PUBLISHER: Grand View Research | PRODUCT CODE: 1588755
PUBLISHER: Grand View Research | PRODUCT CODE: 1588755
The global legal services market size is anticipated to reach USD 1,375.64 billion by 2030, growing at a CAGR of 4.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. The rapid growth can be attributed to increasing globalization and the expansion of in-house legal departments in the corporate sector. The increasing prevalence of economic crimes, such as fraud and cybercrimes is fueling the demand for legal services around the globe. On the other hand, businesses are increasingly employing Alternate Legal Service Providers (ALSPs) for routine legal services, further creating growth opportunities for the market.
There is an increasing trend of building in-house legal departments across large enterprises, while small and medium-sized enterprises are turning towards consulting firms to reduce legal costs. This significant focus on legal services in the corporate sector has contributed to its substantial market share throughout the historic and forecast period. Rising demand for legal services associated with intellectual property in the corporate sector is projected to further boost demand for legal services in upcoming years.
Litigation funding or financing is one of the fastest-growing trends in the global legal services industry. A third party provides financial assistance to a litigant in this mechanism. It is the practice where a third party unrelated to the lawsuit offers capital to a litigant involved in litigation in return for a portion of financial recovery from the lawsuit. This type of funding helps enhance the winning chances for litigants who may not have the financial resources to pursue their claims against better-funded and larger defendants.
In recent years, litigation funding has grown rapidly and become more mainstream. HMR Servicing, Fair Rate Funding, Fast Funds, and USClaims are some of the litigation funding firms that specialize in providing capital to litigants and law firms involved in litigation. Further, large law firms collaborate with smaller firms to enhance their litigation service offerings. For instance, in July 2023, Womble Bond Dickinson partnered with Simmonds & Narita L.P., a boutique litigation firm, to enhance the dispute resolution and litigation practice rate of Womble Bond Dickinson.