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The Global B2B Legal Services Market Report by TBRC covers B2B legal services market size, drivers, restraints, key players, and the impact of COVID-19.
LONDON, GREATER LONDON, UK, August 23, 2022 /EINPresswire.com/ — As per The Business Research Company’s “B2B Legal Services Global Market Report 2022”, the 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 in the B2B legal services market 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 B2B legal services market share is expected to reach $610.02 billion in 2026 at a CAGR of 9.0%. According to the B2B legal services global market forecast, an increase in the number of mergers and acquisitions contributed to the growth of the market.
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Key Trends In The B2B Legal Services Market
B2B legal services market trends include legal service firms 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 a law firm research report in 2020, 41% of law firms will employ blockchain in transactional legal services, 21% for business assistance, and the remaining 31% for high-value legal services. 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.
Overview Of The B2B Legal Services Market
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.
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B2B Legal Services Global Market Report 2022 from TBRC covers the following information:
Market Size Data
Forecast period: Historical and Future
By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
By countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
By Service Type: Civil or Criminal, Mergers and Acquisitions, Business Transactions, Others
By End-user: Listed Corporations, Government Institutions, Small and Medium-sized Enterprises, High Net worth Individuals, Others
By Size of Law Firm : Large law firms , SME law firms
By Geography: The global B2B legal services market report is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America holds the largest share in the market.
Major market players such as 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.
Trends, Opportunities, Strategies And So Much More.
B2B Legal Services Global Market Report 2022 is one of The Business Research Company’s comprehensive reports that provides an overview of B2B legal services market. The market report analyzes B2B legal services market size, B2B legal services global market growth drivers, B2B legal services market segments, B2B legal services global market major players, B2B legal services market growth across geographies, and B2B legal services global market competitors’ revenues and market positioning. The B2B legal services global market report enables you to gain insights on opportunities and strategies, as well as identify countries and segments with the highest growth potential.
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