Industries
The global legal services market
The Global Legal Services Market size was valued at USD 860.10 Billion in 2022 and is expected to surpass USD 1229.50 Billion by 2031, expanding at a CAGR of 4.05% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing use of modern technology in legal services.
The rise of Artificial Intelligence has transformed the legal sector. Also, rising demand for transactional practice areas, a developing legal IT industry, and globalization fuel its development. In fact, AI-enabled software has been critical in helping law firms and attorneys to save time. Document generation and review are more efficient when using automation technologies. Team collaboration tools may aid in further simplifying documentation methods. These technology innovations and discoveries benefit attorneys by cutting costs and increasing comfort.
Saudi Arabia SME landscape
SMEs account to 99.5% of all companies in the Kingdom of Saudi Arabia, with the majority being micro-sized companies that continue to expand in number, size scope.
In Q2 2023, KSA’s small and medium enterprise reached 1.2 million businesses, a nearly 5% increase compared to Q4 2022 , according to official data.
Saudi’s SME ecosystem comprises 17,888 medium-sized companies, 152,825 small-sized establishments, and 1.06 million micro-sized firms.
85% of SMEs in Saudi Arabia project similar or increased revenue in 2023. The vision aims for SMEs to contribute 35% of the gross domestic product by 2030.
The Saudi legal industry
Saudi Arabia’s government changed its laws to allow foreign firms to apply for their own licences rather than just relying on partnerships with existing Saudi law offices.
Saudi Legal Industry turnover 2022
The Saudi industry profitability stood at 53.5% in 2022. KSA legal & accounting activities’ revenues are projected to reach $586,5 Mn approx. by 2024.
Saudi Arabia is hardly a new legal market but even so, there is a buzz of activity among international law firms in the largest Gulf state.
the number of Law firms in KSA
As of September 2023; only 637 of them have a website and 1197 are 5 star-rated.
Increase in number of Lawyers in KSA
Reaching 15,936 lawyers in the country as per the Saudi Ministry of Justice.
Saudi Arabia’s welcoming international legal practices in order to address legal international, elevate standards, and boost the business and investment landscape as global companies increasingly set up shop in the Kingdom.
Foreign Law firms in KSA
Saudi Arabia’s Ministry of Justice has licensed 15 foreign law firms and is another reviewing.
Saudi Legal Industry Costs Increase
Due to higher B2B costs with the top five companies generating 3.8% of total Production value in 2022.
France SME landscape
VSEs/SMEs represent 99.9% of all businesses in France, the majority of which are microenterprises without employees. Microenterprises represent 14.1% of national turnover, while SMEs represent 22.3%. In 2021, the turnover (excluding tax) of SMEs amounts to 956 billion euros, or 22.3% of national turnover. As for large companies and ETIs, they account for 63.6% of the national amount.
The digitalization of VSEs/SMEs is progressing, with 66% of them having a website presenting their activity and 29% using paid referencing on the Internet. 33% also use professional collaboration tools.
46% of French GDP is based on VSEs and SMEs with fewer than 250 employees.
The French legal industry
The Legal Services in France industry is valued at €29.7bn and is ranked 2nd in Europe in 2023 (of 27 total EU countries) since 2018.
The Legal Services in France industry is the 31st largest industry in France in 2023 (of 300 total industries that IBISWorld tracks) since 2018.
The French legal services market had total revenues of $30.2 billion in 2022, representing a compound annual growth rate (CAGR) of 3.2% between 2017 and 2022.
There are 79,726 Legal Services businesses in France as of 2023, an increase of 3.2% from 2022