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 have 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 - Industry Analysis Chapter
The Legal Services industry has endured a challenging five years, with fluctuating demand for legal services due to the lingering effects of the global financial crisis. Over the past five years, volatile business confidence has contributed to a slowdown in transactional work including mergers and acquisitions. As a result, demand for commercial law services, the industry’s largest service, has been subdued over the past five years.
To offset weak demand for commercial law services, many of the industry’s larger players have purchased smaller firms or expanded their international presence through mergers or alliances with overseas law firms, increasing their exposure to other markets... purchase to read more