The legal services market is on an expansionary path across the globe. This is because of the increased complexity and intricacies in the various industries and sub-markets that businesses operate in nowadays. The business environment has become more dynamic, and flexible and business corporations need to be prepared in advance on the legal front. There is a vast fluidity, in terms of the stakeholders that every business organization has to deal with – which range from customers, suppliers, governments, competitors, and other external agencies. The global legal services market has expanded to a larger size, as businesses have grown to be more specialized and diversified with global competition.
The range of services included in the legal services sector
There are various matters in which companies require the services of boutique legal firms, large legal corporations or individual lawyers provide, like contract analysis, dealing with litigation matters, tax law interpretation, laws related to consumers and competitors etc. Customized solutions are available for firms in varied industries and sectors across the globe.
The legal profession has evolved to be more specialized and intricate with top schools offering law degrees and courses to suit the market demand. Every business in every industry demands a team of legal experts, to provide specialized services such as contract drafting, legal public communication, legal document management, handling consumer grievances, and competitive pressures. Legal services are demanded in sectors such as healthcare, FMCG (fast moving consumer goods), BFSI (banking and financial services industry), media and communications, industrial goods and telecom industry. Secure solution management is essential in the legal services sector. Business organizations need efficient solutions to improve their compliance to government rules and laws like filing of tax returns and other documentation on a timely basis. This is even more essential in the financial services industry, where defaults in compliance are taken very seriously by the government and also the industry at large. Credit rating agencies, housing finance companies, banks, and other financial institutions are required to comply with various laws to ensure smooth functioning of the overall BFSI industry.
Further growth opportunities
With the increased role of technology in every sector and domain of businesses, the risks have also multiplied. Strong and secure data management is very important. An efficient legal team whether in-house or outsourced is essential to counter the risks of data theft, data loss, low compliance, and possible frauds from competitors or other stakeholders. Opportunities for growth in the legal services field are endless, with the development of specialized services related to – employment laws, financial reporting laws, corporate tax laws, corporate governance, mergers and acquisitions laws, international business norms and data privacy laws.
The growth opportunities are diversified and immense in the legal profession, given the uptake of more organized businesses, the mushrooming of newer ideas through the fintech and startup revolution. There have been many success and growth stories in the past few decades. To deal with a complex and ever-dynamic business environment, legal support is very important for entrepreneurs. Developed nations like Europe and the United States have witnessed a steady growth in the demand for legal services, due to the rising complexity of businesses, and the demand for skilled legal professionals across industries. The startup revolution coupled with the high growth rate of population in fast-developing nations like India and China has propelled growth in demand for legal services professionals and firms in these regions. The mushrooming of new businesses and ideas fosters a strong regulatory framework, which furthers the legal services industry.
Competition in the legal services sector has led to the development of customized and cost-effective solutions for businesses. Corporations whether small, mid-sized or large conglomerates require the aid of legal experts to handle market communications and ensure regulatory compliances. The industry is poised for rapid growth in the near future, as per current emerging trends.