According to Statista, the market for legal advice services slumped slightly in 2020 in the wake of the pandemic
However, it is expected to recover and grow beyond its 2019 level by the end of this year.
Specifically, it should generate revenue of about $ 767.1 billion globally.
Merca2.0 is working on a Special Edition of Labor Trends for 2021. If you have a firm within this environment and you want to have a participation in this special publication, you should fill out the free registration.
Time and time again, the legal aspect of business activity has proven to be one of the most important issues for brands. Sometimes it may be a conflict over the use of a trademark outside the terms established in a commercial contract. At other times, it may be due to a conflict with governments. And on many other occasions, it could simply be crucial because a rival is trying to beat another company for some reason.
Be that as it may, it is crucial that companies are aware of the most crucial trends in the legal environment for 2021. Keeping an eye on these potential elements could help them prepare for potential challenges in the long term. More importantly, it will give them time to find the necessary advice to defend the interests of their business. In this sense, The Business Research Company defined the topics that will matter the most this year:
Investment in the legal market for data security
During the pandemic there has been a considerable increase in the number of cyber attacks suffered by brands. This also includes consulting firms for brands. Thus, several firms in this market are investing significantly more in protection systems for their clients’ data. Something that companies must take into account when deciding between different services, especially when evaluating added values.
The growing importance of a legal service focused on cybersecurity
Closely related to the previous point. As hacker threats are growing in the market, it is also more common for law firms to be hired to deal with the possible consequences of these attacks. For example, to deal with the requirements that some of the government institutes place on companies in the event of a data breach or theft. Or, to deal with potential consumer annoyances that may escalate to court.
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Higher copyright records in hashtags
One service that is becoming particularly fashionable is reserving the rights to use certain expressions on social networks. Especially those that refer to a specific marketing campaign. In this sense, it is important that companies also consider a legal advisory firm that not only has experience with this type of case. Also, preferably, that it has proven its effectiveness in defending the trademarks of its customers.
Alternative legal advice models
It is increasingly common for platforms or businesses to be launched that make it possible to make these types of services available to smaller businesses or people with low resources. This is very positive, as this democratization of the industry will help create a much more competitive and beneficial environment for customers. At the same time, it implies that brands must be more careful when choosing their offices if they want to find the best service.
Globalization of law firms
It is increasingly common, similar to what is happening with marketing agencies, for advisory firms to buy local businesses. And in this way, they can have a fast and convenient presence in other geographical areas where they could not be before. This means that brands will be able to access the services of large international agents more easily. However, it could also slightly increase the costs of your services.
An opportunity to position yourself in legal advice
Various elements of the legal advice market will be explored in the Special Edition of Labor Trends for 2021. This is the most important resource in the Merca2.0 family for the Human Resources sector. And any industry-leading company or firm can be a part of the production, whether it’s through free registration, with an advertisement, or through an infomercial. Is your company part of this segment? Then sign up:
Special Edition of Labor Trends for 2021
If you want to participate with an ad, write to firstname.lastname@example.org