The legal services market in Sweden showed a growth trend from 2013 to 2023, with the turnover increasing from €2.48 billion to €3.17 billion in 2023. Despite some fluctuations, such as the sharp decrease in 2018, the overall year-on-year variations were mostly positive, peaking at 7.86% in 2017. Over the last two years, the market achieved consistent growth with year-on-year variations of 2.40% in 2022 and 2.32% in 2023. The Compound Annual Growth Rate (CAGR) over the recent five years (2018-2023) stands at 3.21%, indicating steady growth despite periods of slower increases.
Looking forward, the forecasted data from 2024 onwards suggests that the turnover of legal services will continue its upward trajectory, reaching €3.51 billion by 2028. The forecasted five-year CAGR from 2023 to 2028 is expected to be 1.62%, corresponding to an overall growth rate of 8.38% over the same period.
Future trends to watch for include:
- Growth in legal tech and digitalization, driving efficiencies and possibly changing the traditional legal services models.
- Increased M&A activities in the legal markets, leading to potential consolidation.
- Regulatory changes that may affect market dynamics, demand patterns, and service offerings.
- Macroeconomic factors influencing client expenditures on legal services, particularly in a post-pandemic economy.
