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 - Industry Key Buyers Chapter
The Legal Services industry exhibits a low level of concentration as it is predominantly composed of small firms. Over half of all firms are sole practitioners or partnerships not employing any additional non-partner staff. These firms typically provide legal services to small businesses and households. The four largest firms, Herbert Smith Freehills, Allens, Minter Ellison and Clayton Utz, are expected to account for less than 10.0% of industry revenue. Unlike smaller players, many top-tier firms often focus on providing their services to large companies, advising on a range of legal matters and high value business, like international mergers.
The key to a significant share in a saturated market environment is niche practice and marketing... purchase to read more