Legal Services Category Intelligence
- Market Trends
- Technology & Innovation Trends
- Global Supplier List and Capabilities
- Mergers and Acquisitions
Market Size North America
Market Size Europe
Market Size Asia Pacific
Legal Services Market Overview
The maturity of legal service providers in North America and Europe is high as they command the highest market share. More than 60 percent of the legal services spend is concentrated in the developed legal markets of North America and Europe. The APAC has the highest growth potential, with many legal service providers in the fray. Increasing demand for transactional practice areas such as corporate work, real estate, and tax work is driving demand for legal services. There is also a trend to adopt AFAs to introduce billing models.
The report also discusses various industry trends in regions such as North America, Europe, and the APAC, followed by an overview of various drivers and constraints impacting the industry. It also provides a regional market outlook in areas such as North America, Europe, and the APAC, followed by a discussion of various factors affecting legal services. The report also provides Porter's five forces analysis on factors such as supplier power, buyer power, barriers to new entrants, the intensity of rivalry, and the threat of substitutes.
Beroe gathers intelligence through primary sources that include industry experts, researchers, and consultants, as well as current suppliers, producers and distributors. Secondary sources can include business journals, newsletters, magazines, market research data, company sources, and industry associations. Following data collation, analysis, and strategic review, the Final Research Report is published on Beroe LiVE.
Legal Services Market Trends
Category Intelligence on Legal Services covers the following
- Information relating to market, supply, cost, and pricing analysis
- Hard to find data on cost and TCO models, supplier details, and performance benchmarks
- Macroeconomic and regional trends impacting cost, supply, and other market dynamics
- Category-specific negotiation and sourcing advice
Table of Contents
- Legal Services Executive Summary
- Global Legal Service Market
- Supply Market Outlook
- Brexit - Impact on Sourcing Legal Services
- Legal Services Market Analysis
- Market Maturity and Trends
- Drivers and Constraints
- Regional Market Outlook
- Porter's Analysis
- Legal Services Supply Analysis
- Supply Outlook
- Supply Categorization
- Key Suppliers
- Supplier Profiling
- Legal Services Cost and Pricing Analysis
- Cost Structure
- Pricing Analysis
- Legal Services Procurement Best Practices
- Sourcing Models
- Engagement Models
- PSL Strategy
- Pricing Models
- Best Practices for Outside Counsel Management
Industry Outlook & Drivers
Legal Services Global Industry Outlook
In 2016, the global legal industry was valued approximately at $645 billion, and it is expected to grow at approximately3–4 percentto reach around $670billion in 2017.
BREXIT Impact on Sourcing Legal Services
Impact Area: Law Firms Providing Employment as a Practice Area and Legal Service Buyers Operating in the U.K.
- The UK's decision to leave the EU is likely to have a significant impact on employment law practice. If the U.K. agrees to negotiate a bespoke relationship, the government would be at liberty to depart from EU employment law by repealing and amending legislation and the decisions of the European Court of Justice (ECJ) will not be binding in U.K. courts.
- This change will result in a lot of legal and commercial activity and a surge in demand for employment lawyers in light of expected renegotiations of contracts. One of the main tasks for lawyers in this transitional phase will be to examine current employment contracts and terminate those that are no longer valid
Legal Services Global Market Maturity
The maturity of legal service providers in North America and Europe is high, as they command the highest market share. More than 60 percent of the legal spend is concentrated in the developed legal markets of North America and Europe. The APAC region has the highest potential for growth, with many global legal service providers entering the fray.
Legal Services Global Drivers and Constraints
Increasing demand for transactional practice areas, like corporate work, real estate and tax work, is driving the demand for legal services. There is a mounting pressure to adopt AFAs and usher in transparency to billing models. These are some major challenges hampering the industry.
- Law firms (outside counsel)
- Sufficient recovery from the recession and Eurozone crisis has acted as a catalyst in improving the demand scenario for legal services.
- Increasing demand for transactional practice areas, like corporate work, real estate, and tax work, is driving the demand for legal services.
- Increasing demand from the emerging markets, like the APAC region and the Middle East, has also been driving the demand for legal services. LPO
- Cost reduction and the need for better utilization of internal legal staff for strategic services have led to more work being outsourced to LPO units in low-cost destinations.
- Favourable government policies, measures taken to liberalize and deregulate policies, reduced licensing requirements and the prospective removal of restrictions on Foreign Direct Investments (FDIs) are driving the need for work to be outsourced to low-cost offshore destinations.
Law firms (outside counsel)
Mounting pressure to adopt alternative fees to bring transparency to billing models is acting as a constraint in the legal service industry.
Increased budgetary pressure to reduce outside counsel spending acts as a deterrent.