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 SWOT Analysis Chapter
The Personal Legal Services industry is in the growth phase of its life cycle. Industry value added, which measures the industry's contribution to the overall economy, is forecast to grow at a compound annual rate of 4.6% over the 10 years through 2018-19. This is a higher rate than real GDP growth over the same period, which is projected to rise at a compound annual rate of 2.6%.
Over the five years through 2013-14, industry growth has been stimulated by reforms allowing non-lawyers to own equity in firms. This has enabled major players such as Slater & Gordon Limited to list on the Australian Stock Exchange and seek capital from a wide base... purchase to read more