LineLegend is the function that ultimately constructs the legend for Plot. It has a lot of options that can be modified to adjust the appearance of the legend. If you're trying to control the size, the most useful options are probably
LabelStyle: change the overall style for the labels, including font size LegendMarkerSize: control how long the sample lines are LegendMargins: control how much space is left around the legend LegendLayout: switch from column to row
Here are some examples of each of these options being used:
{Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}]], Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}, LabelStyle -> 10]], Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}, LegendMarkerSize -> 5]], Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}, LegendMargins -> 0]], Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}, LegendLayout -> "Row"]]}

Individually they may not be much smaller, but using them together can have a much bigger effect.
Framed[LineLegend[{Red, Green, Blue}, {"red", "green", "blue"}, LabelStyle -> 10, LegendMarkerSize -> 5, LegendMargins -> 0]]

Plot[Table[ChebyshevT[k, x], {k, 1, 3}] // Evaluate, {x, -1, 1}, PlotLegends -> Placed[LineLegend[MapThread[Style, {{"k = 1", "k = 2", "k = 3"}, {Black, Red, Green}}], LabelStyle -> 10], {0.25, 0.65}]]$\endgroup$LabelStylesetting:LabelStyle -> {10, FontFamily -> "Times New Roman"}. Please read the docs forLineLegend[], it's all there. $\endgroup$