Market Research Report
Legal Services Market Size, Share & Trends Analysis Report By Service (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size, By Provider, By Region, And Segment Forecasts, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||913837|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Legal Services Market Size, Share & Trends Analysis Report By Service (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size, By Provider, By Region, And Segment Forecasts, 2019 - 2025|
|Published: September 20, 2019||Content info: 100 Pages||
The global legal services market size is anticipated to reach USD 1,045.24 billion by 2025, exhibiting a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.
Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.
Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end users from the tedious process of understanding the terminologies appearing in the document.
Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.
Some of the key players in the market include: Baker & McKenzie, Clifford Chance LLP, DLA Piper, and Ernst & Young (EY), among others.