PUBLISHER: The Business Research Company | PRODUCT CODE: 1435285
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435285
B2B legal services are fundamentally designed to address disputes arising between two or more businesses, corporate entities, sole proprietors, firms, or individuals and another company. These legal services play a crucial role in ensuring the smooth operation of businesses.
The primary categories of B2B legal services include civil or criminal matters, mergers and acquisitions, business transactions, and others. Mergers and acquisitions involve the collaboration of two companies, with a merger forming a new corporate entity when two companies of comparable size join forces. In contrast, an acquisition occurs when a larger corporation absorbs a smaller company, assimilating its business. These legal services are segmented based on the size of law firms, encompassing both large and small practices. They cater to a diverse clientele, including listed corporations, government institutions, small and medium-sized enterprises, high-net-worth individuals, and others.
The B2B legal services market research report is one of a series of new reports from The Business Research Company that provides B2B legal services market statistics, including B2B legal services industry global market size, regional shares, competitors with B2B legal services market share, detailed B2B legal services market segments, market trends, and opportunities, and any further data you may need to thrive in the B2B legal services industry. This B2B legal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The b2b legal services market size has grown steadily in recent years. It will grow from $436.17 billion in 2023 to $452.83 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The expansion witnessed during the historic period can be ascribed to factors such as contract management, dispute resolution, regulatory compliance, globalization, and cross-border transactions, as well as risk management.
The b2b legal services market size is expected to see steady growth in the next few years. It will grow to $544.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be attributed to factors such as legal tech and automation, the evolving regulatory landscape, a heightened focus on ESG (environmental, social, governance), increased M&A activities, and challenges in international trade. Noteworthy trends expected in the forecast period encompass data privacy and cybersecurity, technological integration, the rise of virtual law firms and remote services, specialization in niche industries, and the adoption of alternative fee arrangements.
The anticipated surge in cybercrime cases is expected to propel the expansion of the business-to-business (B2B) legal services market. Cybercrime, involving criminal activities conducted through computers, networks, and the internet, carries severe consequences such as financial losses, damage to reputations, and legal penalties. B2B legal services, which handle and share extensive private data, financial information, and personal details such as credit card numbers, are becoming prime targets for cyber-attacks. For instance, the Australian Cyber Security Centre reported a significant increase in cybercrime reports, reaching 76,000 in February 2023, up by 13% from 2020. Consequently, the growing number of cybercrime incidents is a driving force behind the expansion of the B2B legal services market.
The industry is confronted with a shortage of skilled workforce, which is poised to hamper the B2B legal services market. This shortage leads to a high turnover rate, ineffective staff management, increased business expenses, and customer loss. A 2021 study by The Lawyer revealed that 58% of legal organizations are currently feeling the impact of a lack of competent workers. The scarcity of qualified personnel diminishes the effectiveness of firms and adversely affects the B2B legal services market.
Legal service firms are leveraging blockchain technology to establish a secure and transparent method for transactions. Blockchain, an open and distributed ledger, efficiently records transactions between two entities or companies in a permanent manner. According to a study by WebFX Inc., 41% of law firms are expected to incorporate blockchain in transactional legal services. Smart contracts, created digitally and verifiable on the blockchain, enable lawyers to spend more time on legal advising rather than drafting documents. Chainlink, a startup, has developed technology that enhances smart contracts by relying on data from multiple sources. The adoption of blockchain and smart contracts brings several advantages, including secure transactions, transparent records, reduced paperwork, and more time for client advising.
Major companies in the B2B legal services market are introducing innovative products such as LZ Books to offer reliable services. LZ Books, a B2B legal services product designed for legal and accounting advisors, was launched by LegalZoom.com Inc. in April 2023. This accounting software tailored for small business owners includes features such as expense and income tracking, invoicing, and payment management. Users can connect their bank accounts to automate the categorization of income and expenses, simplifying bookkeeping.
In March 2023, PricewaterhouseCoopers International Limited (PwC), a UK-based professional services network providing B2B legal services, formed a partnership with Harvey. This collaboration enables PwC to offer legal business solutions and assist clients in streamlining their in-house legal processes. Harvey, a US-based AI-powered legal startup, specializes in providing generative AI for elite law firms.
Major companies operating in the b2b legal services market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, KPMG International Cooperative, Kirkland & Ellis LLP, Latham & Watkins LLP, Dentons Corporation, DLA Piper, Baker McKenzie, Skadden Arps Slate Meagher & Flom LLP, Sidley Austin LLP, White & Case LLP, Morgan Lewis & Bockius LLP, Jones Day, Linklaters LLP, Hogan Lovells International LLP, Clifford Chance LLP, Freshfields Bruckhaus Deringer LLP, Norton Rose Fulbright, Mayer Brown, Sullivan & Cromwell LLP, Covington & Burling LLP, Reed Smith LLP, Cleary Gottlieb Steen & Hamilton LLP, Wilmer Cutler Pickering Hale and Dorr LLP, Shearman & Sterling LLP, Allen & Overy LLP, Debevoise & Plimpton LLP, LegalZoom.com Inc., Clasen Law, Belenky Law Firm PLLC, Paul Weiss Rifkind Wharton & Garrison LLP, Gibson Dunn & Crutcher LLP, Fried Frank Harris Shriver & Jacobson LLP, Simpson Thacher & Bartlett LLP, Davis Polk & Wardwell LLP
North America was the largest region in the b2b legal services market in 2023. Western Europe was the second largest region in global b2b legal services market report. The regions covered in the b2b legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the b2b legal services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The B2B legal services market consists of revenue earned by entities by providing services such as advising corporate clients on the body of law that governs disputes between businesses and representing corporate clients in civil cases, business transactions and other matters in which legal advice and other assistance are sought. Civil laws deal with disputes between private parties such as defamation, professional negligence, inheritance, breach of contract, property disputes and others. This segment excludes legal services offered during disputes between businesses and individuals. B2B legal services are usually provided by commercial law firms. Clients of commercial law firms include listed corporations, government institutions, small and medium-sized enterprises and high net worth individuals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
B2B Legal Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on b2b legal services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for b2b legal services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The b2b legal services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.