Legal Services Global Industry Guide 2013-2022
Asia-Pacific and US markets grew with CAGRs of 5.6% and 1.6% respectively, over
the same period, to reach respective values of $97.3bn and $294.2bn in 2017. The
performance of the market is forecast to accelerate, with an anticipated CAGR
of 3.4% over 2017–2022, which will drive the market to a value of $748.5bn by
the end of 2022. Comparatively, the Asia-Pacific and US markets will grow with
CAGRs of 6.6% and 2.2% respectively, over the same period, to reach respective
values of $133.9bn and $328.0bn in 2022.
Asia-Pacific has grown at a faster pace than other regions
as large companies have been established there for the first time and have been
able to grow with less competition than seen in other regions, namely North
America or Europe. Baker McKenzie became the first foreign firm to enter China
in 2015 and has already been successful. Many companies, especially in the US
and Europe, outsource legal services to India, among similar countries, due to
low operating costs there. Though this practice has boosted the Indian market
greatly, it has also increased competition in the countries that outsource.
China and India are expected to see continuing levels of strong
growth while Japan and Italy will have some of the lowest levels of growth in
the forecast period.