The UK Legal Services Market Report 2017, now in its seventh year, provides a market review of the UK legal services market.
The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at an estimated £31.5bn in 2016 and this is a decrease from 2015. The large law firms continued to see revenue growth and it has been in the medium and small law firm sectors where revenues have been hit.
By far the largest segment in the UK market is legal work for business and commercial affairs (including commercial property) accounting for 45% of total market revenue and most of the high-value work in this segment is undertaken by the larger law firms. The largest consumer law segments are personal injury/accident/medical negligence work, and family law, contributing an estimated 11% and 8% respectively of UK market revenue. Residential conveyancing and employment law generate around 7% and 6% of the total market value per year.
The personal injury market continues to be the consumer legal market facing the greatest pressure with further regulatory changes introduced at the start of 2017. Other consumer sectors are under pressure from the spread of fixed fees, more competition, and increases in court/tribunal fees. Major cuts in legal aid are impacting on various consumer law markets.
- A decline in annual UK legal services market revenue overall for only the second time in the last decade but some sectors performing better than others
- Law firm numbers have declined by 6% since 2012 but little change in numbers in the last 2 years
- Consumer sectors like personal injury and wills & probate will face the greatest pressures on revenues and margins going forward
- Forecasts have been revised downwards from last year and our expectation is for low single digit revenue growth in 2017 and 2018
- A survey of legal practitioners working in consumer law suggests that the majority are expecting revenue growth in the next 12 months but a third are predicting no growth.
Key Topics Covered:
1. Executive Summary
2. UK Legal Market Timeline
3. Market Structure
4. Market Developments
5. The Key Players
6. Market Size And Trends
7. Market Segmentation
8. Practitioner Research
9. The Future
10. Professional Bodies And Regulatory Authorities
For more information about this report visit http://www.researchandmarkets.com/research/9vql39/uk_legal_services