Legal Services Market Global Market Report 2017Including: Legal Services Covering: Deloitte, Latham Watkins, Baker McKenzie, DLA Piper USA, Skadden, Arps, Slate, Meagher Flom, Kirkland Ellis, Allen Overy, Jones Day, Sidley Austin, Morgan and Lew
World News: 10:45 GMT Tuesday 3rd January 2017. [SPi-Reports.com via SPi World News]
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- Legal Services Market Global Market Report 2017Including: Legal Services Covering: Deloitte, Latham Watkins, Baker McKenzie, DLA Piper USA, Skadden, Arps, Slate, Meagher Flom, Kirkland Ellis, Allen Overy, Jones Day, Sidley Austin, Morgan and Lew
Legal services companies advise clients individuals or corporations about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought.
The USA was the largest country in the legal services market in 2016, accounting for about $290 billion or 45% of the global market. The UK was the second largest market, accounting for about $45 billion or 7% of the global market. Germany was the third largest market, accounting for about $25 billion or 4% of the global market. France accounted for about 3.5% and $20 billion, while Japan accounted for 0.5% of the global legal services market.
The purchase patterns of customers seeking legal services is evolving continuously and customers are becoming more willing to purchase legal services from nontraditional companies. Companies are willing to purchase legal services from nontraditional firms that offers a range of professional services. For instance, according to a survey by Deloitte about 52% of inhouse departments are considering buying legal services from nontraditional law firms. Clients are looking for companies that have cross functional legal expertise such as finance, accounting and marketing and companies that offer services through online tools such as LegalZoom, Rocket Lawyer and LawDepot. Also, according to a survey by Deloitte on Legal Services Trends in 2016, about 35% of the organizations are looking for commercial and nonlegal expertise and 18% of organizations are looking for expertise in digital, data privacy and cyber security expertise from legal service providers.
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