The B2B legal services market comprises establishments offering practices that deal with the body of law governing the disputes between businesses.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL B2B LEGAL SERVICES MARKET AT $350 BILLION IN 2017
North America was the largest geographic region in the market, accounting for more than half of the global market. The USA was the largest country accounting for nearly half of the global B2B legal services market.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, pressure to control costs have forced law firms to move away from traditional by-the-hour billing models to alternative billing models. The new alternative billing models include fixed, flat blended and capped fees. Many law firms are switching to alternative billing models to build long term relationships with clients and to maximize value they are offering to clients. According to a survey by the US law department, about 72.8% of fees paid to outside counsel was not based on standard hourly rates or the billable hours.
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The top companies covered in the market are Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, Skadden, Arps, Slate, Meagher & Flom LLP, and Allen & Overy. Clifford Chance was the largest player in the B2B legal services market in 2017, with revenues of $1.9 billion (1.54 billion euros) in 2016. Clifford Chance’s growth strategy aims at focusing on professional standards and risk management.
B2B Legal Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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