(USGovernment-News.Com, November 05, 2018 ) Companies are willing to obtain legal services from non-traditional firms that offer a range of professional services. 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. According to a survey by Deloitte on Legal Services Trends in 2016, about 35% of the organizations are looking for commercial and non-legal expertise and 18% of organizations are looking for expertise in digital, data privacy and cyber security expertise from legal service providers.
North America was the largest region in the legal services market in 2017, accounting for half of the market share. This was due to rise in number of mergers and acquisitions and increased demand for legal services in areas of litigation, tax and finance.
According to The Business Research Company’s Consultant, Nitin Gianchandani, an exciting trend in the legal services market is legal process outsourcing. It involves outsourcing the work of attorneys, paralegals and other legal professionals to companies located either domestically within the country or overseas. Both onshore and offshore outsourcing is transforming legal services as legal services companies are looking to minimize costs and increase their in-house capabilities. For instance, many companies in the US and the UK outsource legal services to countries such as India, the Philippines and South Korea where employees earn 30 to 70% lower wages, thus boosting the profits of legal services companies.
Latham & Watkins was the largest company in the legal services market in 2017.
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. Legal services include offices of lawyers, offices of notaries, title abstract and settlement offices, criminal law and civil law. Legal professionals who provide such services are solicitors, barristers and lawyers.
Legal Service Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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