Forecast of the development of the legal and advocate services market in India
The relevance of research
In general, the Indian legal outsourcing market is actively developing and is one of the most promising markets in India. The development of the market is promoted directly by the state with the adoption of measures to tighten control over the collection of taxes and over the economic operations of doing business. To fulfill the requirements of the company, they select high-level specialists. In 2020, there was a demand for clarification of numerous changes in legislation. However, the hyperactivity of clients in the first weeks of the crisis was replaced by a decline against the backdrop of a reduction in the revenue of small and medium-sized businesses, as well as a drop in incomes of the population.
Purpose of the study
Analysis of the state of the legal and attorney services market in India, assessment of the market size, analysis of competitors, as well as identification of factors affecting the market of legal and attorney services
Content
Chapter 1. Key components of the legal and advocate services market
1.1. Market size
1.2. Growth rates of the market of legal and lawyer services
1.3. Trends in the market of legal and lawyer services
1.4. The main problems of the industry
1.5. Stage of the life cycle of the market of legal and lawyer services
1.6. Estimation of the number of buyers and their financial capabilities
1.7. Estimated consumption per capita
1.8. Analysis of sectoral indicators of financial and economic activity
1.9. Price analysis
Chapter 2
2.1. Economic components
2.2. Social Components
2.3. Technological components
2.4. Political Components
2.5. STEP-analysis of the legal and lawyer services market
Chapter 3. Assessment of the degree of competition
3.1. Scale of competition (local, regional, national, global)
3.2. Number of competitors and relative market shares of the largest competitors
3.3. Compact location of industry companies in certain regions
Chapter 4 Industry Forecasts
4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)
4.2. Analysis of the impact on the state aid industry to date 26
4.3. Assessment of the degree of impact of the crisis due to covid-19 on the analyzed market. Barriers existing in the market of legal and advocate services
4.4. Prospects and growth drivers for the legal and attorney services market
4.5. Forecast for the development of the market for legal and attorney services in the context of the current economic crisis due to covid-19
Chapter 5 Forecasting Methodology
5.1. Methods for forecasting key industry indicators
5.2. Sources of information for forecasting
5.3. Timing of forecasting
Research excerpt
Chapter 1. Key components of the legal and advocate services market
1.1. Market size
Leading players in legal and advocacy services are focusing on strengthening their market power through strategies such as mergers…
As of H1 2021, there are officially more than … legal outsourcing companies in India. Legal outsourcing services in India are used by about ... companies and individual entrepreneurs.
In general, the Indian legal outsourcing market is actively developing and is one of the most …
At the same time, the public and private sectors compete for …
According to GidMarket, based on … data, at the end of 2020, the volume of the legal and attorney services market in India amounted to … billion Rs., having decreased by …% compared to 2019, which is associated with the crisis and …
In 2020, there is a demand for clarification…
1.2. Growth rates of the market of legal and lawyer services
In 2017, the growth of the legal and advocate services market amounted to …%, and in 2018 it was already …%, reaching … billion Rs. In 2019, the market grew by another …% and reached … billion Rs.
Average annual growth rate of the legal and attorney services market in 2016–2019 amounted to …%.
Due to the market fall in 2020 for 2016-2020. the total growth of the market amounted to …%.
At the same time, it should be noted that there are …
1.3. Trends in the market of legal and lawyer services
Among the trends in the market of legal and lawyer services, it should be noted:
...
1.4. The main problems of the industry
The main issues in the industry include:
...
1.5. Stage of the life cycle of the market of legal and lawyer services
The legal and advocacy services industry is in a phase ... The .. stage is very important for companies, as it creates ...
All efforts at this stage should be directed to its ...
1.6. Estimation of the number of buyers and their financial capabilities
In the structure of industry-wide revenue, the largest share is accounted for by services rendered to the population.
During 2012–2017 the population of India showed ... However, in 2018 the vector changed - the population of ... in 2016–2019.
The current demographic situation in India is characterized by … (since 2017), which is accelerating, and migration growth, which is …
Diagram 3. Population dynamics in India, as of 01 Jan. 2012–2021, million people
The resident population of India as of January 1, 2021, as of …, amounted to … million people, which is … thousand people less than as of January 1, 2020. A larger reduction was observed in India following the results of …
Overall, according to the cabinet's estimate, India's population will decline over the course of …
At the same time, the dynamics of real incomes of the population during 2014-2017. of the population …, so in 2014 real incomes decreased by …% compared to 2013, in 2015 – by …% compared to 2014, in 2016 – the situation is …
According to the results of 2019, the real money incomes of Indians …%. The peak value was reached in…
According to Rosstat, the real disposable money income of Indians in 2020 decreased by …% compared to 2019. The consequences of the covid-19 pandemic and quarantine restrictions were a decrease in …
For Jan.-Sep. In 2021, real disposable income increased by …% against the same period in 2020. Consumer demand...
The demand for legal and advocacy services from businesses is growing. The growth of the economy brings lawyers projects related to ...
The number of sole proprietorships (IEs) and legal entities on the SME registry in India, …
Of the … million companies existing in India … are individual entrepreneurs, the rest … million are legal entities.
...
1.7. Estimated consumption per capita
Estimation of consumption per capita was made by GidMarket on the basis of the ratio …
Until 2019, the volume of consumption of legal and attorney services per capita remained unchanged ... In 2020, the volume of consumption of these services per capita amounted to … thousand Rs./person, which is …% lower than in 2019 and … % above 2016 level
1.8. Analysis of sectoral indicators of financial and economic activity
In comparison with indicators for all sectors of the Indian economy, in 2016-Sep. 2021 the legal and advocacy services industry had … gross profit margins. For Jan.-Sep. 2021 gross margin of the industry by … p.p. … the average for all sectors of the Indian economy.
In 2016, the profitability of the legal and attorney services industry was … that of all sectors of the Indian economy.
Starting from 2017, the gap between the profitability of profit in the industry and the profitability of all sectors of the economy has narrowed to ...
For Jan.-Sep. In 2021, the profitability of profit before tax in the legal and attorney services industry amounted to …%.
Chart 6. Profitability before tax (profit of the reporting period) in the industry of legal and advocate services in comparison with all sectors of the Indian economy, 2016 - Sep. 2021, %
Current liquidity characterizes the extent to which all short-term obligations of the enterprise are secured ... In 2018–2019. the indicator was in the values of ... times, which made it possible to speak about ...
In 2020–Sep. In 2021, current liquidity amounted to … times. The value of the indicator ... indicates ...
Absolute liquidity shows what part of short-term liabilities can be repaid in …
The absolute liquidity of the legal and advocacy services industry throughout the entire study period is … normative values, which may signal about …
For Jan.-Sep. In 2021, the coefficient reached … times that …
In general, the analysis of sectoral financial ratios of the legal and advocate services industry shows ...
1.9. Price analysis
In general, in India, in 2016-Nov. 2021 price indices in the market of legal and advocate services remain unchanged ... The maximum increase in the cost of services was noted in 2016 - ... The minimum increase was recorded in 2020 - ...%.
For the same service, lawyers and lawyers can take completely different money. Prices sometimes differ by…
For 2016-Nov. In 2021, the average cost of a consultation in India increased …% and amounted to … Rs./ consultation.
The cost of services is the most expensive in the … federal district – by …% higher than the average Indian values. The cheapest way to get a consultation is in … the federal district – … Rs./consultation.
Table 5. Average prices in the legal and attorney services market by Union Territories, 2016–Nov. 2021, Rs./consultation
Chapter 2
2.1. Economic components
...
Dollar rate
In 2016, in February, the maximum dollar rate of … Rs.
In 2017, the dynamics of the dollar exchange rate has …
The dollar was stable in January and February 2020, but on March 6, India withdrew from the OPEC+ deal, triggering the worst collapse in oil prices since 1991. The situation on world markets has led to a sharp … and a decrease in the cost of … The weighted average dollar exchange rate in 2020 amounted to … Rs.
Diagram 9. Monthly dynamics of the US dollar against the rupee, Rs. for 1 US dollar, 2016-Dec. 2021
In 2022, the Ministry of Economic Development expects … Rs. per dollar. In general, during 2022, the ministry provides for a slight deviation from this value within …
In general, the stabilization of the dollar ...
2.2. Social Components
...
2.3. Technological components
...
2.4. Political Components
...
2.5. STEP-analysis of the legal and lawyer services market
In general, the impact of macro factors on the market of legal and attorney services can be assessed as ...
Factors such as…
Chapter 3. Assessment of the degree of competition
3.1. Scale of competition (local, regional, national, global)
...
3.2. Number of competitors and relative market shares of the largest competitors
The difficulty of identifying the main companies participating in the legal and attorney services market is that most companies do not ...
According to …, the largest law firms by revenue in 2020 were …
...
Among the companies that provide data on revenue, the company “…” occupies …% of the market, “…” – …%, ...
...
Diagram 11. Shares of the largest competitors in the market of legal and attorney services in 2020
The market of legal and advocate services is characterized by … a level of concentration (a large number of operators …).
In 2020, the total revenue of the represented operators of the legal and attorney services market decreased by … and amounted to … billion Rs., therefore, the crisis phenomena of 2020 …
3.3. Compact location of industry companies in certain regions
The largest concentration of companies in the field of legal and advocate services in India is located in … – …%. This is followed by …%, …%, …
Chapter 4 Industry Forecasts
4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)
The economic crisis is a deep disruption of normal economic activity, which is accompanied by the destruction of the usual economic ties, a decrease ...
In the first half of 2020, many markets felt the impact of the pandemic and the onset of the economic crisis. Let us analyze data on the impact of recent crises on the market for legal and attorney services (the global crisis of 2008 and the currency crisis in India in 2014).
Table 7. Assessment of the impact of recent crises on the industry
The most significant difference between the current crisis and the previous ones is the introduction of…
4.2. Analysis of the impact on the state aid industry at the current date
Since the introduction of restrictive measures in India related to the spread of a new coronavirus infection, the state has been taking the necessary measures ...
Some of them are systemic in nature and apply to all organizations and individual entrepreneurs, while others are intended ...
The legal and advocacy services industry was not included in the lists ...
The measures described in the table are general support measures that can be used in the industry under study. Most support measures are valid until the end of 2021. It can be assumed that in 2022 the Indian authorities will extend some support measures.
4.3. Assessment of the degree of impact of the crisis due to covid-19 on the analyzed market. Barriers existing in the market of legal and advocate services
...
4.4. Prospects and growth drivers for the legal and attorney services market
...
4.5. Forecast for the development of the market for legal and attorney services in the context of the current economic crisis due to covid-19
...
Chapter 5 Forecasting Methodology
5.1. Methods for forecasting key industry indicators
...
5.2. Sources of information for forecasting
...
5.3. Timing of forecasting
...
Diagrams
Diagram 1. Dynamics of the market volume of legal and lawyer services, 2016–2020, billion Rs.
Diagram 2. Stage of the life cycle of the legal and advocate services market
Diagram 3. Population dynamics in India, as of 01 Jan. 2012–2021, million people
Diagram 4. Dynamics of real incomes of the population of India, % to the previous year, 2012–Sep. 2021
Diagram 5. Volume of consumption in the market of legal and advocate services per capita, 2016–2020, Rs./person
Chart 6. Profitability before tax (profit of the reporting period) in the industry of legal and advocate services in comparison with all sectors of the Indian economy, 2016 - Sep. 2021, %
Diagram 7. Current liquidity (total coverage) in the legal and attorney services industry for 2016–Sep. 2021, times
Diagram 8. Dynamics of India's GDP, 2012-Sep. 2021, % to the previous year
Diagram 9. Monthly dynamics of the US dollar against the rupee, Rs. for 1 US dollar, 2016-Dec. 2021
Diagram 10. STEP-analysis of factors influencing the market of legal and advocate services
Diagram 11. Shares of the largest competitors in the legal and attorney services market in 2020, %
Diagram 12. Dynamics of the total revenue of the largest operators of the legal and advocate services market (TOP-5) in India, 2016–2020, billion Rs.
Diagram 13. Compactness of location of companies in the industry in certain regions, 2021, %
Chart 14. Forecast indicators of the development of the Indian economy
Diagram 15. Forecast of the volume of the legal and attorney services market in 2021–2025, billion Rs.
Tables
Table 1. Number of legal entities and individual entrepreneurs in India units, 2018-2021
Table 2. Legal and Advocacy Industry Gross Margin vs. All Industries in India, 2016-Sept. 2021, %
Table 3. Absolute liquidity of the legal and advocate services industry compared to all sectors of the Indian economy, 2016-Sept. 2021, times
Table 4. Consumer price indices in the market of legal and advocate services in India in 2016–Nov. 2021, %
Table 5. Average prices in the legal and attorney services market by Union Territories, 2016–Nov. 2021, Rs./consultation
Table 6. Main companies participating in the legal and attorney services market in 2020
Table 7. Assessment of the impact of recent crises on the industry
Table 8. Analysis of the impact on the industry proposed on 28.12. 2021 state aid
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