Legal services companies advise clients (individuals or corporations) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters in which legal advice and other assistance are sought.
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The global legal service market is valued at $849 billion in 2017. Main driver of the market is globalization as many domestic law firms are entering into new markets, thereby eliminating boundaries on the geographic scope of law practice. North America was the largest region in the market in 2017.
The legal services in The Business Research Company’s report are split into three segments. Civil law practices segment takes up the major share of the market accounting for 90% of market share, while criminal law practices and other services segment equally share the remaining market.
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The USA was the largest country in the legal service provider market in 2017, accounting for two-fifths of the market share. This was mainly due to increase in demand for services related to real estate law, family and estate law, and criminal law. The USA was followed by UK and Germany.
The top four companies in the market are Deloitte, Latham & Watkins, Baker & McKenzie, and DLA Piper USA which made up around 2% of the total market share in 2017. Deloitte was the biggest player in the legal services market in 2017. It is currently headquartered in New York, USA. The company has 225,400 employees as of 2015. It offers legal services like Audit, Consulting, Risk Advisory, Financial Advisory, Legal, and Tax.
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