LegalLaw247.com, November 19, 2018 ) Well-established legal firms are partnering with other legal service providers to offer a more comprehensive and economical hybrid legal services to clients. Allen & Overy, a renowned London, UK based international firm is partnering with other legal firms to provide such comprehensive set of legal services to customers that can be cost-effective and highly customized to fit the customer’s needs. Offering such hybrid services also help strengthen customer relationships.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL HYBRID COMMERCIAL LEGAL SERVICES MARKET AT $80 BILLION IN 2017
North America was the largest geographic region in the market, accounting for nearly half of the global market. The USA was the largest country accounting for half of the global hybrid commercial legal services market.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, the purchase patterns of customers seeking legal services is evolving continuously and customers are becoming more willing to purchase legal services from non-traditional companies. Companies are willing to obtain legal services from non-traditional firms that offers a range of professional services. For instance, according to a survey by Deloitte about 52% of in-house departments are considering buying legal services from non-traditional law firms. Clients are looking for companies that have cross functional legal expertise such as finance, accounting and marketing and companies that offer services through online tools such as LegalZoom, Rocket Lawyer and LawDepot. Also, according to a survey by Deloitte on Legal Services Trends in 2016, about 35% of the organizations are looking for commercial and non-legal expertise and 18% of organizations are looking for expertise in digital, data privacy and cyber security expertise from legal service providers.
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Latham & Watkins was the biggest player in the hybrid commercial legal services market, with revenue of $3 billion in 2016. Latham & Watkins’ growth strategy aims to expand its business in the Asian region. The company added six partners to its Hong Kong office through relocations and hiring. Latham & Watkins also opened offices in South Korea as part of its Asia expansion strategy.
Hybrid commercial legal service providers provide more than one type of legal services to companies customized for their specific needs. The services can include but are not limited to two or more of the following: contract lawyers, document review services, legal consultancy and managed legal services.
Hybrid Commercial Legal Service 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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November 19, 2018 Posted By: admin
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