U.S. Legal Services Market Size, Share & Trends Analysis Report By Services (Taxation, Real Estate, Litigation, Bankruptcy, Labor/Employment, Corporate), By Firm Size, By Application, And Segment Forecasts, 2023 - 2030

U.S. Legal Services Market Growth & Trends

The U.S. legal services market size is estimated to reach USD 456.37 billion by 2030, registering an estimated CAGR of 2.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the increasing demand for legal services as they help companies in lawful matters pertaining to industry presence, size and location, and client activities. Amid the complex business environment and changing business norms, enterprises are required to abide by strict compliance needs. In this regard, legal services help companies remain compliant and competitive in the market.

The growth of the U.S. legal services industry is being further driven by the increasing adoption of advanced technologies across legal services firms. Several law firms in the country are inclined to invest in technology to meet productivity demands and increased workflows at affordable costs. For instance, automation is being employed by several market players as it plays a key role in legal research, document review, and E-discovery involving searching for digital evidence to be used in court.

Another prominent factor accelerating the expansion of the U.S. legal services industry is the increased adoption of chatbots that help law firms optimize their work processes and save time and costs for their clients as well as themselves. Chatbots assist law companies with various activities, such as digitization of data, searching for lawyer-specific documents, and following up with non-responsive clients, etc. In March 2023, PwC announced that it will provide 4,000 of its legal professionals access to an artificial intelligence platform. The company partnered with AI startup Harvey with an aim to help lawyers with regulatory compliance work, contract analysis, due diligence, etc.

Law firms are seeking different ways to assist their clients in minimizing risks and compliance costs by assisting them in better-managing information, creating the path for the adoption of document automation software in legal services. End-users are relieved of the time-consuming task of deciphering the document's terminology with this method. In March 2023, CARET Legal, a software provider for legal and accounting companies, launched Enterprise Advance, its new subscription service with expanded capabilities with the addition of advanced document automation, supported by HotDocs.

Social networking has the potential to completely change the way legal services are delivered. As a result, law professionals are using a variety of social media tools to perform a plethora of legal tasks even while pursuing their career aspirations. Social networking platforms, including Facebook, Twitter, and LinkedIn are predominantly helping law professionals in connecting with a larger audience, which will provide lucrative growth prospects for the U.S. legal services industry.

U.S. Legal Services Market Report Highlights

• In terms of services, corporate segment is expected to register a CAGR of 3.5% over the forecast period owing to the rising cases of arguments over harassment of employees, and organizational discrimination audits, and copyright violation & patent infringement
• In terms of firm size, small firms segment captured a sizeable revenue share of over 40.0% in 2022. This can be credited to higher preference for these firms as they facilitate dedicated attorneys, effective communication, and personalized services
• In terms of application, private practicing attorneys segment is estimated to record a notable growth rate from 2023 to 2030 owing to expanded opportunities for attorneys in both large and small and mid-sized businesses

Please note The report will be delivered in 4-8 business days upon order notification.