Global B2B Legal Services Market Report 2022

The main players in the B2B legal services market are Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP , Linklaters LLP, Jones Day and Allen & Overy LLP.

New York, December 30, 2021 (GLOBE NEWSWIRE) – announces the publication of the report “B2B Legal Services Global Market Report 2022” –

The global b2b legal services market is expected to grow from $ 390.92 billion in 2021 to $ 432.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 610.02 billion in 2026 at a CAGR of 9.0%.

The B2B legal services market includes the sale of legal services by entities (organizations, sole proprietorships, and partnerships) that advise corporate clients on the body of law that governs business-to-business disputes and represent corporate clients in civil or civil matters. criminal matters, transactions and other matters for which legal advice and other assistance is sought. This segment excludes legal services offered in disputes between businesses and individuals.

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

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

The main types of B2B legal services are civil or criminal, mergers and acquisitions, business transactions and others. Mergers and acquisitions are transactions in which two companies combine in one way or another.

In a merger, two companies of comparable size join forces to form a new entity. An acquisition, on the other hand, occurs when a large firm acquires a smaller firm, absorbing the activities of the smaller firm.

The services are divided into size of legal forms such as large law firms and small law firms and the services are used by listed companies, government institutions, small and medium enterprises, high net worth individuals and others.

North America was the largest region in the b2b legal services market in 2021. Western Europe was the second largest region in the b2b legal services market.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.

An increase in the number of mergers and acquisitions has contributed to the growth of the B2B legal services market.

According to data from Refinitiv, the total value of pending and closed deals disclosed in 2021 has already exceeded $ 3.6 trillion since the start of the year, surpassing the annual total of $ 3.59 trillion in 2020. The increase in the number of mergers and acquisitions has driven the B2B legal services market.

The shortage of skilled labor in the industry is expected to limit the B2B legal services market.

According to a new study on the extent of the skills shortage conducted by The Lawyer in 2021, 58% of legal organizations are currently feeling the pressure of a lack of skilled workers. The shortage of skilled labor reduces the production efficiency of companies and negatively affects the market for B2B legal services.

Legal services companies use blockchain to provide a secure way to transact and record transactions transparently. The blockchain is an open and distributed ledger that records transactions between two associations or companies in an efficient and permanent manner.

According to a 2020 law firm research report, 41% of law firms will use blockchain in transactional legal services, 21% for business support, and the remaining 31% for high-value legal services. Smart contracts are digitally created and verifiable because they are on the blockchain.

Smart contracts help lawyers spend more time providing legal advice instead of drafting legal documents. For example, Chainlink is a start-up that has developed technology that draws 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 to advise clients.

In January 2020, UK law firm DWF acquired Chicago-based managed services firm Mindcrest for $ 18.5 million. DWF obtains a low-cost out-of-the-box legal center with this acquisition that will add to existing managed legal services capabilities. Mindcrest provides litigation support, contracts, compliance and legal analysis to corporate clients.

The countries covered by the B2B legal services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom United and the United States.

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