US Legal Services Market Trends

Statistics for the 2023 & 2024 US Legal Services market trends, created by Mordor Intelligence™ Industry Reports. US Legal Services trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Corporate License

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Market Trends of US Legal Services Industry

This section covers the major market trends shaping the US Legal Services Market according to our research experts:

Rising Security Breaches in the Law Firms

Security Breach means the unauthorized access to clients' data by an unauthorized person that compromises the security, confidentiality, or integrity of client data. Ransomware attackers have made legal service companies increasingly appealing targets because of the nature of their operations. A lot of confidential company information and sensitive data including tax returns are collected by law firms and in-house legal teams as part of their corporate legal and M&A work, litigation, and other legal services. If the information collected is hacked, they risk losing their reputation and money, especially if data is leaked. Because they handle enormous amounts of sensitive client information, data, and money, law firms have been attractive targets for hackers in recent years. According to an American Bar Association survey, the number of law firms that experienced a cybersecurity breach in 2020 marked an uptick from the year prior. In fact, 29% of survey respondents suffered the fate compared to 26% in 2019. For example, the law firm Campbell Conroy & O'Neil P.C. was subject to a data breach on February 27, 2021. The firm became aware of unusual activity, then conducted an investigation and discovered it had unwittingly been a ransomware victim.

In May 2020, Grubman Shire Meiselas & Sacks, which offers legal services to the entertainment and media industries, acknowledged having experienced a ransomware attack. To exert pressure, the hackers leaked information involving Lady Gaga, who is a client of the law firm. They also threatened to release information involving other celebrities. The attackers asked for a ransom payment of USD 42 million to prevent the release of the documents to the public. The perpetrators originally asked for USD 21 million, then doubled their payment demand.

US Legal Services Market - Average Cost of a Data Breach in the United States, In USD Million, 2018 - 2022

Increasing use of Artificial Intelligence in Legal Industry is Driving the Market

Artificial Intelligence(AI) is finding its way into the legal profession as there are many software available that can replace the monotonous and tedious work done by lawyers. Artificial Intelligence helps lawyers in repetitive and routine jobs which indeed saves their time and also helps them to focus on important aspects. A legal practitioner spends a lot of time on legal research. New lawyers take much time to learn about legal research.

AI and automation have the potential to replace up to 23% of a lawyer's daily responsibilities. Many of these tasks are mundane, paperwork-based responsibilities that take legal professionals away from the strategic needs of a case. Many law firms are already using AI to assist with the following tasks: document review for due diligence or litigation; contract analysis, and qualification according to a set of criteria; Legal research; and Case outcome prediction.

US Legal Services Market - Legal Tech Market Revenue in North America, By Segment, In USD Billion, 2021-2027

US Legal Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)