The global Legal Services Market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.
Law firms are
increasingly adopting chatbots to aid in optimizing the work process
and save time and costs for themselves as well as their clients. Chatbots can
help law firms in digitizing the information and searching for lawyer-specific
documents, among other tasks. Chatbots can also help in following up with
non-responsive clients and seeking the required information through automated
conversations.
Law firms are
exploring different ways to help their clients in reducing exposure to risks
and the costs incurred on compliances by aiding them in better management of
information, thereby paving the way for adopting document automation software in
legal services. Document automation software takes end-users through a
questionnaire to collect relevant data and direct them throughout the entire
document creation process. Such an approach relieves the end-users from the
tedious process of understanding the terminologies appearing in the document.
Social networking
holds significant potential to transform the way legal services are delivered.
As such, law professionals are adopting various social media tools to
accomplish a myriad of legal tasks as well as pursuing their career objectives.
Social networking platforms, including LinkedIn, Facebook, and Twitter, are
particularly helping law professionals in reaching a larger audience.
Related Press Release@ Legal Services Market Report
Legal Services Market
Report Highlights
- The corporate
segment is expected to emerge as the fastest-growing segment over the
forecast period as disputes over organizational audits, discrimination
& harassment of employees, copyright violation, and patent
infringement continue to rise
- The private practicing
attorneys segment is expected to witness substantial growth over the
forecast period owing to the increased opportunities for attorneys in
large enterprises as well as small- & mid-sized enterprises
- Law firms are
changing their hiring patterns in line with the evolving requirements of
the clients
- Law firms are
collaborating with professional service providers to offer unified
multi-disciplinary services to their clients
List of Key Players of
the Legal Services Market
- Baker & McKenzie
- Clifford Chance LLP
- Deloitte
- DLA Piper
- Ernst & Young (E&Y)
- Kirkland & Ellis LLP
- KPMG
- LATHAM & WATKINS LLP
- PwC
- Skadden, Arps, Slate, Meagher & Flom
LLP
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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