Global Legal Update (#05 May 2016)

Snapshot of Central Asian Legal Services Industry

Oybek YULDASHEV, Rauf SALAHODJAEV

According to Grand View Research2, between 2015 and 2022 the legal services market is expected to experience even higher growth rates due to increased globalisation, a more competitive environment, changing trends in foreign direct investment, economic growth and more modern business structures and transactions.

However, the global economic slowdown means more competition within the markets and less active law firms risk being overtaken by more active and aggressive ones.

Still, the legal services industry seems to be less sensitive and responsive to changes in business cycles3. The size of the global legal services industry shows that the international economic and financial crisis has so far had a negligible impact on the overall demand for legal services.

Considering that transition economies, especially post-Soviet countries, are characterised by more volatile and, therefore, more uncertain business environments, the interesting questions to address are: what are the current state and future prospects for the legal services industry in Central Asian countries, and how will the various economic, individual and social characteristics impact the legal services industry in coming years?

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