growth rate of CAGR 4.9%
during the forecast period 2023-2030. These firms are expanding their services and increasing their
headcount to compete with larger firms while still offering personalized attention to their clients. This
trend can be attributed to several factors, including the need for specialized expertise, the increasing
complexity of legal matters, and the demand for cost-effective legal services. Medium-sized firms can
offer a more focused range of services and can build close relationships with their clients, providing
them with tailored legal advice and solutions. Additionally, medium-sized firms are more flexible in their
operations, allowing them to adapt quickly to changes in the legal market. This has resulted in a growing
number of clients choosing to work with medium-sized firms rather than larger ones. Overall, the growth
of medium-sized law firms is expected to continue as they carve out their space in the legal service
market.

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 5.2.3 SMALL FIRMS

Fig.34 Small firms market estimates & forecasts, 2018-2030 (USD Billion)

252.28

295.50

330.53

348.32

408.83

454.46
273.38

431.21
313.24

367.44

387.66
237.89

247.60

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Small firms in legal services market have significant market growth and expects to attain a market
revenue share of 454.46 billion by 2030. These law firms provide personalized services and a one-on-
one working relationship as they handle a limited number of cases. Moreover, they are more affordable
as they charge less due to their lesser cost of operations as compared to large firms. These legal service
firms are growing geographically while expanding their global customer base by providing high-end
specialized services that involve complex transactions, which is expected to drive segmental growth
over the coming years.

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 CHAPTER 06

Legal Services Market: Provider Estimates & Trend Analysis

Fig.35 Legal Services Market, by Provider: Key Takeaways

Provider Segment Key Segment Trends

(USD Billion)

700.00

Market growth from

Private
307.07 Billion in 2022 600.00
Practicing
to 470.69 Billion in
Attorneys
2030
500.00

Estimated to record a
Legal Business
CAGR of 4.6% during 400.00
Firms
2023-2030

300.00

Estimated to record a
Government
market revenue share
Departments
of 7.8% in 2022 200.00

100.00
Market growth from
127.06 Billion in 2022
Others
to 153.37 Billion in
2030 0.00
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Private Practicing Attorneys Legal Business Firms
Government Department Others

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 6.1 Provider Movement Analysis & Market Share, 2022 & 2030

Fig.36 Legal Services Market, by Provider: Market Share, 2022 & 2030

Segment Revenue CAGR (2023-2030)

7.39% High Private Practicing Attorney: CAGR

5.4%

2030 34.54% 46.82% 11.25%

Medium

Others: CAGR 2.3%

Low

7.80%

2022 32.25% 46.62% 13.34% Segment Revenue Share (2022)

High

Legal Business Firms: 46.62%

0% 20% 40% 60% 80% 100%

Medium

Private Practicing Attorney Legal Business Firms

Government Departments Others
Government Departments: 7.80%
Low

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 6.2 Legal Services Market Estimates & Forecast, By Provider (USD Billion)
Table 6 Legal Services Market Revenue Estimates and Forecast, By Provider, 2018-2030 (USD Billion)
CAGR
Provider 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2023-
30)
Private
Practicing 247.75 257.87 258.56 282.05 307.07 325.51 343.41 361.78 381.50 402.30 424.03 446.94 470.69 5.4%
Attorney
Legal
Business 369.50 381.52 382.55 412.55 443.91 466.75 488.45 510.44 533.96 558.57 584.06 610.73 638.09 4.6%
Firms

Government
63.82 65.37 64.66 69.35 74.25 77.48 80.48 83.48 86.68 90.02 93.45 97.03 100.66 3.8%
Departments

Others 113.43 115.25 112.09 119.50 127.06 131.13 134.57 137.79 141.10 144.37 147.50 150.55 153.37 2.3%

Total 794.50 820.00 817.87 883.46 952.29 1,000.86 1,046.90 1,093.49 1,143.24 1,195.26 1,249.04 1,305.25 1,362.81 4.5%

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 6.2.1 PRIVATE PRACTICING ATTORNEYS

Fig.37 Private practicing attorneys market estimates & forecasts, 2018-2030 (USD Billion)

446.9
258.6

325.5

343.4

402.3
282.1

424.0
361.8

381.5

470.7
257.9

307.1
247.7

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Private practicing attorney in the legal services market accounted for a market revenue of 307.07
billion in 2022. This can be credited to increasing preference for private attorneys as they give
undivided attention to a particular client’s case. Moreover, they have access to the resources such as
mental health assessments, DNA and other testing, expert witnesses, forensics specialists, private
investigators, etc., required to mount a viable defense. This can be attributed to the increasing demand
for specialized legal services from individuals and small businesses. Private practicing attorneys offer a
wide range of legal services, including family law, real estate law, personal injury law, and criminal
defense. They provide legal advice and representation to clients who may not have the resources to
establish their own in-house legal departments. Additionally, private practicing attorneys are
increasingly leveraging technology solutions such as AI-powered tools to improve the efficiency and
accuracy of their services. This has led to increased demand for their services, particularly from
individuals who may not have traditionally sought out legal services. Overall, the provider segment of
the legal service market is expected to continue growing, with private practicing attorneys playing an
important role in meeting the legal needs of individuals and small businesses.

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 6.2.2 LEGAL BUSINESS FIRMS

Fig.38 Legal business firms market estimates & forecasts, 2018-2030 (USD Billion)

584.06

638.09
369.50

382.55

466.75

488.45

533.96
443.91

558.57
381.52

412.55

610.73
510.44
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Legal business firms in the legal services market are estimated to have a significant growth rate of
CAGR 4.6% during the forecast period 2023-2030. These firms are formed by a few lawyers to involve in
the law practice, and they are primarily involved in advising clients about their legal responsibilities &
rights and represent the clients in criminal or civil cases, business transactions, and other matters
requiring legal advice. The increasing investments by these firms in client education, pipeline
management, local community activities, and public relations is expected to drive segmental growth
over the forecast period. The strategic investments made by legal service firms are attributed to this
high share. The legal business firms invest in business development tactics, such as client education,
pipeline management, local community activities, and public relations. This segment is also projected to
show significant growth during the estimated period. 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.

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 6.2.3 GOVERNMENT DEPARTMENTS

Fig.39 Government departments market estimates & forecasts, 2018-2030 (USD Billion)

100.66
63.82

64.66

69.35

80.48

83.48

86.68

90.02

93.45
65.37

74.25

77.48

97.03
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Small firms in the legal services market have significant market growth and expected to attain a market
revenue share of 100.66 billion by 2030. The market's growth has not only impacted law firms but has
also significantly transformed corporate legal departments. Litigation management is another area
where AI has been instrumental in transforming corporate legal departments. Government departments
require legal services for a wide range of matters, including regulatory compliance, legislative drafting,
and litigation. Additionally, the increasing use of technology in the delivery of legal services has led to
the adoption of AI-powered tools in government departments, contributing to the growth of the legal
service market in this segment. Government departments are also increasingly outsourcing legal
services to specialized law firms to gain access to the necessary expertise and resources. This has led
to increased demand for legal services from government departments, particularly in areas such as
environmental law, healthcare law, and intellectual property law. Overall, the provider segment of the
legal service market is expected to continue growing, with government departments playing an
important role in driving demand for specialized legal services.

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 6.2.4 OTHERS

Fig.40 Others market estimates & forecasts, 2018-2030 (USD Billion)

150.55
112.09
113.43

115.25

119.50

134.57

153.37
144.37
131.13
127.06

137.79

141.10

147.50
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The other Providers in the legal services market accounted for a market revenue of 127.06 billion in
2022. 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. Moreover, there has been a stable growth in the
implementation of cloud technology by legal departments and law firms.

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 CHAPTER 07

Regional Estimates & Trend Analysis

7.1 Legal Services Market: Regional Outlook

Fig.41 Legal Services Market Revenue by Region, 2022 & 2030 (USD Billion)

North America
Europe
Market Value, 2022:
Market Value, 2022: USD 248.07 Billion Asia Pacific
USD 391.11 Billion Market Value, 2030:
Market Value, 2030: USD 340.84 Billion
USD 484.48 Billion
Market Value, 2022:
USD 241.36 Billion
Market Value, 2030:
USD 379.82 Billion

Latin America

Market Value, 2022:

USD 85.33 Billion
Market Value, 2030:
USD 135.19 Billion

Middle East & Africa

Market Value, 2022:
USD 13.43 Billion
Market Value, 2030:
USD 22.49 Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 Fig.42 Regional marketplace: Key takeaways

Region % of Global % of Global Notable % of % of Some Key Analyst Notes

Market Market Countries Regional Regional Competitors
2022 2030 Market Market
2022 2030
The growing assignment volumes within the legal divisions of the
U.S. 93.78% 93.22% KPMG
corporate industry in the U.S. due to the wide availability of legal
Ernst & Young
service providers. This can be attributed to factors such as rising
North PwC
41.07% 35.55% demand for legal services across different industries, increasing
America Deloitte
awareness about legal rights, as well as advancements in technology
Canada 6.22% 6.78% Baker &
that have made legal services more accessible to the general
McKenzie
population.
The growth in European market is attributed to factors such as the
Germany 21.57% 20.20% KPMG
increasing demand for legal services across various industries, as well
Ernst & Young
as the rising awareness about legal rights among individuals and
PwC
Europe 26.05% 25.01% businesses. Additionally, advancements in technology have also played
Kirkland &
a crucial role in making legal services more accessible to the general
U.K. 34.97% 35.90% Ellis LLP
population, which has further fueled the growth of the legal service
DLA Piper
market in Europe.
Clifford
China 49.90% 45.30% The Asia Pacific accounted for a significant market share due to the
Chance LLP
expeditious implementation of regulatory and legal requirements,
Ernst & Young
particularly in China and India. Legal service providers have begun to
Asia Pacific 22.51% 27.87% India 8.0% 9.85% PwC
offer sophisticated cross-border judiciary services to their corporate
Deloitte
clients in India, providing the country with enormous growth
Baker &
Japan 9.78% 10.10% opportunities.
McKenzie

Brazil 27.53% 29.52% KPMG Latin America growth is attributed to factors such as the increasing
Latham & demand for legal services across different industries, as well as the
Latin Watkins LLP rising awareness about legal rights among individuals and businesses.
8.96% 9.92% Argentina 13.58% 14.02%
America PwC Additionally, the region's strong economic growth has created a
Deloitte favorable environment for legal services, as more businesses are
Chile 8.48% 8.95% DLA Piper seeking legal advice to navigate the complex regulatory landscape.
The legal services market in the Middle East and Africa (MEA) region
has been rapidly growing over the past few years. This can be
Skadden,
attributed to various factors such as the increasing demand for legal
Arps, Slate,
services across different industries, the emergence of new businesses
Middle East Meagher &
1.41% 1.65% - - - in the region, as well as the rising awareness about legal rights among
and Africa Flom LLP and
individuals and businesses. Furthermore, the region's efforts to
Affiliates,
diversify its economy and attract foreign investment have created a
KPMG, PwC
favorable environment for legal services, as businesses seek legal
advice to navigate the complex regulatory landscape.

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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 7.2 North America

7.2.1 NORTH AMERICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD
BILLION)

Fig.43 North America legal services market estimates & forecasts, 2018-2030 (USD Billion)

484.48
348.23

353.75

368.93

426.46

449.66
404.15

473.02
461.27
391.11

415.51

437.98
347.19

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in North America is experiencing significant growth. This can be attributed to
several factors, including the increasing complexity of legal matters, the globalization of business, and
the adoption of technology solutions. The legal services market in North America is the largest in the
world, with the United States being the largest contributor. Law firms in North America are expanding
their services and hiring more lawyers to cater to the needs of their clients. Additionally, the increasing
use of technology in the delivery of legal services has led to the adoption of AI-powered tools to
streamline workflows and improve efficiency. This has resulted in increased demand for legal services
from both corporate and individual clients. The legal services market in North America is also
characterized by a high degree of specialization, with law firms offering services in areas such as
intellectual property law, healthcare law, and environmental law. Overall, the legal services market in
North America is expected to continue growing as the demand for specialized legal services continues
to increase.

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 7.2.2 U.S.

7.2.2.1 U.S. LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.44 U.S. legal services market estimates & forecasts, 2018-2030 (USD Billion)

384.36
345.04

359.52

425.25

435.65
404.44
394.60

446.15

456.37
336.10

372.61
331.18

414.78
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The growth can be credited to the increasing need for legal services across small to large-scale
enterprises. They provide a wide range of services, including protection of business owners’ personal
assets, protection of the enterprise against discrimination, dealing with employee contracts, wrongful
termination, copyright claims, incorporation, etc. The rising need among businesses to comply with
regulations and remain competitive is positively influencing the U.S. legal services industry. The legal
industry in the U.S. is witnessing a significant transformation in terms of practice model and
technological adoption. Legal service firms are inclined to improve their processes through Artificial
Intelligence (AI), Big Data analytics, automation tools, team collaboration platforms, cloud computing,
etc., to gain a competitive edge in the market. In March 2023, Casetext, a legal AI company, launched
CoCounsel, its AI legal assistant powered by GPT-4, the advanced large language model from OpenAI.
The company confirmed that GPT-4 passed the Uniform Bar Exam’s multiple-choice as well as written
portions, providing a professional-grade AI for law.

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 7.2.3 CANADA

7.2.3.1 CANADA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.45 Canada legal services market estimates & forecasts, 2018-2030 (USD Billion)

20.92

22.02

23.20

25.63
18.50

19.79

26.87
16.25

28.11
24.41
17.05

17.65

17.97

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Canada's legal service market is experiencing growth due to several factors, including the increasing
complexity of legal matters, the globalization of business, and the adoption of technology solutions.
Canadian law firms are expanding their services and hiring more lawyers to cater to the needs of their
clients. Additionally, the increasing use of technology in the delivery of legal services has led to the
adoption of AI-powered tools to streamline workflows and improve efficiency. This has resulted in
increased demand for legal services from both corporate and individual clients in Canada. The legal
service market in Canada is also characterized by a high degree of specialization, with law firms offering
services in areas such as intellectual property law, healthcare law, and environmental law. Moreover,
Canada's strong and stable economy is also driving the growth of the legal service market in the
country. As businesses continue to expand and the number of legal disputes increases, the demand for
specialized legal services is expected to continue growing in Canada. Overall, the legal service market in
Canada is poised for continued growth in the coming years.

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 7.3 Europe

7.3.1 EUROPE LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.46 Europe legal services market estimates & forecasts, 2018-2030 (USD Billion)

340.84
259.42

280.59

303.60
270.00
231.29

315.63

328.14
291.87
215.18

248.07
216.81
211.10

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

Europe has seen significant growth in the legal services market over the past few years. The key drivers
of growth in the European legal services market has been the increasing complexity of legal
requirements, both in domestic and international settings. This has led to a growing demand for legal
expertise and specialized services. Additionally, the rise of international trade has created new
opportunities for law firms to provide cross-border legal services, further boosting growth in the market.
Another factor contributing to the growth of the European legal services market is the adoption of
technology by law firms. Many firms are investing in digital solutions to streamline their operations,
improve their service delivery, and enhance their clients' experience. For example, some firms are using
artificial intelligence (AI) and machine learning to automate routine tasks, such as contract review and
due diligence, allowing lawyers to focus on more complex legal work. As a result, many law firms in
Europe have been expanding their services and investing in technology to better serve their clients. This
trend is expected to continue in the coming years, making Europe a promising market for legal services.

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 7.3.2 U.K

7.3.2.1 U.K. LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030, (USD BILLION)

Fig.47 U.K. legal services market estimates & forecasts, 2018-2030 (USD Billion)

122.36
103.42

112.57

117.42
107.93
75.09

80.63

95.05
72.87

91.03
86.76

99.10
74.77

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal service market in the U.K. has experienced steady growth in recent years. This growth has
been attributed to several factors, including an increase in demand for legal services, the introduction
of new technologies and the rise of alternative legal service providers. As a result, the legal industry in
the U.K. has become increasingly competitive, with firms vying for market share through innovative
strategies and the development of new service offerings. Despite this competition, however, the legal
service market in the U.K. is expected to continue to grow in the years ahead, driven by ongoing
demand for legal expertise and the emergence of new technologies and business models.

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 7.3.3 GERMANY

7.3.3.1 GERMANY LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.48 Germany legal services market estimates & forecasts, 2018-2030 (USD Billion)

66.83

68.85
50.30

55.50

59.05

60.92

62.85

64.81
53.51

57.29
47.05

47.93

47.18

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal service market in Germany has been steadily growing over the past few years. This growth can
be attributed to several factors, including an increase in demand for legal services from both
businesses and individuals. Advancements in technology have also made legal services more
accessible and efficient, contributing to the market's growth. Germany's legal service market is
expected to continue its upward trend in the coming years, making it a promising market for legal
service providers. The country's strong economy and stable political climate further support this positive
outlook. In addition to traditional legal services, Germany's legal market is also seeing growth in areas
such as alternative dispute resolution and legal tech. These emerging sectors are expected to play an
increasingly important role in the market's growth in the future.

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 7.4 Asia Pacific

7.4.1 ASIA PACIFIC LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD
BILLION)

Fig.49 Asia Pacific legal services market estimates & forecasts, 2018-2030 (USD Billion)

355.03
232.00

309.09
192.95

268.12
249.69

379.82
214.36
168.10

331.37
173.14

287.98
157.55

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The Asia Pacific region has seen a significant growth in the legal services market in recent years. This
can be attributed to the rise in demand for legal services due to the increase in cross-border
transactions and the growing complexity of business transactions. The market has also been driven by
the growth of the region's economy and the increasing number of multinational corporations operating
in the region. In addition, the region has witnessed a rise in the number of law firms and legal
professionals, which has intensified competition and led to innovative approaches to legal service
delivery. Technology has also played a significant role in the growth of the legal services market in the
Asia Pacific region, with firms increasingly utilizing artificial intelligence and other digital tools to
enhance efficiency and streamline processes.

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 7.4.2 CHINA

7.4.2.1 CHINA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.50 China legal services market estimates & forecasts, 2018-2030 (USD Billion)

129.04

136.93

153.79
106.98

145.20

162.79
121.63
114.39

172.06
82.52

86.99

88.52

97.46

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in China has experienced significant growth in recent years. This growth can
be attributed to several factors, including the country's expanding economy and the increasing
complexity of legal issues faced by businesses and individuals. The key drivers of growth in the legal
services market have been the government's efforts to modernize and reform the country's legal
system. These reforms have created new opportunities for legal firms to provide services to a wider
range of clients, including both domestic and international businesses. Another important factor
contributing to the growth of the legal services market in China is the increasing demand for specialized
legal services. As the country's economy has grown and become more complex, businesses and
individuals have faced a wide range of legal issues that require specialized expertise.

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 7.4.3 JAPAN

7.4.3.1 JAPAN LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.51 Japan legal services market estimates & forecasts, 2018-2030 (USD Billion)

30.84

38.36
20.96

22.78

26.54

28.62

33.20
18.79
16.79

35.71
16.24

24.61
15.16

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in Japan has experienced steady growth in recent years. This growth can be
attributed to several factors, including the country's expanding economy and an increasing need for
legal expertise in a variety of areas. The key driver of growth in the legal services market is the
government's efforts to reform and modernize the country's legal system. These reforms have created
new opportunities for legal firms to provide services to a wider range of clients, including both domestic
and international businesses. Another factor contributing to the growth of the legal services market in
Japan is the increasing demand for specialized legal services. As the country's economy has grown and
become more complex, businesses and individuals have faced a wide range of legal issues that require
specialized expertise.

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 7.4.4 INDIA

7.4.4.1 INDIA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.52 India legal services market estimates & forecasts, 2018-2030 (USD Billion)
12.44

25.56

30.99
19.05
15.04
11.36

21.04

23.19

34.07
13.15

28.16

37.41
17.15

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in India has experienced significant growth in recent years. This growth can be
attributed to several factors, including the country's expanding economy and the increasing need for
legal expertise in a variety of areas. The key driver of growth in the legal services market is the
government's efforts to reform and modernize the country's legal system. These reforms have created
new opportunities for legal firms to provide services to a wider range of clients, including both domestic
and international businesses. Another factor contributing to the growth of the legal services market in
India is the increasing demand for specialized legal services. As the country's economy has grown and
become more complex, businesses and individuals have faced a wide range of legal issues that require
specialized expertise.

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 7.5 Latin America

7.5.1 LATIN AMERICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD
BILLION)

Fig.53 Latin America legal services market estimates & forecasts, 2018-2030 (USD Billion)

120.91

135.19
114.27
101.91

127.91
107.92
70.52

85.33

90.88

96.31
78.10
71.32
67.37

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in Latin America has experienced steady growth in recent years, driven in part
by the region's expanding economy and the increasing need for legal expertise in a variety of areas.
Governments in many Latin American countries have also undertaken efforts to modernize their legal
systems, creating new opportunities for legal firms to provide services to a wider range of clients.
Another factor contributing to the growth of the legal services market in Latin America is the increasing
demand for specialized legal services. As the region's economy has grown and become more complex,
businesses and individuals have faced a wide range of legal issues that require specialized expertise.
Despite some challenges, such as political instability and corruption, the outlook for the legal services
market in Latin America is positive. With continued economic growth and ongoing legal system reforms,
there is expected to be increasing demand for legal services in the region. This presents opportunities
for firms to expand their practices and serve a diverse range of clients, both domestically and
internationally.

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 7.5.2 BRAZIL

7.5.2.1 BRAZIL LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.54 Brazil legal services market estimates & forecasts, 2018-2030 (USD Billion)

19.30
18.92
17.91

23.49

26.98

28.80

32.86

35.08
30.77

39.91
21.32

25.24

37.43
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in Brazil has experienced significant growth in recent years, driven in part by
the country's expanding economy and the increasing need for specialized legal expertise. With a
population of over 200 million people and a rapidly developing economy, Brazil has become an
attractive market for legal firms seeking to expand their practices. The key factors contributing to the
growth of the legal services market in Brazil is the increasing demand for specialized legal services. As
the country's economy has grown and become more complex, businesses and individuals have faced a
wide range of legal issues that require specialized expertise. In addition, the Brazilian government has
undertaken efforts to modernize the country's legal system, creating new opportunities for legal firms to
provide services to a wider range of clients. This has helped to boost the overall demand for legal
services in the country.

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 7.5.3 ARGENTINA

7.5.3.1 ARGENTINA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD
BILLION)

Fig.55 Argentina legal services market estimates & forecasts, 2018-2030 (USD Billion)

12.39

18.95
15.83
11.58
10.56

14.00

14.89

16.82
13.18

17.86
9.00

9.46

9.60

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in Argentina has experienced notable growth in recent years, driven in part by
the country's expanding economy and increasing need for specialized legal expertise. With a population
of over 44 million people and a diverse economy, Argentina presents opportunities for legal firms
seeking to expand their practices. The key factors contributing to the growth of the legal services market
in Argentina is the country's efforts to modernize its legal system. This has created new opportunities for
legal firms to provide services to a wider range of clients. In addition, the increasing complexity of
Argentina's economy has led to a growing demand for specialized legal services. Despite some
challenges, such as economic instability and political uncertainty, the outlook for the legal services
market in Argentina is positive. With continued economic growth and ongoing legal system reforms,
there is expected to be increasing demand for legal services in the country.

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 7.5.4 CHILE

7.5.4.1 CHILE LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-2030 (USD BILLION)

Fig.56 Chile legal services market estimates & forecasts, 2018-2030 (USD Billion)

10.02

10.68

12.10
11.37
5.86

6.58

8.28

8.82

9.40
5.57

5.97

7.24

7.76

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in Chile has experienced a notable growth in recent years. This growth can be
attributed to several factors, including the country's stable political and economic climate, as well as
increasing demand for legal services from both individuals and businesses. The key drivers of growth in
the legal services market have been the increased focus on corporate compliance and governance. As
Chilean businesses have become more globalized and interconnected, they have faced greater
regulatory scrutiny, and legal services providers have been called upon to help them navigate complex
legal frameworks. In addition, there has been a growing demand for legal services related to intellectual
property, as Chilean businesses seek to protect their proprietary assets and stay competitive in the
global marketplace. This has led to an increase in the number of specialized legal firms and
practitioners, as well as a corresponding rise in demand for their services.

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 7.6 Middle East and Africa

7.6.1 MIDDLE EAST AND AFRICA LEGAL SERVICES MARKET ESTIMATES & FORECASTS, 2018-
2030, (USD BILLION)

Fig.57 Middle East and Africa legal services market estimates & forecasts, 2018-2030 (USD Billion)

22.49
18.65
13.43

19.86
15.39
11.04
10.25

10.82

16.40
12.19

21.15
14.41

2018 2019 2020 2021 2022 2023 2024 2025 17.49

2026 2027 2028 2029 2030
USD Billion

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

The legal services market in the Middle East and Africa (MEA) has witnessed significant growth in recent
years, driven by several factors. One of the key drivers of growth has been the increasing demand for
legal services related to infrastructure development and project finance, as countries in the region
continue to invest heavily in infrastructure projects such as airports, ports, and highways. The key factor
contributing to the growth of the legal services market in the MEA region is the increasing focus on
regulatory compliance. As businesses in the region become more globalized and interconnected, they
are facing greater regulatory scrutiny, which has led to a rise in demand for legal services related to
compliance and risk management. In addition, there has been a growing demand for legal services
related to mergers and acquisitions and corporate restructuring, as businesses in the region look to
expand and restructure to take advantage of new opportunities.

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 CHAPTER 08

Legal Services Market – Competitive

Landscape
8.1 Recent Developments & Impact Analysis, By Key Market Participants
Company Recent Development Impact on Operations

In September 2023, the company announced the joint

venture with KL Partners, a Korean law firm, to provide
international legal support and connectivity to the Korean
client base. Clients would have access to both international
Baker McKenzie LLP
and Korean legal advice through Baker McKenzie KLP
strategic partnership, covering key practices such as cross-
border arbitration, litigation, corporate/M&A, and energy and
infrastructure.

In October 2023, the company launched an enterprise

platform, SideTrack, a software for investment funds
Kirkland & Ellis LLP
attorneys, to help manage side letters and streamline the
Most Favored Nation (MFN) election process for the U.S.

In June 2023, the company launched its new Virtual

Experience Program (VEP) focused on capital markets law.
This free virtual initiative offers an invaluable chance for
Latham & Watkins individuals within the business, academic, and legal sectors
to take on the role of underwriters in an initial public offering
(IPO) while gaining insights into the operations of a prominent
international law firm
Source: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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8.2 Company Categorization

Fig.58 Key company categorization

Operating Strategies Competitive Edge Weaknesses

• Baker Mckenzie ➢Mature players may struggle to
LLP ➢Mature players continuously
➢Mature players in the market innovate and introduce new and
• Kirkland & Ellis invest in research and
have developed a wide range of groundbreaking features
development to enhance legal
Mature players

LLP services with diverse features and compares to smaller, more agile
• DLA Piper LLP services. They focus on
functionalities. They offer a competitors. Their size and
• LATHAM & incorporating advanced
comprehensive portfolio of legal established processes can
WATKINS LLP technologies, improving
services which led to the sometimes hinder quick
• Skadden, Arps, functionalities, and introducing
development of new business adaptation to emerging
Slate, Meagher & new features that align with
models and services. technologies and changing market
Flom LLP evolving customer needs.
demands.

➢Emerging players can

➢Emerging players focus on differentiate themselves by
➢Emerging players often lack the
• DoNotPay, Inc. developing unique and differential introducing innovative features
brand recognition and established
Emerging players

• QuisLex, Inc. services that offer advanced and leveraging advanced

reputation enjoyed by well-
• UpCounsel features, enhanced interactivity technologies. This may include
established companies in the
• Onit and better customer experiences. incorporating artificial
shared mobility market. Building
• LexisNexis Legal They strive to stand out from intelligence, machine learning
brand awareness and establishing
& Professional established competitors by help professionals automate
trust among customers can be
introducing cutting-edge some processes and utilize their
significant challenge.
technologies. resources and time on vital legal
operations.

Sources: ABA, IBA, ALTA, NALP, OECD, U.S. Census, ACC, Company Annual Reports, Grand View Research

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8.3 Participant’s Overview
Establishment
Sr. No. Name Headquarters Employee Strength Overview
Year

Baker & McKenzie is an international law firm offering

legal services solutions to a wide range of industries
including energy, mining & infrastructure, consumer
goods & retail, healthcare, hotels, resorts & tourism,
financial institutions, manufacturing & transportation,
11,570 (as per FY industrials, real estate, and technology, private equity,
1 Baker McKenzie LLP 1949 U.S.
2022) and media & telecommunications. Baker & McKenzie
represents significant brands in deals that are
constructive for the clients. For instance, in 2019, Baker
& McKenzie advised Facebook on the design and
development of the company’s proposed Oversight
Board for content moderation.

Clifford Chance LLP is an international law firm, which

offers advisory services to significant sectors including
banks, energy & resources, private equity, life sciences
& chemicals, funds & investment management,
7,843 (as per FY consumer goods & retail, healthcare, media &
2 Clifford Chance 1987 U.K.
2022)
technology, insurance, real estate, telecommunications,
and transport & logistics. Clifford Chance LLP represents
major brands in deals that are constructive for the
clients.

Deloitte is a multinational professional services network

company providing audit, tax, consulting, financial
advisory services, and enterprise risk. Deloitte legal
427,875 (as per practices offer complete guidance on strategic business
3 Deloitte 1845 U.K.
May 2022) decisions that result in delivering cost-effective support
for routine legal activities. The company provides legal
services in major areas, including commercial law
solutions, corporate mergers & acquisitions service,

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 employment & pension solutions, and legal
management consulting. Deloitte also targets significant
industries including banking & securities, energy &
resources, insurance, real estate, and technology,
media & telecommunications.

DLA Piper LLC is a global law firm formed by the merger

between three firms, Gary Care Ware & Freidenrich LLP,
Piper Rudnick LLP, and DLA LLP. The major sectors that
the company caters are energy, financial services,
government contracting, hospitality & leisure, insurance,
12,953 (as per FY life sciences, media, sports & entertainment, mining,
4 DLA Piper LLP 2005 U.K.
2022) real estate, retail, and technology. DLA Piper represents
significant brands in deals that are constructive for the
clients. For instance, the company advised Wipro Ltd. to
enter into an agreement to divest its hosted data center
services business to Ensono, LP. The company caters to
fortune 500, global 1000, and emerging companies.

Ernst & Young is a multinational professional services

company providing advisory, assurance, tax, specialty,
and people advisory services. The company caters to
major industries such as consumer products & retail,
automotive & transportation, financial services, health,
Ernst & Young Global 365,339 (as per government & public sector, life sciences, metals &
5 1989 U.K.
Limited 2022)
mining, oil & gas, real estate, technology, and
telecommunications. The primary clients of the company
are Dell Technologies, General Electric Alliance Partner,
IBM Corporation, LinkedIn, Inc., Microsoft Corporation,
and Procter & Gamble.

Kirkland & Ellis LLP is an international law firm offering

legal services in corporate & tax, litigation, intellectual
6,707 (as per FY
6 Kirkland & Ellis LLP 1909 U.S. property, and restructuring areas. The company’s open
2022)
system allows each attorney to choose the practice
areas and matters they field. The firm makes extensive

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 use of administrative and legal personnel to offer an
appropriate skill level for the legal services required. The
primary clients of the company include 3G capital,
Accenture, The Boeing Company, PWC, Samsung
Electronics Co., Ltd, Verizon Communications, Inc., and
United Airlines.

KPMG is a global network of professional firms providing

assurance, audit, tax, and legal, financial advisory and
consulting services. The company is based in
Netherlands with its operation in more than 140
countries. The company’s clients include business
Amstelveen, 265,646 (as of
7 KPMG 1987 corporations, governments, public sector agencies, and
Netherlands September 2022)
not-for-profit organizations. KPMG caters to the financial
services, software, electronics, industrial and
automotive products, chemicals, energy, transportation,
food and beverages, infrastructure, and healthcare
sectors.

Latham & Watkins a globally operating law firm based in

the U.S., maintains a presence in over 14 countries
worldwide. The firm specializes in a diverse range of
legal fields, encompassing transactional, litigation,
corporate, regulatory matters, as well as the
management of pension plans, funds, university
endowments, and charitable organizations involved in
8 Latham & Watkins 1934 California, U.S. 7,583 (as of 2022) private fund investments.
Additionally, the firm also has a merger and acquisition
practice, serving a clientele that spans public and
private enterprises, private equity firms, venture capital
entities, sovereign wealth funds, boards of directors,
financial sponsors, special committees, and financial
advisors.

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 PwC is a global network of professional services
organizations headquartered in U.K., with a presence in
more than 150 countries worldwide. The company offers
a wide range of services to its clients, including auditing,
274,609 (as of accounting, financial consulting, tax assessment,
9 PrwC 1998 London, U.K. 2022) valuation, human resources support, and forensic
analysis. PwC serves a diverse clientele, spanning
various industries such as automotive, hospitality and
leisure, entertainment and media, technology, financial
services, real estate, transportation, logistics, and retail,
among others.

Skadden, Arps, Slate, Meagher & Flom LLP offers legal

services to the business, financial and governmental
communities around the world in a wide range of high-
profile transactions, regulatory matters, and litigation
Skadden, Arps, Slate, 4,334 (as of 2022) and controversy issues.
10 1948 New York, U.S.
Meagher & Flom LLP The company advises its clients in matters including
mergers and acquisitions, litigation and arbitration,
corporate finance, corporate restructuring, securities
law, banking, project finance, energy, and infrastructure,
antitrust, tax and intellectual property.

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8.4 Financial Performance

Sr. No. Name Type Revenue, 2021 (USD Million) Revenue, 2022 (USD Million)

1 Baker McKenzie LLP Private 3,126.7 3,300.1

2 Clifford Chance Private 2,711.5 2,550.9

3 Deloitte Public 50,200.0 59,300.0

4 DLA Piper LLP Private 3,133.0 3,471.0

5 Ernst & Young Global Limited Public 45,165.0 49,354.0

6 Kirkland & Ellis LLP Private 6,042.0 6,514.3

7 KPMG Private 32,130.0 34,640.0

8 Latham & Watkins Private 5,488.7 5,321.0

9 PwC Private 50,294.0 53,094.0

10 Skadden, Arps, Slate, Meagher & Flom LLP Private 3,022.3 3,020.8

Source: ALM; LAW.COM, PitchBook, and Grand View Research, Inc

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8.5 Product Benchmarking
Sr.
Company Product/Category Description
No.
Taxation
•The company provides domestic and international tax planning for
• Customs
multinational companies, partnerships, and investors globally
• Economic Services
•The company assists in the formation/drafting of documents with
• Tax for M&A and respect to tax planning.
Reorganizations
•The company’s wealth management practitioners advise clients on
• Tax Planning managing, preserving, and transferring wealth in core investment
• Real Estate Tax centers.
1 Baker McKenzie LLP
• Tax Policy •The global coverage also allows clients to design, implement, and
defend tax strategies for their international operations and
• State & Local Tax transactions.
• Transfer Pricing
•The company’s custom team works across borders and practice
• Supply Chain Tax Planning areas to advice multinational companies on commercial agreements,
• VAT/Indirect Tax tax compliance, customs and trade regulations, , trade-related
enforcement actions, consumer protection laws, and other anti-
• Tax Dispute Resolution corruption laws.
• Wealth Management
Real Estate

• Construction •The real estate lawyers work globally to advise owners and
• Data Center Services contractors for design and feasibility to the project structure and
dispute resolution.
• Real Estate Development,
2 Baker McKenzie LLP •The real estate advisors help hotel developers, operators, investors
Planning & Land Use
and advise clients on aspects pertaining to ownership, management,
• Hotels, Resorts & Tourism operations, development, and financing of hotel and resort
• Real Estate Tax properties.

• Leasing

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 • Real Estate Transactions •The company advises landlords and tenants on all areas of
commercial leasing, including lease negotiations and lease
• Mergers & Acquisitions
agreement preparation.
• REIT’s
•The real estate lawyers advice developers, lenders, operators, and
• Tax Dispute Resolution international investors on real estate development, planning, and
land use issues.
Banking & Finance
•The company has a total of 670 banking & financial lawyers that
• Acquisition Finance help clients simplify complexity while executing transactions.
• Aircraft Finance •The company’s aircraft finance team advice airlines, arrangers, and
• Banking & Finance Litigation lenders on all aspects of transportation financing.
• Capital Markets •The company’s derivative specialists represent clients in cross-
border transactions and advise on issues such as close-out netting
• Financial Services & Regulations
and enforceability across jurisdictions.
3 Baker McKenzie LLP • Global Custody
•The company also developed a global derivatives webinar series
• Insurance that discusses derivatives regulatory change and their impact.
• Islamic Finance
•The team advises financial institutions on a range of financial
• Loans & Credit Facilities transactions including both secured and unsecured loans.
• Mergers & Acquisitions •The insurance and risk management team offers assistance relating
• Private Equity to project finance transactions, joint venture partners, corporate
transactions, and bond underwriters.
• Project Finance
Intellectual Property
•The company advises and lead brand assignments, licensing,
• Brand Enforcement acquisitions, disposals, due diligence, audits, and franchising.
• Brand Management •The company advises on complex copyrights associated with
• Copyright & Digital Media product design, content production, transactions, and disputes.
4 Baker McKenzie LLP
• IP Disputes •The company manages global, regional, local offline, and online IP
enforcement programs and investigations.
• IP Transactions
• Patent Litigation •The company acts in patent and design arbitration which is less
time consuming
• Patent Prosecution

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 • Tax Optimized IP
• Trade Secrets
Real Estate

• Construction
• Environment
• Hospitality
• Real Estate Development • The company integrates a network of leading individuals to handle
the entire property life cycle from joint venturing, development, initial
• Real Estate Finance
acquisition, leasing, and financing the project.
5 Clifford Chance • Real Estate Funds
•The Clifford Chance Construction Group assists clients with the
• Real Estate Litigation creation and procurement of construction strategies, as well as the
• Real Estate Private Equity & analysis and allocation of construction risk.
Investment
• Real Estate Securitization
• Real Estate Tax
• REITs

•The lawyers provide result driven commercial advice to banks on

Banking & Finance complex transactions to help them address some of the challenging
business issues.
• Bank Regulation
6 Clifford Chance •The baking & finance practitioners provide advice in relation to the
• M&A in Banking Industry
full scale of financial products including asset finance, syndicated
• Litigation & Dispute Resolution lending, project finance, debt capital markets, derivate products, and
equity capital markets.

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 Litigation, Dispute Resolution & Risk
Management

• Administrative & Public Law

• Antitrust/Competition Litigation
• Business and Human Rights
• Crisis Management
• Cyber Security & Information
• The company assists its clients to identify, manage, and address
Protection
salient human right risks within their business relationships and
• Intellectual Property supply chain across the lifecycle of investments.
7 Clifford Chance
• International Arbitration •The company assists leading businesses in handling internal
• International Law investigations, responding to political issues, and responding to
regulatory& criminal prosecutions.
• Litigation
• Regulatory Investigations
• Enforcement & White Collar
• Risk Management &
Compliance
• Trust & Investment Fund
Disputes

• The solutions covered under corporate and M&A service include:

Corporate and Merger & Acquisition • Corporate law

8 Deloitte
Solutions • Corporate compliance
• Corporate reorganizations
• Corporate secretarial services

•Features:
9 Deloitte Employment and Pension Solutions
• Improved audio and cameras
• Lighter and comfortable

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 • Integrated with Meta AI, an advanced conversational
assistant

Corporate

• Capital Markets
• China Investment Services
• Emerging Growth and Venture •The advisers support clients in all stages of their transactions, from
Capital M&A and venture capital to private and public equity issues, to
achieve successful deal results.
• Global Investment Funds
10 DLA Piper LLP •The company advises international clients on all areas of doing
• International Corporate
business in China, including locating possible business partners for
Reorganizations joint ventures in China and interacting with central and local
• Mergers and Acquisitions governments to obtain essential approvals and licensing.

• Private Equity
• Public Company and Corporate
Governance
Litigation, Arbitration and Investigations
•The company regularly handles challenging and complex
• Administrative Law jurisdictional matters.

• Antitrust and Competition •The company arbitrates before all the major arbitral institutions
specifically to resolve disputes relating to complex financial
• Aviation Litigation and
transactions.
11 DLA Piper LLP Regulation
•The company assists clients across the spectrum of governance of
• Banking and Finance Litigation cyber-risk including global incident response & investigations, risk
• Class Actions assessment, mitigation & compliance, corporate governance & SEC
disclosures, supply chain risk management, government affairs, and
• Construction, Engineering, and
litigation.
Infrastructure Disputes

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 • Corporate and Securities •The company offers all method of dispute resolution including
Litigation litigation, international arbitration, mediation, and expert
determination
• Cross-Border Litigation
• Cybersecurity
• Employment Litigation and
Dispute Resolution
• Environment, Health, and Safety
• Global Governance and
Compliance
• Insurance and Reinsurance
Disputes
• Merger Control
• Patent Litigation
• Product Liability, Mass Torts, and
Product Stewardship
• Real Estate Litigation
• Tax Controversy and Disputes
• White Collar and Corporate
Crime
Tax

• Business Tax Services (BTS) •BTS combines Business Tax advising (BTA) services with a variety of
specialty service options, allowing for insightful multi-country tax
• Global Compliance and
Ernst & Young Global advising services.
12 Reporting (GCR)
Limited •The team advises customers on Value Added Tax (VAT) and Goods
• Indirect Tax Services (ITS) and Services Tax (GST), as well as customs charges, insurance
• International Tax Services premium tax, and excise taxes.
• Law

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 • People Advisory Services
• Tax Technology and
Transformation Services
• Transaction Tax Services
Tax

• Asset Finance & Securitization

• Banking & Financial Institutions
• Capital Markets
• Corporate Financial Institutions
• Corporate Finance
•The firm advises large financial institutions' private equity groups on
• Corporate Governance & the formation and investing of private funds, as well as the
Consulting development of effective strategies to respond to regulatory reform
initiatives.
• Debt Finance
• Derivatives The company handles asset finance and securitization work for
clients that are new to securitization.
• Energy Transactions
13 Kirkland & Ellis LLP •The lawyers advise clients on a wide variety of matters including the
• Environmental Transactions
preparation of registration statements, public offerings, private
• Information Technology placements, warehouse & conduct facilities, factoring transactions,
Transactions and whole loan purchase & sales.

• Initial Public Offerings •The company represents a wide range of institutional investors
including sovereign wealth funds, family offices, corporations, and
• Investment Funds
other investors in private funds.
• Leveraged Acquisitions
• Mergers & Acquisitions
• REIT M&A
• Mezzanine Finance
• Outsourcing
• Private Company

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 • Private Equity
• Private Investment & Family
Office
• Technology & IP Transactions

•The tax group handles an array of matters for clients in the

courtroom with proven results in fund formation, merger &
acquisition, and tax litigation arenas.
Tax, Benefits & Estate Planning Practice
•The tax group is involved in negotiations regarding plan liability
Areas
provisions in connection with financing arrangements, including bank
loan agreements.
• Employee Benefits
14 Kirkland & Ellis LLP • Executive Compensation •The executive compensation lawyers advice companies, boards of
directors, compensation committees, and individual executives on
• Tax transactions including both public and private mergers and
• Trusts & Estates acquisitions, private equity transactions, recapitalizations, spinoffs,
restructurings, and initial public offerings.
•The firm assists individual and corporate fiduciaries in connection
with the planning and administration of substantial and complex
trusts & estates.

• Financial Statement Audit: Financial statement audits play a

critical role in creating and maintaining investor confidence and
can unlock valuable insights into the business.
• KPMG Clara: KPMG is a fully integrated, scalable, cloud-based
platform that enables enhanced audit methodology through a
data-enabled workflow. The platform integrates new and
15 KPMG Audit and Assurance emerging technologies, with advanced capabilities that leverage
data science, audit automation, and data visualization.
• Assurance: Assurance on non-financial information provides
assistance to the management in making important decisions in
the company.
• Audit Data & Analytics: It unlocks the data in your business and
delivers insight to help enhance audit quality.

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 • Accounting Research Online: It provides easy access to a full
range of authoritative accounting and financial reporting
literature.
• Business tax:
o Deal Advisory – Mergers & Acquisitions Tax
o Global Transfer Pricing Services
o Global R&D Incentive Tax
o International Tax
o Responsible Tax
o Financial Services Tax
o Dispute Resolution & Controversy Services
o Private Enterprise Tax
• Compliance Transformation:
o Global Compliance Management Services
o Global Tax and Legal Technology
o Tax Transformation
• Employment & Mobility:
o Global Immigration Network
o Global Mobility Services
16 KPMG Tax and Legal
o Mobility Technology
• Asset Management & Private Enterprise Tax:
o Asset Management
o Family Office and Private Client
o Sovereign Wealth and Pension Funds
o Private Enterprise Tax
• Indirect Taxes:
o Global Indirect Tax Service
o Trades and Customs
• Future of Tax:
o Business Performances
o Business Protection
o Digital Adoption and Transformation
o Government and Regulatory
Sustainability and ESG

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 • Deal Advisory:
o Buying a Business
o Selling a Business
o Partnering
o Funding a business
o Fixing a business
• Management Consulting:
o Engage with customers on their terms
o Optimize sector operations
o Streamline support functions
o Turn your technology vision into reality
o Convert data into insight
o Technology Consulting
• Risk Consulting:
o Optimizing operations with KYC Managed Services
17 KPMG Advisory o Increasing efficiency with MRM managed services
o Architecting Risk and Operational Transformation
o Governance, Risk & Compliance Services
o Forensic
o Financial risk management
o Crisis Management
o Cyber Security Services
o Dynamic Risk Assessment
o Risk, regulatory and compliance for Tech Companies
• Strategy:
o Deal strategy
o Growth strategy
o Enterprise-wide transformation
o Digital strategy
Operating strategy & cost (OS&C)

• Starting the business:

o Starting services
18 KPMG Private Enterprise
o Find an Emerging Giants adviser nearby
• Growing the business:

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 o Growing services
• Strengthening the business:
o Strengthening services
• Transitioning your business:
o Transitioning services
• Running a family business:
o Family business dynamics
o Family business services
o Find a Family Business adviser nearby
• Antitrust Litigation: The lawyers defend clients facing the full
spectrum of charges in private and public damages litigation,
competitor actions, class actions, and administrative actions —
from claims of monopolization to coordinated conduct, price
discrimination, and unfair competition.
• 21Cartel Investigation & Litigation: The cartel defense team
represents market leaders against accusations of price-fixing
brought by both private plaintiffs and governments.
• Compliance Counseling & Training Programs: They help clients
navigate the world’s antitrust regimes with robust compliance
counseling and training programs grounded in deep experience
and a sophisticated understanding of clients’ businesses and the
law.
20 Latham & Watkins Antitrust & Competition
• EU State Aid & Litigation: The team advises clients on EU State
aid compliance issues related to:
o Concessions, public tenders, and any investment in
infrastructure
o Privatizations, state-owned asset sales, and related
investment decisions
o Financing of public services
o Tax rulings and fiscal aid
o Public support for energy generation, transmission, and
storage
o Banking and financial institutions’ support measures
and resolutions
o Rescue and restructuring measures

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 o Support to cinema and media
• Merger Clearance & Litigation: The team designs strategies to get
the deal done, prepares a defensible position should litigation
follow, and handles every aspect of the antitrust review process,
including:
o Regulatory covenants and antitrust risk assessment and
allocation
o Due diligence and integration planning
o “Gun-jumping” compliance
o Merger notification clearances
o Pre-notification meetings and advocacy before
authorities
o Working with expert economists as appropriate
• Defending mergers in court when necessary.
• International Tax: The team provide clients with pragmatic
solutions to complex international tax matters related to:
o Cross-border mergers and acquisitions
o Cross-border partnerships or joint ventures
o Group planning for multinational corporations
o Inbound and outbound investments to and from the
United States
• They help clients successfully navigate tax issues related to:
o Optimizing a global tax structure
o Addressing potential risks of challenges by tax
authorities
21 Latham & Watkins Tax
o Transfer pricing matters
o Intercompany debt
• Master Limited Partnerships (MLP): The MLP lawyers advise
clients on a wide array of matters including:
o Advising MLPs in connection with general partnership
matters, such as governance, compensation, board
member conflicts of interest, national securities
exchange, 1933 Act registration, 1934 Act reporting and
Section 16 issues
o Representing lenders and borrowers in the creation and
renegotiation of bank credit facilities

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 o Representing MLPs, their sponsors and their boards in
mergers and acquisitions, asset drop-downs, joint
ventures, combinations and incentive distribution
restructurings
o Serving as both issuers and underwriters counsel to
MLPs in initial public offerings (IPOs) and secondary
equity offerings
o Serving as both issuers and underwriters counsel to
MLPs in investment-grade and high yield debt offerings
• Public and Tax-Exempt Finance: The team helps clients finance
all elements of land and project development and redevelopment
using both taxable and tax-exempt techniques, including:
o Airports
o College and university buildings
o Commercial and retail establishments
o Cultural centers
o Hospitals and outpatient medical centers
o Hotels and conference centers
o Infrastructure
o Mixed-use projects
o Scientific research facilities
o Sports arenas, stadiums, and other entertainment
venues
• Tax Controversy: They represent clients in controversies related
to:
o International and domestic corporate income tax issues,
including transfer pricing
o Partnership tax issues
o Employment tax and employee benefits issues
o Excise tax issues
o State and local tax issues
o Information gathering by tax authorities
o Sensitive tax matters, including – Penalty defense,
Whistleblowing defense, Investigations for non-
compliance, Efforts to self-report and correct errors in
compliance.

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 • Transactional Tax: They advise clients on the tax aspects of a full
range of matters, including:
o Mergers, acquisitions, and dispositions (taxable and tax-
free)
o Cross-border transactions and international tax planning
o Private equity transactions
o Joint ventures and partnerships
o Bankruptcy and insolvency workouts and other capital
restructurings
o Strategic restructurings
o Capital markets transactions
o Investment fund formation and structuring
o Renewable energy tax credits
o Real estate investment trusts (REITs)
o Up-Cs
o SPACs, IPOs, and de-SPAC transactions
o Securitizations and financial products
o Financings
o Tax-free spinoffs, split-offs, and split-ups
o Master limited partnerships (MLPs)
The group advises clients on a full range of matters involving the rules
and regulations of regulatory authorities, including:
• Commodity Futures Trading Commission (CFTC)
• European Banking Authority (EBA)
• European Systemic Risk Board (ESRB)
• Federal Reserve System (FRS)
• Federal Deposit Insurance Corporation (FDIC)
22 Latham & Watkins Financial Regulatory • Financial Conduct Authority (FCA)
• Financial Industry Regulatory Authority (FINRA)
• Investment Industry Regulatory Organization of Canada (IIROC)
• Israel Securities Authority (ISA)
• Hong Kong Monetary Authority (HKMA)
• Monetary Authority of Singapore (MAS)
• New York Department of Financial Services (NYDFS)
• Office of the Comptroller of the Currency (OCC)

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 • Prudential Regulatory Authority (PRA)
• Securities Exchange Commission (SEC)
• Insurance: PwC's Insurance practice provides guidance in areas
such as technology, regulation, customer experience, the
productivity agenda and other issues.
• Risk Assurance: Risk Assurance professionals combine deep
cross-functional expertise and leading technologies to improve
visibility into risks, respond with agility and drive greater
23 PwC Audit and assurance services
preparedness for the future.
• Capital markets: Capital Markets Assurance and Advisory
Services (CMAAS) team provides advice on domestic and
international deals, business processes, and regulatory
guidelines that have a direct impact on accounting and financial
services.
• Indirect tax services:
o Help you reduce costs and risks, make your business
more efficient, and turn tax opportunities into real
results.
o Understand the impact indirect tax has on your revenue
and profits, based on where you operate. For example, if
international trade is a key part of your business, we can
help you understand the rules in place for your products
in each country and use indirect tax technology to
become as tax efficient as possible.
24 PwC Tax services o Build on this understanding to make sure you have the
right people, knowledge, technology, processes and
controls for indirect tax governance, wherever you do
business.
o Stay on top of the latest policy trends and developments.
o Support you to make your voice heard by the national
and international indirect tax policy stakeholders. So you
can play a part in shaping more effective law and more
efficient administrative processes.
• Global Tax Code of Conduct: The team provide objective tax
advice that is supported by a credible basis in tax law. Help

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 clients consider the broader business context including
economic, commercial, transparency and reputational
consequences of their tax decisions.
• International Tax Services:
o Pillar Two
o Cross-border transactions and structuring
o International tax quantitative solutions
o Transformation
o Global Research and Development Tax Credits and
Government Incentives
• International Tax: The team has extensive experience in strategic
tax planning and tax implementation issues associated with
multijurisdictional, cross-border transactions. We also represent
clients in cross-border tax controversies, including advising on
transfer pricing and competent authority matters, and managing
and resolving disputes arising from global, regional and bilateral
business transactions.
• State and Local Tax: The team advises clients throughout the
Skadden, Arps, Slate,
25 Tax country across a wide range of industries on the full spectrum of
Meagher & Flom LLP
state and local tax issues, including planning, compliance, and
litigation and policy matters.
• Energy Tax: They have significant experience planning and
structuring transactions in the energy sector. Our tax-related
energy experience also involves assisting energy-focused clients
with industry-specific issues, both in the transactional and
planning context, and in controversies and litigation, including
matters before the Internal Revenue Service (IRS).
• Intellectual Property and Technology Group: The team offers
clients a full range of legal services relating to the acquisition,
enforcement and commercialization of intellectual property and
Skadden, Arps, Slate,
26 Intellectual Property and Technology technology assets. The services include counseling on
Meagher & Flom LLP
engagements involving patents, copyrights, trademarks,
outsourcing, privacy and data security. Attorneys in the group also
litigate these issues in federal and state courts.

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 • Intellectual Property Litigation: They represent clients in all stages
of disputes and provide strategic business advice concerning all
manner of intellectual property issues, including trade secrets,
trademarks and trade dress, patents, license agreements and
disputes, copyrights and misappropriation, and advertising and
consumer claims.
• Securities Litigation: The team represent clients in securities
class actions and derivative actions across a wide range of
industries, including, among many others:
o Accounting
o Biotechnology and Life Sciences
o Blockchain and Cryptocurrency
o Consulting
o Education
Skadden, Arps, Slate, o Energy and Utilities
27 Litigation/ Controversy
Meagher & Flom LLP o Financial Institutions, Hedge Funds and Private Equity
o Health Care
o Industrial and Manufacturing
o Insurance
o Metals and Mining
o Pharmaceuticals
o Retail, Food and Beverage
o Technology, Media, and Telecommunications
o Transportation and Automotive
• The company advises private equity sponsors and their
investment funds and portfolio companies at all stages of the
Skadden, Arps, Slate, investment cycle, including fund formation, management
28 Private Equity
Meagher & Flom LLP incentive plans, financings and refinancing, bolt-on
investments, management change, recaps, and corporate
restructurings and exits, such as IPOs.

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8.6 Company Market Positioning

Fig.59 Company Market Positioning

Challengers Leaders Baker Mckenzie LLP

High

Kirkland & Ellis LLP

DLA Piper LLP

LATHAM & WAKINS LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Deloitte
Ability to Execute

Ernst & Young Global Limited

PricewaterhouseCoopers Private Limited

KPMG

Finnegan, Henderson, Farabow, Garrett & Dunner, LLP

Clifford Chance

Niche Players Visionaries

Low High

Service Quality and Enabling Capabilities

Sources: Grand View Research

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 8.7 Legal Services Market - Key Company/Competition Categorization (Key Innovators,
Market Leaders, Emerging Players)
Table 7 Recent Developments & Impact Analysis, By Key Market Participants

Sr. No. Company Key Innovators Market Leaders Emerging Players

1 Baker McKenzie LLP ✓

2 Clifford Chance ✓

3 Deloitte ✓

4 DLA Piper LLP ✓

5 Ernst & Young Global Limited ✓

6 Kirkland & Ellis LLP ✓

7 KPMG ✓

8 LATHAM & WATKINS LLP ✓

PricewaterhouseCoopers Private
9 ✓
Limited
Skadden, Arps, Slate, Meagher &
10 ✓
Flom LLP
Sources: Grand View Research

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 8.8 Company Heat Map Analysis
Table 8 Company Heat Map Analysis

Geographical Strategic
Company Revenue Product Portfolio Final Score
Presence Initiatives

Baker McKenzie LLP

Clifford Chance

Deloitte

DLA Piper LLP

Ernst & Young Global

Limited

Kirkland & Ellis LLP

KPMG

Latham & Watkins

PwC

Skadden, Arps, Slate,

Meagher & Flom LLP

Low Medium High

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 8.9 Strategy Mapping

Fig.60 Strategic framework

4%
9%

Partnership
New Product Launches
52% Expansion
Merger & Acquisition
35%

Source: Company Annual Reports, Grand View Research

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 8.9.1 PARTNERSHIP
Players adopt this strategy to increase the reach of their products in the market and increase the
availability of their products & services in diverse geographical areas. Baker McKenzie LLP, Clifford
Chance LLP, Ernst & Young Global Limited, KPMG, and PwC adopting this growth strategy.

Table 9 Key companies involved in partnerships.

Company Year Month Remarks

The company announced the joint venture with KL Partners,

a Korean law firm, to provide international legal support and
connectivity to the Korean client base. Clients would have
Baker McKenzie LLP 2023 September access to both international and Korean legal advice through
Baker McKenzie KLP strategic partnership, covering key
practices such as cross-border arbitration, litigation,
corporate/M&A, and energy and infrastructure.

The company announced the partnership with Advance

Diversity Across Patent Teams (ADAPT), a confederation of
leading technology companies that collaborate to improve
inclusion, diversity, and equity in patent practice. To scale
Baker McKenzie LLP 2022 December
efforts to make the patent process more inclusive and
accessible, the BakerML team will collaborate closely with
Meta, Amazon, Google, Disney, Microsoft, and other ADAPT
founding members.

The company announced the partnership with Green Map

System, Inc., an independent non-profit organization, to
provide support and advise on the design and
Clifford Chance LLP 2021 November
implementation of the International Guarantee Trust Fund
program, which aims to allow large-scale renewable energy
installations.

Clifford Chance LLP collaborated with Grant Thornton UK LLP

to offer UK financial service sector entities a solution for
ensuring operational resilience compliance. The collaboration
Clifford Chance LLP 2021 September
aimed to provide access to practical and customized
business and legal assistance to help meet regulatory
requirements and enhance the operating models.

Clifford Chance LLP partnered with The Sparkle Foundation

Clifford Chance LLP 2021 July to provide legal and non-legal support and training to Sparkle
staff members, community members and children.

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 The company announced the collaboration with Fadata, a
software provider to help insurance firms enhance their
business performance by transforming technology and
Ernst & Young Global
creating an end-to-end digital experience. The collaboration
Limited. 2021 July
combines EY’s expertise in the insurance industry and
assisting large-scale business and technology
transformations with Fadata’s fundamental insurance
operational technologies.

The company launched the KPMG ESG Academy in

collaboration with Microsoft to empower and educate the
business professionals. This academy utilizes the KPMG
KPMG 2023 September Learning Enablement and Analytics Platform, which is
preconfigured and powered by Microsoft 365, Azure, Teams,
and Microsoft Viva Learning, enabling seamless learning
integration within the work environment.

KPMG announced the expansion of its partnership deal with

ServiceNow, a cloud-based platform and solution provider.
This partnership is focused on reshaping finance, supply
KPMG 2023 July chain, and procurement operations, with the goal of
developing innovative solutions that integrate artificial
intelligence, low-code capabilities, and extensive industry
expertise.

The company announced its strategic partnership with

MindBridge, a financial risk identification and anomaly
detection platform provider to integrate AI capabilities into
KPMG audits. The partnership aims to incorporate
KPMG 2022 April MindBridge's technology to KPMG's advanced audit platform
– KPMG Clara, to harness the potential of AI in audits,
improving the detection of unanticipated or high-risk
transactions and elevating the overall quality of the audit
process.

PwC announced a global Strategic Collaboration Agreement

(SCA) with Amazon Web Services (AWS) that spans three
years, with the aim to expedite innovation, enhance
operational effectiveness, and revolutionize the business
PwC 2023 September
landscape. This agreement augments PwC's strong expertise
in suing the cloud to drive business growth, reinforcing its
capacity to provide solutions led by human expertise and
technology.

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 PwC announced its partnership with Microsoft and Icertis
aimed at delivering a cutting-edge AI-driven approach to
PwC 2023 May contract management, empowering top-level executives with
the means to expedite digital transformation across the
enterprise.

PwC announced its collaboration with Harvey, and AI

technology provider. The collaboration aims to bring human-
PwC 2023 March led and tech-enabled solutions to clients by providing PwC’s
Legal Business Solutions professionals exclusive access to
the Harvey’s game-changing AI platform.

8.9.2 MERGER & ACQUISITION

Players adopt this strategy to increase the reach of their products in the market and increase the
availability of their products & services in diverse geographical areas. Ernst & Young Global Limited
adopting this growth strategy.

Table 10 Key companies involved in merger & acquisition.

Company Year Month Remarks

The company announced the acquisition of TAO Leadership

Development, Inc., a consultancy company. The acquisition
Ernst & Young Global
sought to accelerate the growth of EY People Advisory
Limited. 2023 November
Services by boosting the firm's well-known technology-
enabled transformational leadership and culture change
capabilities.

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 8.9.3 EXPANSION
Players adopt this strategy to increase the reach of their products in the market and increase the
availability of their products & services in diverse geographical areas. Deloitte and DLA Piper LLP adopt
this growth strategy.

Table 11 Key companies involved in expansion.

Company Year Month Remarks

The company expanded its practices SAP Business

Technology Platform (BTP), to deliver generative Artificial
Deloitte 2023 October Intelligence (AI) solutions to its clients. With this expansion,
the company enables SAP AI services to drive end-to-end
autonomous processes for industry verticals cloud solutions.

DLA Piper announced the introduction of its dedicated end-

to-end Investment and Management and Funds practice
network, which will allow the company to help investors and
DLA Piper LLP 2021 November investment fund managers around the world. This service
aided in the provision of comprehensive and seamless legal
assistance in significant and emerging regions such as Asia,
Europe, the Middle East, and the Americas.

8.9.4 NEW PRODUCT LAUNCH

Players adopt this strategy to keep the interest of existing customers and to attract new customers. Key
market players adopting this inorganic growth strategy include Deloitte, DLA Piper LLP, Ernst & Young
Global Limited, Kirkland & Ellis LLP, Latham & Watkins, and PwC.

Table 12 Key companies involved in new product launch.

Company Year Month Remarks

The company launched DARTbot, a cutting-edge Generative

Artificial Intelligence-powered internal chatbot. DARTbot
would generate intelligent responses and provide significant
Deloitte 2023 October
insights to approximately 18,000 Deloitte Audit & Assurance
professionals in the U.S. in their everyday tasks and decision-
making processes.

The company launched CortexAI, a next generation AI

platform for government portfolio, to assist government
agencies and higher education institutions in tackling
complex challenges and meeting the needs of the people
Deloitte 2023 August
they serve. The enhanced AI portfolio will assist public sector
enterprises and the higher education community in
evaluating and implementing transformational generative AI
and machine learning solutions.

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 The company launched two new spatial computing platforms:
Snapdragon AR1 Gen1 and Snapdragon XR2 Gen, that would
enable the next generation of Virtual Reality (VR) and devices
and smart glasses. The platform enables users to capture,
Deloitte 2023 April
share, and live-stream content directly from their glasses,
without using their hands. On-device AI also enables personal
assistant experiences like voice quality augmentation, visual
search, and real-time translation.

The company launched its beta version Artificial Intelligence

Scorebox, a digital tool that helps businesses and
DLA Piper LLP 2021 October
organizations assess AI adoption capability using a set of
questions and criteria

The company announced the launch of its Operating Model

Transformation service which assists consumer good
Ernst & Young Global companies in reshaping their operating models. The solution
Limited. 2021 December is built on five integrated design elements that evaluate the
company’s transformation journey from dynamic ecosystems
to innovation platform, talent flexibility, digital DNA, and
enduring purpose.

The company launched an enterprise platform, SideTrack, a

software for investment funds attorneys, to help manage side
Kirkland & Ellis LLP 2023 October
letters and streamline the Most Favored Nation (MFN)
election process for the U.S.

Latham & Watkins launched its new Virtual Experience

Program (VEP) focused on capital markets law. This free
virtual initiative offers an invaluable chance for individuals
Latham & Watkins 2023 June within the business, academic, and legal sectors to take on
the role of underwriters in an initial public offering (IPO) while
gaining insights into the operations of a prominent
international law firm.

PwC announced the launch of its new global Legal Business

Solutions offering which is the result of integrating PwC
Network's global Legal and NewLaw practices. This initiative
PwC 2022 November
has been implemented after a thorough evaluation of shifting
market dynamics and the evolving requirements of PwC's
clientele.

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