$1,256.2 Billion Legal Services Global Market Opportunities and Strategies to 2032: Emergence Of Alternative Legal Service Providers (ALSPs) and Strategic Partnerships And Acquisitions [Ya...
JOHNSON MATTHEY S/ADR (JMPLY)
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Source: Yahoo! Finance
The global legal services market grew from $656.9 billion in 2017 to $764.8 billion in 2022 at a compound annual growth rate (CAGR) of 3.1%. The market is expected to grow from $764.8 billion in 2022 to $950.0 billion in 2027 at a CAGR of 4.4%, and to $1,256.2 billion in 2032 at a CAGR of 5.7%. This report describes and explains the legal services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region. Growth in the historic period resulted from strong economic growth in emerging markets, an increase in government initiatives, growth in divorce rates, the increasing number of cybercrimes and the deregulation of the legal industry. Factors that negatively affected growth in the historic period were increased pressure on traditional law firms due to in-house legal teams, skills shortages
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