The trend for large scale mergers in the global market shows little sign of slowing down. Large legal firms are competing to become international and strengthen themselves across multiple markets rather than just their domestic market. Also, market consumption volume increased by 3.4 per cent between 2012 and 2016, to reach a total of 6.3 million legal professionals in 2016. The findings came from Legal Services Global Industry Guide 2017.
Legal services marketplace
The legal services market includes practitioners operating in every sector of the legal spectrum. The market's value is calculated as the total revenues received by law companies for services rendered. The global legal services market had total revenues of $584.4bn in 2016, representing a compound annual growth rate (CAGR) of 2.6 per cent between 2012 and 2016.