The Business Research Company

Law Firms Face Increasing Competition from Non-Traditional Sources


London, UK -- (SBWIRE) -- 10/30/2017 -- Both businesses and private individuals are increasingly willing to use the legal services of firms other than traditional law firms. More than half of all in-house legal departments now consider buying legal services from online providers such as LegalZoom, Rocket Lawyer and LawDepot. Many are also looking for commercial, digital, data privacy and cyber security expertise from their legal service providers.lxix Other competition comes in the form of new legal delivery models offering affordable legal services to the wider population - paralegal technicians, legal document preparers, legal self-help websites, virtual assistants and offshore legal vendors.

Legal services are currently worth about $700 billion a year. The market covers the provision of legal advice, the drafting and execution of legal documents, case filing and negotiating on behalf of individuals or companies in relation to family, criminal, tax, corporate and real estate claims. As 90% of legal practice is concerned with civil law, and only 5% with criminal law, most purchasers are able to choose their supplier and price is becoming an increasingly important consideration as legal costs rise.

Legal services are the third largest segment in the global market for professional services, ahead of accountancy but not much more than half as big as architectural and engineering consultancy services, and a little smaller than management consultancy. The segment is also growing by about 2 percentage points a year more slowly than the other three big segments, at just under 4% year on year.

The Americas dominate the world market for legal services, accounting for three-fifths of the total, but Asia is the fastest-growing region, accelerating at over 6% year on year against the Americas' 3%.

Many legal firms are formed as partnerships rather than companies. This can restrict the potential for mergers and expansion.

Where to Learn More

Read Professional Services Market Global Report 2017 from The Business Research Company for information on the following:

Markets Covered: Legal Services

Companies Mentioned: Deloitte, Latham & Watkins, Baker & McKenzie, DLA Piper USA, Skadden, Arps, Slate, Meagher & Flom, Kirkland & Ellis, Allen & Overy, Jones Day, Sidley Austin, Morgan and Lewis & Bockius

Countries: Brazil, China, France, Germany, India, Italy, Japan, Spain, Russia, UK, USA and Australia.

Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa

Time series: Five years historic and forecast.

Data: Ratios of market size and growth to related markets, GDP, Expenditure Per Capita, The Musculoskeletal Disorders Drugs Indicators Comparison.

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Interested to know more? Here is a full scope of Professional Services Market reports to explore:

1. Accounting Services Market Global Report 2017

2. Advertising, Public Relations, And Related Services Market Global Report 2017

3. Architecture, Engineering Consultants, And Other Related Services Market Global Report 2017

4. Design, Research, Promotional And Consulting Services Market Global Report 2017

5. Environmental Consulting Services Market Global Report 2017

6. Management Consulting Services Market Global Report 2017

7. Photographic Services Market Global Report 2017

8. Legal Services Market Global Report 2017

9. Scientific Research And Development Services Market Global Report 2017

10. Specialized Design Services Market Global Report 2017

11. Geophysical Services Market Global Report 2017

12. Marketing Research And Analysis Services Market Global Report 2017

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