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Legal Services Global Industry Guide 2014-2023

March 2019 | 162 pages | ID: LB49A562D68EN
MarketLine

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Legal Services Global Industry Guide 2014-2023

SUMMARY

Global Legal Services industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2014-18, and forecast to 2023). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

KEY QUESTIONS ANSWERED
  • What was the size of the global legal services market by value in 2018?
  • What will be the size of the global legal services market in 2023?
  • What factors are affecting the strength of competition in the global legal services market?
  • How has the market performed over the last five years?
  • How large is the global legal services market in relation to its regional counterparts?
SCOPE
  • Essential resource for top-line data and analysis covering the global legal services market. Includes market size data, textual and graphical analysis of market growth trends and leading companies.
  • The legal services market includes practitioners of law operating in every sector of the legal spectrum. These include, but are not limited to, commercial, criminal, legal aid, insolvency, labor/industrial, family and taxation law.
  • The market's value is calculated as the total revenues received by law companies for services rendered. These values include all applicable taxes.
  • Market volumes in this report refer to the total number of legal professionals in the country in question.
  • All currency conversions are calculated at constant average annual 2018 exchange rates.
  • The global legal services market had total revenues of $668.7bn in 2018, representing a compound annual growth rate (CAGR) of 3.4% between 2014 and 2018.
  • Market volume increased with a CAGR of 3.7% between 2014 and 2018, to reach a total of 7.2 million legal professionals in 2018.
  • The US legal services market is the largest in the world, accounting for 47% of global revenue in 2018 and owning most of the largest global firms.
REASONS TO BUY
  • Save time carrying out entry-level research by identifying the size, growth, and leading players in the global legal services market
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global legal services market
  • Leading company profiles reveal details of key legal services market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the global legal services market with five year forecasts by both value and volume
EXECUTIVE SUMMARY
Market value
Market value forecast
Market volume
Market volume forecast
Geography segmentation
Introduction
What is this report about?
Who is the target reader?
How to use this report
Definitions
Global Legal Services
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Legal Services in Asia-Pacific
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Legal Services in Europe
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Legal Services in Japan
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Macroeconomic indicators
Legal Services in The United Kingdom
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Macroeconomic indicators
Legal Services in The United States
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Macroeconomic indicators
Legal Services in France
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Macroeconomic indicators
Legal Services in Germany
Market Overview
Market Data
Market Segmentation
Market outlook
Five forces analysis
Macroeconomic indicators
Company Profiles
Leading Companies
Appendix
Methodology
About MarketLine

LIST OF TABLES

Table 1: Global legal services market value: $ billion, 2014-18
Table 2: Global legal services market volume: thousand legal professionals, 2014-18
Table 3: Global legal services market geography segmentation: $ billion, 2018
Table 4: Global legal services market value forecast: $ billion, 2018-23
Table 5: Global legal services market volume forecast: thousand legal professionals, 2018-23
Table 6: Asia-Pacific legal services market value: $ billion, 2014-18
Table 7: Asia-Pacific legal services market volume: thousand legal professionals, 2014-18
Table 8: Asia-Pacific legal services market geography segmentation: $ billion, 2018
Table 9: Asia-Pacific legal services market value forecast: $ billion, 2018-23
Table 10: Asia-Pacific legal services market volume forecast: thousand legal professionals, 2018-23
Table 11: Europe legal services market value: $ billion, 2014-18
Table 12: Europe legal services market volume: thousand legal professionals, 2014-18
Table 13: Europe legal services market geography segmentation: $ billion, 2018
Table 14: Europe legal services market value forecast: $ billion, 2018-23
Table 15: Europe legal services market volume forecast: thousand legal professionals, 2018-23
Table 16: Japan legal services market value: $ billion, 2014-18
Table 17: Japan legal services market volume: thousand legal professionals, 2014-18
Table 18: Japan legal services market geography segmentation: $ billion, 2018
Table 19: Japan legal services market value forecast: $ billion, 2018-23
Table 20: Japan legal services market volume forecast: thousand legal professionals, 2018-23
Table 21: Japan size of population (million), 2014-18
Table 22: Japan gdp (constant 2005 prices, $ billion), 2014-18
Table 23: Japan gdp (current prices, $ billion), 2014-18
Table 24: Japan inflation, 2014-18
Table 25: Japan consumer price index (absolute), 2014-18
Table 26: Japan exchange rate, 2014-18
Table 27: United Kingdom legal services market value: $ billion, 2014-18
Table 28: United Kingdom legal services market volume: thousand legal professionals, 2014-18
Table 29: United Kingdom legal services market geography segmentation: $ billion, 2018
Table 30: United Kingdom legal services market value forecast: $ billion, 2018-23
Table 31: United Kingdom legal services market volume forecast: thousand legal professionals, 2018-23
Table 32: United Kingdom size of population (million), 2014-18
Table 33: United Kingdom gdp (constant 2005 prices, $ billion), 2014-18
Table 34: United Kingdom gdp (current prices, $ billion), 2014-18
Table 35: United Kingdom inflation, 2014-18
Table 36: United Kingdom consumer price index (absolute), 2014-18
Table 37: United Kingdom exchange rate, 2014-18
Table 38: United States legal services market value: $ billion, 2014-18
Table 39: United States legal services market volume: thousand legal professionals, 2014-18
Table 40: United States legal services market geography segmentation: $ billion, 2018
Table 41: United States legal services market value forecast: $ billion, 2018-23
Table 42: United States legal services market volume forecast: thousand legal professionals, 2018-23
Table 43: United States size of population (million), 2014-18
Table 44: United States gdp (constant 2005 prices, $ billion), 2014-18
Table 45: United States gdp (current prices, $ billion), 2014-18
Table 46: United States inflation, 2014-18
Table 47: United States consumer price index (absolute), 2014-18
Table 48: United States exchange rate, 2014-18
Table 49: France legal services market value: $ billion, 2014-18
Table 50: France legal services market volume: thousand legal professionals, 2014-18
Table 51: France legal services market geography segmentation: $ billion, 2018
Table 52: France legal services market value forecast: $ billion, 2018-23
Table 53: France legal services market volume forecast: thousand legal professionals, 2018-23
Table 54: France size of population (million), 2014-18
Table 55: France gdp (constant 2005 prices, $ billion), 2014-18
Table 56: France gdp (current prices, $ billion), 2014-18
Table 57: France inflation, 2014-18
Table 58: France consumer price index (absolute), 2014-18
Table 59: France exchange rate, 2014-18
Table 60: Germany legal services market value: $ billion, 2014-18

Global legal services market has grown moderately, posting a rate of 3.1% in 2017. Stronger growth is expected in the forecast period. The number of legal professionals has also increased moderately each year, with expectations for this to continue.

Asia-Pacific and US markets grew with CAGRs of 5.6% and 1.6% respectively, over the same period, to reach respective values of $97.3bn and $294.2bn in 2017. The performance of the market is forecast to accelerate, with an anticipated CAGR of 3.4% over 2017–2022, which will drive the market to a value of $748.5bn by the end of 2022. Comparatively, the Asia-Pacific and US markets will grow with CAGRs of 6.6% and 2.2% respectively, over the same period, to reach respective values of $133.9bn and $328.0bn in 2022.

Asia-Pacific has grown at a faster pace than other regions as large companies have been established there for the first time and have been able to grow with less competition than seen in other regions, namely North America or Europe. Baker McKenzie became the first foreign firm to enter China in 2015 and has already been successful. Many companies, especially in the US and Europe, outsource legal services to India, among similar countries, due to low operating costs there. Though this practice has boosted the Indian market greatly, it has also increased competition in the countries that outsource.

China and India are expected to see continuing levels of strong growth while Japan and Italy will have some of the lowest levels of growth in the forecast period.



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