Legal Services Market Size, Share & Trends Report

Legal Services Market Size, Share & Trends Analysis Report By Services (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size (Large, Medium, Small), By Provider, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-818-3
  • Number of Pages: 119
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the legal services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for legal services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of legal services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the 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 and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Legal Services Market Categorization:

The legal services market was categorized into four segments, namely service (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), firm size (Large Firms, Medium Firms, Small Firms), provider (Private Practicing Attorneys, Legal Business Firms, Government Departments), and region  (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The legal services market was segmented into service, firm size, provider, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The legal services market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; China; Japan; India; South Korea; Brazil; Argentina; Chile; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Legal services market companies & financials:

The legal services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Baker & McKenzie: 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, industrials, real estate, and technology, private equity, and media & telecommunications. The firm 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: 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, consumer goods & retail, healthcare, media & technology, insurance, real estate, telecommunications, and transport & logistics. Clifford Chance LLP represents major brands in deals that are constructive for the clients. For instance, in June 2018, Clifford Chance LLP advised CK Asset Holdings Limited to acquire 5 Broadgate, London from British Land and GIC Private Limited.

  • Deloitte: Deloitte is a multinational professional services network company providing audit, tax, consulting, financial advisory services, and enterprise risk. Deloitte legal practices offer complete guidance on strategic business 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, 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: DLA Piper is a global law firm formed by the merger between three firms, Gary Care Ware & Freidenrich LLP, Piper Rudnick LLP, and DLA LLP. Energy, financial services, government contracting, hospitality & leisure, insurance, life sciences, media, sports & entertainment, mining, real estate, retail, and technology are the major sectors that the company caters to. 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: 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, government & public sector, life sciences, metals & 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: Kirkland & Ellis LLP is an international law firm offering legal services in corporate & tax, litigation, intellectual property, and restructuring areas. The company’s open system allows each attorney to choose the practice areas and matters they field. The firm makes extensive use of administrative and legal personnel to offer 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: KPMG is a professional service company offering tax, audit, and advisory services. The company helps clients mitigate risks in their business arenas. Major clients of KPMG include business corporations, government, public sector agencies, and non-profit organizations. The company services a wide range of industries including asset management, automotive, banking & capital markets, chemicals, consumer & retail, energy, financial services, government & public sector, healthcare, industrial manufacturing, and infrastructure. KPMG assists its clients in matters relating to innovation and guides them during difficult challenges.

  • Latham & Watkins LLP: Latham & Watkins LLP is an international law firm committed to helping clients achieve their business strategies and provide efficient legal services globally. The company’s global platform comprises a single, integrated partnership focused on offering the most collaborative approach to client service. Latham & Watkins LLP serves a broad range of industries including aerospace, defense & government services, automotive, communications, entertainment, sports & media, financial institutions, healthcare services & providers, hospitality, gaming & leisure, industrials & manufacturing, mining & metals, oil & gas, life sciences, internet & digital media, power, retail & consumer products, and semiconductors.

  • PwC: PwC is a multinational professional services network company serving major industries including aerospace, defense & security, banking & capital markets, financial services, healthcare, insurance, transportation & logistics, technology, engineering & construction, automotive, media, consumer markets, telecommunications, private equity, and industrial manufacturing. PwC’s core services include advisory, family business, people & organization, audit & assurance service, IFRS, sustainability & climate change, entrepreneurial & private clients, and legal. The company offered services to over 80% global fortune 500 companies in 2019.

  • Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates: Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates advises businesses, financial institutes, and government globally on various legal matters. The company serves major industries including healthcare & life sciences, real estate & REITs, Mining, Media & Entertainment, Gaming, and Sports. Skadden, Arps, Slate, Meagher & Flom LLP represents major brands in constructive deals for the clients. For instance, Skadden is representing 21st Century Fox in its acquisition proposal by Comcast Corporation. Moreover, the company advised Royal Caribbean Cruises Ltd. on its acquisition of an equity stake of 66.7% in Silversea Cruises.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Legal Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Legal Services Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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