Industry Analysis & Industry Trends
Workers, households and individuals across Australia are exposed to numerous risks, with a seemingly endless number of incidents and transactions occurring annually that require the services of a legal practitioner. While personal injury represents a significant contributor to industry revenue, other major industry services include property law and family law. As the households' demand for legal services are typically unaffected by economic conditions, industry revenue was not greatly affected by the global financial crisis. Over the five years through 2013-14, industry revenue is forecast to grow at a compound annual rate of 4.0%, to reach $6.5 billion in 2013-14, including estimated growth of 3.1% in the current year... purchase to read more
Industry Report - Industry Investment Chapter
The industry has a low level of capital intensity. For every dollar spent on capital, firms spend approximately $29.70 on wages. The the industry is heavily reliant on personal client contact. Furthermore, individuals employed within the industry are highly skilled and qualified professionals that command high wages.
Although investment in technology has risen significantly over the past decade, clients still require customised solutions that are provided by solicitors or barristers. Larger firms have made larger investments in systems and databases that can help them better inform their clients and improve record keeping... purchase to read more