Legal Services Market Trends Include Increasing Cybercrime Consulting Services
Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Legal Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, June 22, 2021 /EINPresswire.com/ -- Law firms around the world are offering cybercrime legal consulting services to their clients, owing to the increasing incidence of this type of crime. Cybercrime refers to any crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using internet and electronic devices. In the UK alone, $35 billion is the estimated annual cost of cybercrimes. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. The growing concern of organizations and individuals about cybercrimes is expected to increase the cybercrime legal consulting services market globally.
The legal services market2 in general consists of the sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) 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. Legal services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client.
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The global legal services market size is expected to grow from $713.6 billion in 2020 to $734.6 billion in 2021 at a compound annual growth rate (CAGR) of 2.0%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $908.7 billion in 2025 at a CAGR of 5%.
North America is the largest region in the global legal services market, accounting for 56% of the market in 2020. Western Europe is the second largest region, accounting for 24% of the global market. Africa is the smallest region in the global legal services market.
The major players covered in the legal services industry are Latham & Watkins, Kirkland & Ellis LLP, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom, DLA Piper.
TBRC’s global legal services market report is segmented by type into b2b legal services, b2c legal services, hybrid legal services, criminal law practices, by size into large law firms, sme law firms. It is segmented by end-users into individuals, financial services, mining and oil & gas, manufacturing, construction, it services, others. It is segmented by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy, others (regulatory, m&a, antitrust, environmental) and by mode into online and offline.
Legal Services Global Market Report 20213: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides legal services global market overview, forecast legal services global market size and growth for the whole market, legal services global market segments, and geographies, legal services market trends, legal services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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