The legal services market is expected to grow steadily at a CAGR of around 5% between 2015 and 2020
Procurement market intelligence analysts have announced the top five leading suppliers for the legal services market in their latest research report. Europe and the emerging markets such as India, Thailand, Singapore, and China will witness the highest growth rate in the coming years due to the regulatory changes that are enabling vast inflow of foreign investments in these regions.
This category spend intelligence report is based on the synthesis, analysis, and interpretation of information about the global legal services market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The legal services industry is highly fragmented, and dominated by large global players. The market also comprises several small service providers that have a competitive edge over the international vendors in terms of regional expertise. Some widely used technologies by these players include Hotdocs software which provides automated forms for information gathering, web calculators and advisers for marketing strategies to improve SEO, and LawHelp Interactive that offers assistance in the completion of legal forms over the web.
According to Angad Singh, a category specialist at Technavio, “The global demand for legal services is increasing significantly owing to the wide availability of new business opportunities and liberalization of legal services especially in emerging markets like India, China, Thailand, Singapore, and Australia. The corporate legal services market is gradually becoming a buyer-friendly market, where the buyers seek legal service providers that offer efficiency, predictability, and cost-effectiveness besides ensuring end-to-end service support across verticals.
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Top five suppliers in the legal services market space
Baker & McKenzie
Baker & McKenzie offers legal services on a global scale, and its end-user industries include energy, government services, healthcare, and automotive. The company has a robust financial backup and is popular for its work in mergers and acquisitions, corporate restructuring, and financial services. It is constituted of almost 4,000 lawyers who have requisite skills across several practice areas. The lawyers are experts in more than 75 languages and represent clients across more than 55 nations.
Some of the key service areas of Baker & McKenzie include antitrust and competition tax, banking and finance, dispute resolution, etc.
DLA Piper
DLA Piper is a leading vendor in terms of the number of mergers and acquisitions on a global scale. The company was recognized as a top global outsourcing advisor by the International Association of Outsourcing Professionals in February 2016. The company operates in over 25 locations in the US and more than 30 countries across the globe. It works with clients pertaining to banking and financial services, education, energy, and real estate. The organization possesses best lawyers, who are experts in their respective areas of legal practice.
Some of the key service areas of DLA Piper include capital markets, emerging growth and venture capital, fund formation, and investment funds, etc.
Latham & Watkins
This legal firm operates across industries such as aerospace, defense and government services, communications, oil and gas, and mining and metals. It has locations in over 50 countries, and employs more than 2,500 lawyers with expertise in local regulations. The firm offers several online services to clients, shares data through web which makes communications with legal teams and transactions easy for the customers. The organization has an online portal with a wide selection of education programs on various legal practices that are always accessible.
Some of the key service areas of Latham & Watkins include communication law, technology transactions, Intellectual property litigation, etc.
Clifford Chance
Clifford Chance tops the chart as the number one law firm in the Global Top 30 Chambers list of 2015. The firm comprises over 3,330 lawyers across 36 offices positioned in about 26 countries across the globe. The organization offers legal expertise to clients across sectors including banks, consumer goods and retail, energy and resources, and health care and life sciences.
Some of the key service areas of Clifford Chance include capital markets, corporate, finance, litigation, dispute management, etc.
Allen & Overy
This legal firm has around 527 partners on the global scale that offer legal advice to clients across various sectors. It has over 46 offices spread across 32 countries and provides cross-border services to clients worldwide. The company delivers offers several online platforms to engage with clients. These platforms have high-security features and simplify clients’ access to legal documents.
Some of the key service areas of Allen & Overy include corporate governance and compliance, emerging markets, environment and regulatory law, etc.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Legal Services – Procurement Market Intelligence Report 2016’.
