In 2010, the legal services industry generated annual revenue of USD 585 billion globally, according to figures provided by leading market research firms. By the end of 2015, the revenue from this sector is likely to reach USD 752 billion, registering a growth rate of 5% annually between 2010 and 2015.
The number of legal practitioners is growing at a health rate year on year, across various domains within the legal sector such as criminal, commercial, family, taxation, insolvency, and others.
The demand for legal services usually sees a fluctuation with a change in the volume of legal transactions. This industry is largely based on goodwill and the track record of a law firm or its partners. Typically, the larger law firms have large corporate clients and look into all the legal needs of such clients. The smaller firms within the legal services industry cater to individual clients or smaller commercial entities such as small businesses. While the larger law firms offer a range of services, the smaller firms tend to specialize in a particular niche—these firms are also referred to as boutique law firms. In the recent past, there has been a recorded increase in the number of smaller law firms. These firms represent clients actively in the courtroom, or may provide consultancy services too.
The legal services industry in the Asia-Pacific region is thriving, and market data shows that this sector generated revenue of nearly USD 69 billion, as of 2010. This region is recorded to have an estimated 382,700 registered legal practitioners.
On the other hand, the legal services market in the European Union generated revenue to the tune of USD 195 billion, according to 2010 records. Here, the number of registered legal practitioners exceeds 1,030,000, according to 2010 data.
Maximum revenue was generated by the North American legal services industry-USD 240 billion, as of 2010. The total number of registered legal staff in this market is expected to be around 1,141,000.
The market outlook for the legal services industry remains moderate, with the economic recession of 2008 having hit this industry hard. Many large law firms were forced to cut down on their staff and scope of operations, as a result. Others merged with other law firms in an effort to survive. The growth of this industry is often interlinked to the general health of the economy.
Legal firms can respond to the changing demand for legal services by relying on data provided by market research reports. ResearchMoz.us offers market research reports from leading publishing houses that can help legal practitioners gain insights into the evolving demand for legal services, and alter their growth strategies accordingly.
For the latest in market research reports, leading law firms and practitioners look towards ResearchMoz.us. These market research reports are also aimed at giving law firms access to future demand so as to plan their staffing strategy well in advance.
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