Legal Advisory Market to Reach $1,049.6 Billion by 2032, Driven by Technology Integration and Economic Growth

Stable global economy and technology-enabled service offerings will shape the future of legal advisory market, States FactMR.

Detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, reveals that the global legal advisory market is estimated at US$ 669.4 billion in 2022 and is set to evolve at a CAGR of 4.6% during the forecast years of 2022-2032. The market is poised to grow due to technology enhancements and positive economic trends.

Legal services are important to our society and economy. Their reputation for reliability and security strengthens the exchange of everything, from finance and goods to services and homes. The judiciary sees that businesses and individuals obey the law while holding accountable those who break it.

Integration of technology into legal advisory services can streamline many of the tasks performed by legal advisors manually. For example, buying and selling real estate is a slow and complex process that is prone to risks such as failure and fraud. Solutions such as digital identity verification and e-signatures have been adopted by many businesses throughout the pandemic.

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Key Takeaways from the Market Study:

• The global legal advisory market is projected to expand at 4.6% CAGR and reach US$ 1,049.6billion by 2032.
• The market exhibited 4.4% CAGR from 2017 to 2021.
• Under service type, commercial law advisory services account for a leading valuation of US$ 287.9billion in 2022.
• North America leads the global market with a 44% share.
• Revenue from legal advisory services is expected to increase at CAGRs of 4.6% and 4.8%, respectively, in Europe and South Asia & Oceania.

“Legal advisory market to enjoy moderate growth amid stable global economy,” says a Fact.MR analyst.

Market Development

The business environment in the legal advisory market reflects decent opportunities despite extreme competition among major players. To increase their market share, major market players are coming up with different strategies such as mergers & acquisitions, collaborations, and partnerships among others. Furthermore, market players are taking efforts to increase their customer base by focusing on diverse end-users as well as regions.

• For instance, in June 2022, Dentons, a global law firm, collaborated with a leading Vietnamese law firm, LuatViet, to expand its presence in the ASEAN region.

Leading Players Driving Innovation in the Legal Advisory Market:

Key industry participants like Gibson, Dunn & Crutcher; Greenberg Traurig; Mayer Brown; Norton Rose Fulbright; Ropes & Gray; Allen & Overy; Baker & McKenzie; Clifford Chance; Deloitte; Dentons; DLA Piper; Ernst & Young; Hogan Lovells; Jones Day; Kirkland & Ellis LLP; KPMG; LATHAM & WATKINS LLP; Linklaters; Morgan, Lewis & Bockius; PwC; Sidley Austin; Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom LLP; Weil, Gotshal & Manges; White & Case etc. are driving the legal advisory industry.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global legal advisory market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of service type (commercial law, employment & labor law, intellectual property & technology law, litigation, arbitration & investigations law, real estate law, regulatory & government affairs, others (wills, estate, trust, immigration, health, divorce) and end-use industry (consumer industry, energy, resources & industrials, financial industry, government & public industry, life science & health care, technology media & telecommunications), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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