B2B legal services market comprises establishments offering practices that deal with the body of law governing the disputes between businesses.
The global B2B legal services market was valued at $350 billion in 2017. This is due to the economic growth and technology development.
North America was the largest geographic region in the market, accounting for half of the global market share, due to high demand for services such as accounting, legal, advertising, photographic services and other professional services from companies across all industries.
The USA was the largest country in the market, accounting for half of the global market share, due to the presence of large number of commercial establishments seeking accounting, legal, and management consulting, advertising and other professional services. The USA was followed by China as the next largest country in the market.
The major competitors in the market are Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, Skadden, Arps, Slate, Meagher & Flom LLP, Allen & Overy. Clifford Chance LLP is a multinational law firm headquartered in London, United Kingdom, and a member of the “Magic Circle” of leading British law firms. It is one of the ten largest law firms in the world measured both by number of lawyers and revenue. In 2016/17, Clifford Chance had total revenues of £1.54 billion, the highest of any firm in the Magic Circle, and record profits per equity partner of £1.375 million.
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