Key trends influencing the legal services market include: Law firms are exploring digitization to speed up their proceedings. Adopting technologies such as artificial intelligence, cloud computing, machine learning, and big data analytics is accelerating documentation, review, and resource management. This results in cost savings and improved operational efficiency. These technologies can also meet the growing demands of investors and customers by offering better service delivery. In addition, increasing legal regulations as well as increased rivalry are forcing companies to invest in modern technology. Therefore, increasing digitalization and a trend towards automation is expected to drive the legal services market throughout the forecast period. The majority of corporate legal spending takes place outside Singapore. Legal expenses increased by (44%) in Singapore due to M&A deals and the need for specialized external advice. [62] Most legal spending takes place outside Singapore (59%), with the majority of businesses operating in India, China, Hong Kong and the United Kingdom. [62] Going forward, growth will be driven by the growing demand for public service services, the increase in fraud and other economic crimes, and the growing demand for transaction areas. Factors that could hamper the growth of the legal services market in the future include rising costs and decreasing margins, as well as data security concerns.
Industry expansion will most likely be driven by a strong demand for expert legal advice at reasonable prices over the projected period. On the basis of services, the global legal services market can be segmented into Tax, Real Estate, Litigation, Bankruptcy, and Labor/Employment and Business. Based on the size of the company, the global legal services market can be divided into large, medium-sized and small law firms. On the basis of vendor, the international legal services market can be segmented into private practitioners, legal firms, government departments, and others. Legal industry refers to the aggregation and integration of sectors within the economic system that provide legal goods and services. The global legal industry is growing rapidly, from $786 billion in 2015, $886 billion in 2018 and expected to exceed $1 trillion by 2021. [1] The United States and Europe dominate the legal industry, with the former accounting for more than half of global market turnover. Europe now accounts for more than a quarter of sales. [2] Legal services in Asia Pacific continue to grow with total revenue of $103.3 billion in 2018. [3] Singapore`s Ministry of Justice expects the following trends to have the greatest impact on Singapore`s legal sector from 2020 to 2030: (a) the rise of tech giants (83.3%), (b) trade wars (75%), (c) the rise of Asia (62.5%) and (d) rising competition in the legal sector (41.4%). [61] The legal services market in Australia saw an increase in demand from 2018 to the end of 2019. The Australian legal services market is a mature market, currently valued at $21 billion.
[12] From 2009 to 2015, the Australian legal services market experienced a gradual decline from aggregate demand (6%) in 2009 to aggregate demand of (-3%) in 2015. However, in 2018, the Australian legal services market saw an increase in demand with an average increase of (7.8%). [13] Demand remained strong in 2019 and 2020, despite increased competition from ALSPs and NewLaw firms. [297-page report] The global legal services industry is expected to grow by 4.6% CAGR during the forecast period from 2022 to 2032. It is estimated that the legal services market will reach a value of $400 billion by the end of 2022. In addition to a law degree and professional certification to practice law, a number of important legal systems require some form of continuing education. This is necessary as the pace of change accelerates and it is necessary for legal practitioners and related legal professionals to stay current in order to remain relevant and effective. In the US, UK and Singapore, there is a lot of work to articulate the types of forward-thinking skills required for different roles in the legal sector. Competency models include the DELTA model, the SRA competency statement and the Industry Legal Framework for Training and Education (LIFTED). [6] [7] The legal services market in Australia is expected to grow over the next five years. Despite a decrease of (8.1%) for legal services in 2019/2020, revenues from legal services are expected to increase by (1.2%) from 2020 to 2021. [14] Demand from the following sectors will support the continued growth of the legal services market in Australia: demand from property operators and developers, as well as banks, finance companies and insurance companies.
[14] Apply for a bank loan with the peace of mind that you know your industry like the back of your hand U.S. Law Firms` Methods to Increase the Efficiency of Legal Services 2017-2020 This figure indicates the average number of days of outstanding claims. In general, the higher the number of unpaid days, the greater the probability of debt defaults. A comparison of this ratio can shed light on the extent to which an entity exercises control over loans and collections. However, companies in the same industry may offer different conditions to customers, which must be taken into account. SOEs or state-owned investments in China contribute to domestic and international markets. In 2019, SOEs contributed about (30%) of the country`s GDP. [48] SOEs are domestic enterprises such as memory chip factories, coal and power companies, and state-owned Belt & Road Initiative (BRI) enterprises involved in projects outside China. Because SOEs generally do not enjoy sovereign immunity[49] and because they need legal advice on regulatory changes, they invest more resources in legal services. This percentage corresponds to tangible assets held for sale in the ordinary course of business, or goods in the production process for that sale, or materials consumed for sale in the production of goods and services.
