LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global legal services industry and the industry is poised to experience spend growth of more than USD 190 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
Read the 121-page research report with TOC and LOE on “The Global Legal Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
An increase in the frequency of mergers and acquisitions that are being observed in the industrial and manufacturing sectors is requiring buyers to consult with legal service providers to gain an in-depth understanding of the rules and regulations pertinent to such corporate activities. The increase in the stringency in regulations related to employment, incentives, pensions, and other HR-related activities are further contributing to the demand growth of legal services for employment and benefits.
Companies in North America are expanding their operations to new and emerging markets such as South Africa, India, and Thailand. This is driving demand in the legal services industry in this region. Buyers in countries such as India, Australia, and China are exhibiting high demand for technology-enabled legal services. These services have the capability to offer easy-to-use, standardized, and reasonably priced services, including documents related to company structure, employment agreement, and registration of a company with regulators, for emerging SMEs in the region. This is contributing to spend growth in the legal services industry in those regions.
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Insights into the industry price trends
- Legal service providers will incur a substantial rise in technology costs that will include expenses made on predictive analytics and cloud-based platforms to improve their service offerings. These expenses will increase during the forecast period due to the rising employee costs associated with analytics and cloud-based services, owing to their high demand worldwide.
- With the advent of alternative legal service providers, prices are becoming competitive as buyers are shifting from conventional legal service providers to alternative legal service providers that make use of technologies to handle routine legal services.
What are the strategies to adopt to optimize procurement spend in this industry?
Achieving the right mix of traditional and non-traditional firms
At present, the alternative legal service provider segment of the legal services market in the US is experiencing rapid growth, which indicates an increase in outsourcing from several industries. Therefore, it is important for large organizations to maintain an optimum mix of both traditional and non-traditional firms to save costs and segregate tactical and strategic areas of spending.
Leveraging competition in the industry
It is imperative for buyers to invest in benchmarking studies that help category managers to enhance their knowledge on market pricing or billing rates of legal consultants by job role and function. This allows them to reduce costs as well as negotiate with service providers better. With a highly competitive market and fragmented supply base, client retention and attraction are essential for large and small legal service providers.
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Some of the key topics covered in this report are:
- Legal services industry spend segmentation by region
- Total cost of ownership analysis in the legal services industry
- Regional spend opportunity for legal service providers
- Legal service providers cost structure
- Legal services pricing models analysis
- Legal services procurement best practices
- Category management objectives
- Cost saving opportunities in the legal services industry
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