Legal Services Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2023-2027

Legal Services Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis

The legal services procurement category is projected to grow at a CAGR of 6.43% during 2023-2027. The prices are outlined to rise by 3%-7% during the forecast period and suppliers will have moderate bargaining power in this market. Latham & Watkins, Allen & Overy LLP, and Hogan Lovells are a few of the key suppliers in the legal services market.

To unlock the YoY growth values for 2023-2027, Request for a FREE Sample Report!

Who are the Top Suppliers in the Legal Services Market?

This report offers detailed insights and analysis of the major cost drivers, volume drivers, and innovations of the legal services procurement and sourcing market, which the global suppliers have been leveraging to gain a competitive edge across regions. Some of the leading legal services suppliers profiled extensively in this report include:

Furthermore, this legal services procurement market report provides detailed analysis of procurement strategies deployed by major category end-users across several industries while sourcing for legal services requirements. In addition, most adopted and high potential pricing models considered by buyers have been analyzed in this report, which will help understand business scopes for revenue expansion. These data will assist buyers to realize cost savings and identify business strategies to improve sales.

What are the Most Suitable Supplier Selection Criteria, Supplier Evaluation Metrics, and SLA that Buyers Should Consider?

The legal services procurement market report provides a detailed analysis of various supplier selection criteria, RFX questions, supplier evaluation metrics, and the service level agreements that the buyers should consider adopting to achieve significant cost savings, streamline the procurement process, and reduce category TCO while sourcing for legal services requirements.

To get the exact category management parameters and unfold their degree of influence on this legal services procurement market in details, Get the FREE Sample Report Now!

What are the Most Adopted Procurement Strategies by Buyers Across Industries?

The report provides a detailed insight into the most adopted procurement strategies by buyers across industries and an analysis of these strategies with respect to innovation, regulatory compliance, quality, supply, and cost. Adoption of these procurement strategies will enable the buyers to reduce category TCO and achieve cost savings while sourcing for legal services requirements.

What are the Major Pricing Models Adopted by Buyers in Legal Services Market?

The report discusses in detail each pricing model and the pros and cons attached to every pricing model prevalent in the market. Also, the report provides insights with respect to the category supply chain and the margins of various suppliers within the supply chain. These market analysis data will enable the buyers to make informed strategic sourcing decisions. Buy the full legal services procurement market report now to get comprehensive details on pricing models

Price Strategies and Benchmark

Request for a FREE sample to access the latest price forecasts, market drivers, and TCO reduction opportunities for legal services market

To optimize the value of the purchase, it is crucial to keep track of current and future price trends. Price forecasts are beneficial in purchase planning, especially when supplemented by the constant monitoring of price-influencing factors. During the forecast period, the market expects an incremental spend of USD 304.47 billion due to various market drivers prevalent across multiple regions. Also, the report speaks about various cost-saving factors through analysis of the below factors:

• Identify favorable opportunities in legal services TCO (total cost of ownership)
• Expected changes in price forecast and factors driving the current and future price changes
• Identify pricing models that offer the most rewarding opportunities

What will the Spend Growth and Demand be by Region?

The legal services market will register an incremental spend of about USD 304.47 billion during the forecast period. However, only a few regions will drive the majority of this growth. Moreover, on the supply side, North America, Europe, and APAC will have the maximum influence owing to the supplier base. The growth is expected to be primarily driven by increasing demand and adoption of the category across those few regions. To get a detailed analysis of the volume drivers that are driving the adoption of the category across regions, buy the full report now!

The drivers and inhibitors that influence these global and regional outlooks are elaborated in detail in this procurement report. Our in-depth growth decomposition analysis covers details on:

• Factors driving the growth (or lack of it) in individual geographies
• Regions that hold the most rewarding opportunities for buyers and suppliers
• Spend growth and regional spend segmentation over the coming years

Request for a FREE sample for more information on the spend growth for the legal services procurement market

What are the Major Category Management Objectives for Legal Services Sourcing?

A targeted strategic approach to legal services sourcing will provide several opportunities. However, in the absence of actionable intelligence on legal services, buyers may end up focusing on a tactical sourcing strategy without any focus on cost-saving opportunities. Hence, this report focuses on category management initiatives such as scalability of inputs, category innovations, and cost savings, which will assist buyers to formulate a strategic procurement strategy

The report explains the following key category management objectives that should form the base for sourcing strategy.

To explore the extent of influence of category management objectives that can improve the efficiencies of the retailers, Request for a FREE Sample Report!

In addition to helping buyers in identifying the strategic goals and initiatives for category management, the report also has detailed insights into the most outsourced category management activities and category enablers which can simplify the procurement process for buyers.

Scope of Legal Services
Report Specs	Details
Page number	167
Base year	2022
Forecast period	2023-2027
Spend growth (CAGR)	6.43%
Incremental spend	USD 304.47 billion
Pricing growth outlook	3%-7%
Pricing models	Fixed-fee pricing model, Hourly-rate pricing model, and Retainer-fee pricing model
Supplier selection scope	Compliance with inland and overseas, Specialized knowledge, Technical abilities, and Proven track record
Supplier opportunities	Scalability of inputs, Category innovations, Cost savings, Adherence to regulatory nuances, Demand forecasting and governance, Supply base rationalization, Top-line growth, Minimalization of ad hoc purchases, Reduction of TCO, Customer retention, Green initiatives, and Supply assurance
Supplier selection criteria	Business needs, Technical specifications, Operational requirements, Security compliance, Regulatory mandates, Legal requirements, Quality control, Pricing models, Penalty clauses, SLA nuances, Working environment, Evaluation criteria, and Change management procedures
Category management scope	Scalability of inputs, Category innovations, Cost savings, Adherence to regulatory nuances, Demand forecasting and governance, Supply base rationalization, Top-line growth, Minimalization of ad hoc purchases, Reduction of TCO, Customer retention, Green initiatives, and Supply assurance
Top suppliers	Latham & Watkins, Allen & Overy LLP, Hogan Lovells, Freshfields Bruckhaus Deringer LLP, Linklaters LLP, DLA Piper, Pinsent Masons LLP, Herbert Smith Freehills LLP, CMS Legal Services EEIG, and White & Case LLP
Market dynamics	Regional category spend in terms of percentage with respect to North America, South America, Europe, Middle East and Africa and APAC and global category spend and CAGR in terms of percentage over a span of 5 years.
Customization scope	We can create customized sourcing/procurement reports with specific requirements for your business.

Request for a FREE sample now!

Request for a FREE sample now!