17 April, 2019
RALEIGH, North Carolina, April 17, 2019 - The current global market for legal services is growing at a CAGR of 2 - 4 percent annually, according to Beroe Inc, a procurement intelligence firm. A sufficient recovery from the recession and Eurozone crisis has acted as an accelerator for improving the demand scenario for legal services.
More than 60 percent of the legal spend is concentrated in the developed legal markets of North America and Europe, and the maturity of legal service providers in the regions is high as they command the highest market share. The APAC region has the highest potential for growth with many global legal service providers entering the industry.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Increasing demand for transactional practice areas such as corporate work, real estate, and tax work is driving the demand for legal services. Rising demand from the emerging markets such as the APAC region and the Middle East has also been driving the market for legal services. However, there is a mounting pressure to adopt AFAs (alternate fee arrangements) and transparency to billing standards poses to be the major challenge in the industry.
The growing availability of information on the law firms’ capabilities, commoditization of legal services, increased use of technology, the emergence of non-traditional service providers, and the increasing power of in-house general counsel have transformed the legal market into a buyers’ market. Moreover, buyers are driving matters such as scheduling, staffing, and the scope of work & pricing.
The research methodology adopted for the report included:
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. Furthermore, favorable 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 market for legal services and the need for work to be outsourced to low-cost offshore destinations.
The report also includes:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com