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The global legal services market grew at a compound annual growth rate (CAGR) of around 4% in 2017. As per TBRC’s latest report, this growth can be attributed to factors which include emerging markets growth, technology development, increased mergers and acquisitions (M&A), globalization and other such factors. This industry is expected to grow at a CAGR of 4.5% by 2021.
Legal Services Industry Trends
The legal services industry is expected to be driven by advances in technologies such as Artificial Intelligence (AI), wearable technologies and cloud computing. These technologies are enabling legal services companies to increase service offerings, but are also leading to cybersecurity challenges.
The proliferation of these technologies in a wide range of industries such as manufacturing, healthcare, electronics and retail is also driving the demand for legal services due to the cybersecurity risks associated with it. Social media platforms and digital marketing technologies are also aiding legal service providers to promote their services to diverse clients across the world.
TBRC’s report also covers law firm industry trends and business law trends.
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Also, many companies are investing in artificial intelligence technologies designed to automate basic legal research, administrative legal support, legal document generation and other such services, which enable legal services companies to increase their profit margins. For instance, Luminance is a US-based artificial intelligence platform that specializes in the legal profession. The company employs trained legal experts to help law firms adopt digital and AI technologies. In August 2017, Australian law firm, Corrs Chambers Westgarth, invested in Luminance’s artificial intelligence technology to streamline its due diligence processes for M&A transactions.
Service providers included in the report are Latham & Watkins, Kirkland & Ellis, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom and DLA Piper.
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