B2B Legal Services Market Forecast to 2031

The B2B legal services market size is expected to grow from US$ 433.86 billion in 2023 to US$ 606.17 billion by 2031; it is anticipated to expand at a CAGR of 4.3% from 2023 to 2031. The B2B legal services market includes growth prospects owing to the current B2B legal services market trends and their foreseeable impact during the forecast period. The B2B legal services market is a large and expanding sector. The B2B legal services market is growing due to an increase in cybercrime cases. Technological integration and increasing demand for virtual law firms and remote services provide lucrative opportunities for the B2B legal services market growth.

B2B Legal Services Market Analysis

B2B legal services refer to legal assistance provided to businesses by other businesses rather than individuals. These services can include things like contract drafting, regulatory compliance, intellectual property protection, and litigation representation tailored specifically for the needs of businesses. Essentially, it's legal support designed to help companies navigate the complex legal landscape and protect their interests in various business transactions and operations.

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B2B Legal Services Market: Strategic Insights

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B2B Legal Services Market Industry Overview

• The B2B legal services market is all about businesses helping other businesses with their legal needs through contracts, regulations, and protecting your intellectual property.
• The B2B legal services market covers a wide range of services, from drafting contracts to representing companies in court.
• As businesses grow and face more legal challenges, the demand for these services keeps growing. Organizations offering B2B legal services need to stay sharp, keeping up with the latest laws and providing the best advice to help businesses thrive while complying with the law.

B2B Legal Services Market Driver

  Increase in Cybercrime Cases To Drive The B2B Legal Services Market

• Cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyber risks.
• Businesses are under continuous threat of cybercrimes, as they have grown more widespread in recent years.  
• During the COVID-19 pandemic period, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments. For instance, according to OneLogin, cybercrime cost over US$ 1 trillion worldwide; wherein 37% of organizations were affected by ransomware, and 61% were affected by malware attacks in 2020.
• Between 2019 and 2020, cyberattacks in the US have increased by 139% as the country registered a staggering 145.2 million cases in Q3 2020. Malware attacks increased by 358% in 2020 when compared to 2019.
• Similarly, according to the Clusit Report, cyberattacks across the globe have increased by 10% in 2021 when compared to the previous year.
• The increasing number of cybercrime cases creates a demand for legal expertise in areas such as data protection, cybersecurity regulations, and litigation. Businesses require legal guidance to navigate complex laws, mitigate risks, and respond effectively to cyber threats, leading to the B2B legal services market growth.

B2B Legal Services Market Report Segmentation Analysis

• Based on service type, the B2B legal services market is segmented into civil or criminal, mergers and acquisitions, business transactions, and other services. The civil or criminal segment is expected to hold a substantial B2B legal services market share in 2023.
• The civil or criminal segment is also expected to hold the highest CAGR over the forecast period.

B2B Legal Services Market Share Analysis By Geography

The scope of the B2B legal services market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant B2B legal services market share. The B2B legal services market in North America is robust and highly competitive, with numerous law firms and legal service providers catering to businesses of all sizes across various industries.

B2B Legal Services Market Regional Insights

The regional trends and factors influencing the B2B Legal Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses B2B Legal Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

B2B Legal Services Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The B2B Legal Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the B2B Legal Services Market are:

1. Deloitte Touche Tohmatsu Limited
2. KPMG International
3. Morgan Lewis & Bockius LLP
4. PricewaterhouseCoopers International Limited
5. Latham & Watkins LLP

Disclaimer: The companies listed above are not ranked in any particular order.

The "B2B Legal Services Market Analysis" was carried out based on service type, organization size, end user, and geography. On the basis of service type, the market is segmented into civil or criminal, mergers and acquisitions, business transactions, and other services. Based on organization size, the B2B legal services market is segmented into large enterprises and SMEs. Based on end users, the market is segmented into listed corporations, government institutions, high net worth individuals, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

B2B Legal Services Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the B2B legal services market. A few recent key market developments are listed below:

• In March 2024, Proxiio Global Solutions, a legal services provider in India, announced its launch in the US. The expansion of Proxiio aims to deliver innovative and technology-driven legal solutions on a global scale.

[Source: Proxiio Global Solutions, Company Website]

• In September 2023, Australian law firm Meridian Lawyers (Meridian) announced a partnership with Singapore-based law firm Donaldson & Burkinshaw LLP (D & B). Through this partnership, both companies aimed to boost their insurance and commercial legal services.

[Source: Meridian Lawyers, Company Website]

B2B Legal Services Market Report Coverage & Deliverables

The B2B legal services market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "B2B Legal Services Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.