Industry Analysis & Industry Trends
The past five years have challenged the Legal Services industry, with the aftermath of the global financial crisis taking its toll on industry demand. Industry revenue growth has slowed as businesses implemented cost-cutting measures. Fluctuating business confidence has deterred many companies from pursuing mergers and acquisitions and other transactional work. Price pressures have mounted over the past five years as external competition for commercial legal work, particularly from accounting firms, has risen. Industry clients have increasingly demanded value-for-money over the past five years and, in line with this trend, many clients have switched from large legal firms to cheaper small or mid-tier firms... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry in the industry are moderate and are expected to decrease over the next five years. The main barrier to entry is attaining a valid legal qualification. For solicitors, in addition to obtaining a university law degree, candidates must undertake further training before being admitted to practice. This involves working as an articled clerk or undertaking practical legal training at a certified institute.
Despite a high level of competition, the legal services industry is characterised by a low level of market share concentration, due to the presence of many small law practices. These small firms generally focus on local business issues... purchase to read more