Please Wait.....
Report
US Legal Services - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 150 Pages I Mordor Intelligence
The US Legal Services Market size is estimated at USD 375.66 billion in 2024, and is expected to reach USD 427.90 billion by 2029, growing at a CAGR of 2.64% during the forecast period (2024-2029).
The outbreak of COVID-19 acted as a restraint on the US legal services market in 2020 as governments imposed lockdowns and restricted trade, thereby limiting the need for professional services. The COVID-19 pandemic led to an increased demand for civil legal services. The pandemic has forced the legal industry to change court practices and run fully digital, and AI has helped lawyers perform their jobs remotely. Today, the professionals in a law firm can access documents from their homes and arrange a video meeting to analyze and decide on a case. According to the Legal Industry Report 2021, law firms have become more productive and efficient using new technology. According to the survey, 82% of law firms reported that their businesses had fully reopened, and 77% of firms had no plans to reopen.
Many of a law firm's top clients are cutting their legal costs to improve efficiency and profitability. The United States is the largest distributor of legal services globally, with some estimates pegging the US total market size at USD 43 billion, over half of the total region market size. In the coming years, the industry's growth will be fueled by the increasing use of cutting-edge technology in legal services. Artificial intelligence (AI) enables businesses to review contracts in bulk and analyze data to better forecast the results of legal procedures than people. A significant emphasis on maintaining transparency in client relationships is also predicted to result in market development.
US Legal Services Market Trends
Rising Security Breaches in the Law Firms
Security Breach means the unauthorized access to clients' data by an unauthorized person that compromises the security, confidentiality, or integrity of client data. Ransomware attackers have made legal service companies increasingly appealing targets because of the nature of their operations. A lot of confidential company information and sensitive data including tax returns are collected by law firms and in-house legal teams as part of their corporate legal and M&A work, litigation, and other legal services. If the information collected is hacked, they risk losing their reputation and money, especially if data is leaked. Because they handle enormous amounts of sensitive client information, data, and money, law firms have been attractive targets for hackers in recent years. According to an American Bar Association survey, the number of law firms that experienced a cybersecurity breach in 2020 marked an uptick from the year prior. In fact, 29% of survey respondents suffered the fate compared to 26% in 2019. For example, the law firm Campbell Conroy & O'Neil P.C. was subject to a data breach on February 27, 2021. The firm became aware of unusual activity, then conducted an investigation and discovered it had unwittingly been a ransomware victim.
In May 2020, Grubman Shire Meiselas & Sacks, which offers legal services to the entertainment and media industries, acknowledged having experienced a ransomware attack. To exert pressure, the hackers leaked information involving Lady Gaga, who is a client of the law firm. They also threatened to release information involving other celebrities. The attackers asked for a ransom payment of USD 42 million to prevent the release of the documents to the public. The perpetrators originally asked for USD 21 million, then doubled their payment demand.
Increasing use of Artificial Intelligence in Legal Industry is Driving the Market
Artificial Intelligence(AI) is finding its way into the legal profession as there are many software available that can replace the monotonous and tedious work done by lawyers. Artificial Intelligence helps lawyers in repetitive and routine jobs which indeed saves their time and also helps them to focus on important aspects. A legal practitioner spends a lot of time on legal research. New lawyers take much time to learn about legal research.
AI and automation have the potential to replace up to 23% of a lawyer's daily responsibilities. Many of these tasks are mundane, paperwork-based responsibilities that take legal professionals away from the strategic needs of a case. Many law firms are already using AI to assist with the following tasks: document review for due diligence or litigation; contract analysis, and qualification according to a set of criteria; Legal research; and Case outcome prediction.
US Legal Services Industry Overview
The competitive landscape analysis provides a detailed strategic analysis of the company's business and performance, such as financial information, revenue breakup by segment, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, and recent news.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulation Shaping the Market
4.7 Insight on Technological Innovation in the Market
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By End User
5.1.1 Legal Aid Consumers
5.1.2 Private Consumers
5.1.3 SMEs
5.1.4 Charities
5.1.5 Large Businesses
5.1.6 Government
5.2 By Application
5.2.1 Corporate, Financial, and Commercial Law
5.2.2 Personal Injury
5.2.3 Commercial and Residential Property
5.2.4 Wills, Trusts, and Probate
5.2.5 Family Law
5.2.6 Employment Law
5.2.7 Criminal Law
5.2.8 Other Applications
5.3 By Service
5.3.1 Representation
5.3.2 Advice
5.3.3 Notarial Activities
5.3.4 Research
6 COMPETITIVE LANDSCAPE
6.1 Market Competion Overview
6.2 Company Profiles
6.2.1 Latham & Watkins LLP
6.2.2 Kirkland & Ellis LLP
6.2.3 Skadden, Arps, Slate, Meagher & Flom LLP
6.2.4 Cravath, Swaine & Moore LLP
6.2.5 Wachtell, Lipton, Rosen & Katz
6.2.6 Davis Polk & Wardwell LLP
6.2.7 Sullivan & Cromwell LLP
6.2.8 Simpson Thacher & Bartlett LLP
6.2.9 Paul, Weiss, Rifkind, Wharton & Garrison LLP
6.2.10 Gibson Dunn
6.2.11 Ropes & Gray*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security