Legal Services Market Size Worth $1,470.35 Billion By 2032 | CAGR: 4.6%

The global legal services market size is expected to reach USD 1,4470.35 billion by 2032, according to a new study by Polaris Market Research. The report “Legal Services Market Share, Size, Trends, Industry Analysis Report, By Services (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size (Large, Medium, Small), By Provider, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The swift expansion can be credited to the rising trend of globalization and the expansion of in-house legal departments within the corporate sector. The growing incidence of economic crimes, including fraud and cybercrimes, is driving the global demand for legal services. Simultaneously, businesses are increasingly turning to Alternate Legal Service Providers (ALSPs) for routine legal services, presenting additional avenues for market growth.

A growing trend among large enterprises is to establish in-house legal departments, while small and medium-sized enterprises are opting for consulting firms as a strategy to cut down on legal costs. This pronounced emphasis on legal services within the corporate sector has led to a significant market share both historically and in the forecast period. The increasing demand for legal services related to intellectual property in the corporate sector is expected to further enhance the demand for legal services in the years to come.

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Litigation funding, also known as litigation financing, represents one of the swiftly emerging trends in the global legal services industry. In this practice, a third party not directly involved in the lawsuit provides financial support to a litigant. The fundamental premise is that this external entity offers capital to individuals or businesses engaged in litigation, with the expectation of receiving a portion of the financial recovery obtained from the lawsuit.

This type of funding serves as a crucial mechanism for leveling the playing field in legal disputes. Often, litigants may face challenges in pursuing their claims, especially when pitted against better-funded and larger defendants. Litigation funding steps in to address this imbalance by providing financial assistance to those who might not have the resources to navigate complex legal battles on their own. By offering the necessary capital, litigation funding enhances the chances of success for litigants, making it a valuable tool for accessing justice and legal recourse.

In recent times, litigation funding has experienced significant and widespread growth, becoming increasingly commonplace. Entities such as HMR Servicing, Fast Funds, & USClaims are among the litigation firms that focus on supplying capital to individuals and law firms engaged in legal proceedings. Additionally, prominent law firms are engaging in partnerships with smaller counterparts to augment their suite of litigation services. For instance, in July 2023, Womble Bond Dickinson joined forces with Simmonds & Narita, with the aim of bolstering the dispute resolution and litigation practice of the Womble Bond Dickinson.

Legal Services Market Report Highlights

• Corporate segment garnered the largest share, as disputes related to employee harassment, cases of copyright violation & patent infringement continue to escalate
• Private practicing attorneys will grow at the substantial pace, as they expanded into the boutique legal firms
• Asia Pacific will experience exponential growth, owing to rise in cross border transactions and legal disputes
• The global players include Baker McKenzie, Deloitte, DLA Piper, Kirkland & Ellis, Latham & Watkins, and PwC.

Polaris Market Research has segmented the legal services market report based on services, firm size, provider, and region:

Legal Services, Services Outlook (Revenue - USD Billion, 2019 - 2032)

• Taxation
• Real Estate
• Litigation
• Bankruptcy
• Labor/Employment
• Corporate

Legal Services, Firm Size Outlook (Revenue - USD Billion, 2019 - 2032)

• Large Firms
• Medium Firms
• Small Firms

Legal Services, Provider Outlook (Revenue - USD Billion, 2019 - 2032)

• Private Practicing Attorneys
• Legal Business Firms
• Government Departments
• Others

Legal Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Legal Services Market Report Scope