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
Market Size Value in US$ 433.86 billion in 2023 Market Size Value by US$ 606.17 billion by 2031 Growth rate CAGR of 4.3% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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B2B Legal Services Market: Strategic Insights
| Market Size Value in | US$ 433.86 billion in 2023 |
| Market Size Value by | US$ 606.17 billion by 2031 |
| Growth rate | CAGR of 4.3% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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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 Report Scope
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Organization Size, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global B2B legal services market is expected to reach US$ 606.17 billion by 2031.
Implementation of technologies in existing product lines is anticipated to play a significant role in the global B2B legal services market in the coming years.
The key players holding majority shares in the global B2B legal services market are Deloitte Touche Tohmatsu Limited, KPMG International, Morgan Lewis & Bockius LLP, PricewaterhouseCoopers International Limited, and Latham & Watkins LLP.
The increase in cybercrime cases is the major factors that propel the global B2B legal services market.
The global B2B legal services market was estimated to be US$ 433.86 billion in 2023 and is expected to grow at a CAGR of 4.3 % during 2023 - 2031.
- Deloitte Touche Tohmatsu Limited
- KPMG International
- Morgan Lewis & Bockius LLP
- PricewaterhouseCoopers International Limited
- Latham & Watkins LLP
- Davis Polk & Wardwell LLP
- LegalZoom.com Inc.
- Allen & Overy LLP, Venable LLP
- Mayer Brown
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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