The global legal services market is expected to witness high growth over the forecast period. This surge in growth can be attributed to increasing globalization and competitive markets. This has subsequently led international legal services providers to expand their business in different countries across the globe. Since the legal services are now being offered internationally, the need for legal documents, sanctioned applications and business structuring has significantly increased. The number of legal service providers has significantly increased. In order to gain major market share, legal service providers such as lawyers are battling many competitors. The growing competition has made legal enterprises to make use of project management software and outsourcing. Availability of legal knowledge and tools over the internet has accelerated the market growth. Constructive government policies and standard industry benchmarks are further driving the market growth.
Legal profession is considered to be one of the most profitable, productive and lucrative professions which is drawing more potential legal services vendors towards the market, subsequently triggering the market growth. The rise in awareness among general public and counsels has impelled the growth of the market. The accelerated demand for legal services, increasing technology applications for providing secure and efficient enterprise softwares for aiding document management, portal websites and collaboration has created many opportunities for vendors.
The major services offered in the legal services market are contract drafting, intellectual property support, litigation support and review. The key factors that have influenced the global legal services market are increased competition, commoditization, globalization, changing trends in foreign direct investments and economic growth. Furthermore price competition, alternative business structures and rise of internet economy are poised to drive the market growth. However, the global economic slowdown had largely impacted the legal services market. It has resulted in mergers and acquisitions of numerous legal service providing firms, thereby helping them avoid issues such as bankruptcy and closures.
The global legal services market is comprised of various services such as legal transcription, legal research, secretarial and legal publishing services, contract services, intellectual property litigation support and document review.
The global legal services market has witnessed significant market growth in the European region, especially in the country of Spain which has the highest number of lawyers per capita. Moreover a remarkable growth in inbound and outbound foreign direct investments is expected to fuel the growth in European region. Regulatory reforms and well established industry standards are poised to drive the market growth in North American region. Increasing population in the Asia Pacific region especially in countries such as India, China and Japan has increased the demand for legal services and propelled the market growth in this region. Moreover India has gained prominence in this region owing to high popularity for legal services outsourcing. Availability of highly competitive and cost efficient legal expertise is attributed to be the major reason for rise in popularity and outsourcing. The growth in legal services market is driven by five industry sectors that comprise energy, infrastructure, tourism, ecommerce and transport & logistics equipment sector.
Lack of confidentiality and security along with quality & ethical implications are expected to pose a major challenge to the global legal services market. Differences in legal processes and policies adopted by different nations are creating hindrance for international key services providers to offer services in other countries. Furthermore the deficient steps taken for liberalizing the legal services sector has hampered the market growth. Legal firms and enterprises tend to lose competitiveness owing to lack of strategic positioning thereby forcing them forcing them out of market leading to closures.
Key service providers dominating the global legal services market are Acumen Legal Services Pvt. Ltd., Aptara, Bodhi Global Services, Clairvolex Knowledge Processes Pvt. Ltd., Cobra Legal Solutions, CPA Global, Evalueserve SEZ, Exigent Clutch Group, Infosys Limited, Integreon, Lason, LawScribe, Inc., Legal Advantage, Lexadigm Solutions LLC, Lexplosion, LexSphere, Lex Outsourcing, Mindcrest, New Galexy, OfficeTiger, Pangea3, Quattro BPO, Quislex, SDD Global Solutions, Tusker Group, UnitedLex and Wipro Limited.
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