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B2B Legal Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

B2B Legal Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071841
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the B2B legal services market are Arps; Slate, Meagher & Flom; Clifford Chance; Freshfields Bruckhaus Deringer; Linklaters, Skadden; Allen & Overy; Kirkland & Ellis LLP; and Latham & Watkins LLP.

The global b2b legal services market is expected to grow from $390.62 billion in 2020 to $402.15 billion in 2021 at a compound annual growth rate (CAGR) of 3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $494.87 billion in 2025 at a CAGR of 5.3%.

The B2B legal services market consists of the sales of law-related services by entities (organizations, sole traders, and partnerships) that advise corporate clients on the body of law that governs disputes between businesses and represent corporate clients in civil or criminal cases, business transactions and other matters in which legal advice and other assistance are sought.This segment excludes legal services offered during disputes between businesses and individuals.

B2B legal services are usually provided by commercial law firms.Clients of commercial law firms include listed corporations, government institutions, small and medium-sized enterprises, and high net worth individuals.

Only goods and services traded between entities or sold to end consumers are included.

Legal service firms are using blockchain to provide a secure way to make transactions and record that transparently.Blockchain is open, distributed ledger that record transactions between the two association or companies efficiently and permanent way.

According to the law firm’s survey in 2018, 53% of the legal service providing firms are researching blockchain solutions, and only 3% have implemented it.Smart contracts are created digitally and verifiable since they are on the blockchain.

Smart contracts help lawyers spend more time on legal advising instead of drafting legal documents.For instance, Chainlink is a start-up that developed technology that relies on data from multiple sources and makes smart contracts more attractive.

Blockchain and smart contracts offer several advantages such as secure transactions, transparent records, less paperwork, and more time for advising clients.

The B2B legal services market covered in the report is segmented by service type into civil or criminal; mergers and acquisitions; business transactions; others and by end-user into listed corporations; government institutions; small and medium-sized enterprises; high net worth individuals; others.

In January 2020, UK based law firm DWF acquired Chicago-based managed services business Mindcrest for a deal amount of $18.5 million. DWF gets a readymade low-cost legal center through this acquisition that will bolt on to the existing managed legal services capabilities. Mindcrest provides litigation support, contracts, compliance, and legal analytics for corporate clients.

An Increase in the number of mergers and acquisitions contributed to the growth of the B2B legal services market.For completing mergers and acquisitions transactions, the companies require to consult legal firms for finalizing the deal.

According to the JPMorgan report on the 2020 Global M&A Outlook, the number of M&A deals in 2018 were 41, and in 2019 were 47 worldwide. The increase in the number of mergers and acquisitions drove the B2B legal services market.

The shortage of skilled workforce in the industry is expected to limit the B2B legal services market.The effects of skilled workforce shortage are high turnover rate, ineffective staff management, increased business expenses, and loss of customers.

According to research by Robert Half Legal, 91% of lawyers said that finding skilled legal professionals is challenging.Around 80% of lawyers responded about being concerned on losing top performers to other opportunities.

The shortage of qualified workforce reduces the effectiveness of the firms output and negatively affects B2B legal services market.

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