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Due to the growth of the internet, automation of legal processes, developmentin data security and technological advancement the global legal service industry is going through significant changes where legal services for business like trademark registration, company registration and intellectual property protection are gaining momentum. In addition, increasing trend of transactional legal practice and developing IT legal industry are fueling the growth of legal service industry across the globe. Owing to these factors, the global legal service market is expected to touch the figure of US$ 627.12 billion by 2032.
The emergence of Artificial Intelligence (AI) is also transforming the legal sector; software, apps and web applications developed using AI are proving highly efficient in document generation, legal research, obtaining information points from past, litigation prediction, etc. But there are some challenges like inflation and recession,lack of transparency, data security and consistent service quality that can be hindrance in future growth in global legal service industry. This blog aims to analyze the challenges and opportunities in global legal service industry from 2022-2032. In this blog, we will discuss following points:
- Important Factors Driving the Global Legal Service Industry
- Challenges in the Global Legal Service Industry
- Emerging Opportunities in The Global Legal Service Industry
- The adoption of technology like artificial intelligence, cloud computing, machine learning and big data analytic aremaking the legal documentation and proofreading processquicker and easier.
- These technologies are automating repetitive activities that assist professionals to focus on their resources and time on critical legal task.
- Big data analytic is expected to rise quickly thereby it will be easy to get high-quality, technologically enhanced analytical insights.
- Global legal service industry is likely to driven by an increase transactional practice involves corporate, tax, real estate work, merger and acquisitions, investigations, preparations, etc.
- There can be shortage of skilled human resource in global legal service industry.
- Rising input price will put pressure on global legal services thereby quality of services can be affected.
- The trend of alternative legal service providers (ALSPs) increasing in legal services for business. ALSPs are non-law-firm handle a wide range of responsibilities including document review, litigation, contract life cycle management, compliance and legal entity management.
- ALSPshelp law firm to boost their work productivity by allocating resources more wisely and employing technology, resulting in cost savings.
- According to legal services, the global legal service industry can be segmented into taxation, real estate, litigation, bankruptcy, Labour employment and corporate.
- According to the size of law firms, the global legal service industry can be segmented into large firms, medium firms and small firms.
- According to legal service provider, the global legal service industry can be segmented into private practicing attorneys, legal business firms, government departments and others.
As the legal service industry is becoming liberalized, more opportunities will flourish for law firms across the world. In addition, increasing use of trailblazing technology will boost the growth of global legal service industry during the forecast period.
Read Also:
Copyright vs. Patent vs. Trademark: Which one is Right for your Business?
Trademark Registration for Business: Everything You Need to Know
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