Overview and Scope
Business-to-business legal services essentially provide services when there is a dispute between two or more businesses or corporate entities, sole proprietors or firms, and another company or individual. Legal services are required for the smooth functioning of your business.
Sizing and Forecast
The b2b legal services market size has grown steadily in recent years. It will grow from $436.17 billion in 2023 to $452.83 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to contract management, dispute resolution, regulatory compliance, globalization and cross-border transactions, risk management.
The b2b legal services market size is expected to see steady growth in the next few years. It will grow to $544.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to legal tech and automation, evolving regulatory landscape, focus on esg (environmental, social, governance), increased m&a activities, international trade challenges. Major trends in the forecast period include data privacy and cybersecurity, technological integration, virtual law firms and remote services, specialization in niche industries, alternative fee arrangements.
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Segmentation & Regional Insights
The b2b legal services market covered in this report is segmented –
1) By Service Type: Civil or Criminal, Mergers and Acquisitions, Business Transactions, Other Services
2) By Size of Law Firm: Large law firms, SME law firms
3) By End-user: Listed Corporations, Government Institutions, Small and Medium-sized Enterprises, High Net worth Individuals, Other End-Users
North America was the largest region in the b2b legal services market in 2023. Western Europe was the second largest region in global b2b legal services market report. The regions covered in the b2b legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in cybercrime cases is anticipated to drive the growth of the business-to-business (B2B) legal services market going forward. Cybercrime refers to criminal activities that are carried out using computers, computer networks, and the internet and have serious consequences, including financial losses, damage to reputations, and legal penalties for criminals. Business-to-business (B2B) legal services store and share vast amounts of private data, financial information, and personal information, such as credit card numbers, which become prime targets for cyber-attacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cybercrime reports received in 2022 were 76,000, up from 13% in 2020. Therefore, the increase in the number of cybercrime cases is driving the growth of the business-to-business (B2B) legal services market.
Key Industry Players
Major companies operating in the b2b legal services market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, KPMG International Cooperative, Kirkland & Ellis LLP, Latham & Watkins LLP, Dentons Corporation, DLA Piper, Baker McKenzie, Skadden Arps Slate Meagher & Flom LLP, Sidley Austin LLP, White & Case LLP, Morgan Lewis & Bockius LLP, Jones Day, Linklaters LLP, Hogan Lovells International LLP, Clifford Chance LLP, Freshfields Bruckhaus Deringer LLP, Norton Rose Fulbright, Mayer Brown, Sullivan & Cromwell LLP, Covington & Burling LLP, Reed Smith LLP, Cleary Gottlieb Steen & Hamilton LLP, Wilmer Cutler Pickering Hale and Dorr LLP, Shearman & Sterling LLP, Allen & Overy LLP, Debevoise & Plimpton LLP, LegalZoom.com Inc., Clasen Law, Belenky Law Firm PLLC, Paul Weiss Rifkind Wharton & Garrison LLP, Gibson Dunn & Crutcher LLP, Fried Frank Harris Shriver & Jacobson LLP, Simpson Thacher & Bartlett LLP, Davis Polk & Wardwell LLP
The b2b legal services market report table of contents includes:
1. Executive Summary
2. B2B Legal Services Market Characteristics
3. B2B Legal Services Market Trends And Strategies
4. B2B Legal Services Market - Macro Economic Scenario
5. Global B2B Legal Services Market Size and Growth
...
32. Global B2B Legal Services Market Competitive Benchmarking
33. Global B2B Legal Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The B2B Legal Services Market
35. B2B Legal Services Market Future Outlook and Potential Analysis
36. Appendix
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