In 2019, the legal sector in Singapore generated nominal gross value added of SGD 2.4 billion and employed over 13,000 professionals. [58] The legal sector contributes +- (0.5% to 1%) to GDP in South Africa. [75] The growth of the South African legal sector is driven by the economy and business confidence, which increases the flow and value of transactions. [76] In 2017, the South African legal sector was valued at R30 billion. [77] China`s demand for legal services continues to grow as the demand for cross-border transactions increases. From 2014 to 2019, the legal demand of large Chinese organizations conducting cross-border transactions increased from (81%) to (93%). The majority of Chinese companies need legal advice in the Hong Kong Special Administrative Region, the United States and Europe. This trend, especially its needs in Europe, is perhaps not surprising as it coincides with broader economic trends of China`s increased outbound investment (e.g., through the Belt and Road Strategy). [47] Law Practice Today (LPT) is a monthly digital publication that provides you with the latest industry news and trends by providing anecdotes from lawyers. During the pandemic, few legal departments have been fortunate enough to experience a steady flow of business. For example, restructuring and bankruptcy services saw an increase in work in the U.S. as companies tried to survive the crisis and others to mitigate losses.
In 2019, the UK ALSP market saw a compound annual growth rate of 12.9% and the largest ALSPs expect a larger increase in growth to 24%. The rate of companies using ALSPs has increased since 2017, with more than 30% of companies using ALSP services for legal tasks. Major UK law firms have engaged ALSPs as follows: eDiscovery (49%), Research (legal/non-legal) (42%), Document review/coding (40%) and litigation and investigation support (36%). [4] The four major accounting firms are making a major foray into legal services. Recently, Deloitte launched its legal services in the U.S., which will work with in-house law firms to provide legal technical support in tracking client contracts, invoices, eDiscovery and other critical functions. [81] Currently, the Big Four are limited in their legal services, as the American Bar Association prohibits lawyers and law firms from sharing “legal fees” with non-lawyers. It also prohibits lawyers and non-lawyers from entering into a partnership “if one of the activities of the partnership consists in the exercise of law”. The use of technology has increased in the legal services market. In recent years, technology has played an important role as the government has begun to move some of its public services online. The adoption of rules on the online processing of licences and certificates aims to facilitate business activity in the jurisdiction.
[36] Use integrated legal marketing solutions to attract, engage, and engage with prospects. Our cutting-edge solutions range from lawyers` custom websites and search engine optimization to online advertising and the power of FindLaw.com leads. The Brazilian legal system is a hybrid that originates from Portuguese law and then evolves into autonomous legal institutions in their own right. [17] Brazil operates with a civil law system based on European civil codes such as Portugal, France and Germany, which places laws above judicial precedents. [17] The legal sector refers to the aggregation and integration of sectors within the economic system that provide legal goods and services. The global legal industry is growing rapidly, from $786 billion in 2015, $886 billion in 2018 and expected to exceed $1 trillion by 2021. [1] The United States and Europe dominate the legal industry, with the former accounting for more than half of global market turnover. Europe now accounts for more than a quarter of sales.
[2] Legal services in Asia Pacific continue to grow with total revenue of $103.3 billion in 2018. [3] Most legal services are primarily focused on national legal work. The main buyers of legal services are companies that wish to invest or are currently investing in Indonesia. In Q3 2020, the main investment sectors in Indonesia were transport and telecommunications; metallurgical and equipment industry; electricity, gas and water; housing and living; and the chemical and pharmaceutical industry. [34] Constantly updated tools and resources to help you advance your practice and the legal profession during COVID-19 and beyond. Legal technologies are also gradually being used to improve the quality, efficiency and cost-effectiveness of legal services and their delivery. Machine learning in legal research and document review, distributed ledger technologies in smart contracts, advanced statistical modeling for legal analysis of big data, and digitization of court cases are popular areas for the adoption and innovation of legal technologies. [5] The Indian market for legal services is estimated to be worth over $1.3 billion. The legal services market in India remains strong, with the legal market exceeding USD 1.3 billion[27] in 2018 due to foreign investment and growing demand from local clients. Of this amount, about $400 million is spent on “contentious legal work,” including complex litigation and arbitration. [28] Singapore`s Ministry of Justice expects the following trends to have the greatest impact on Singapore`s legal sector from 2020 to 2030: (a) the rise of tech giants (83.3%), (b) trade wars (75%), (c) the rise of Asia (62.5%), and (d) rising competition in the legal sector (41.4%).
[61] In 2007, the UK Legal Services Act 2007 introduced alternative business structures (ABS), which allow non-lawyers to hold professional, managerial or real estate positions in UK law firms. [78] As an ABS, a law firm may hire a chartered accountant as a partner in the firm, which was not permitted prior to the Legal Services Act, 2007.