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 households' demand for legal services is typically unaffected by economic conditions, industry revenue was not greatly affected by the global financial crisis. Over the five years through 2014-15, industry revenue is forecast to grow at a compound annual rate of 3.1% to reach $7.8 billion in 2014-15, including estimated growth of 3.8% in the current year... purchase to read more
Industry Report - Industry Analysis Chapter
The Personal Legal Services industry has performed solidly over the past five years, driven by growth in more affordable segments (such as alternative dispute resolution), a rising housing market and highly effective marketing. Over the five years through 2014-15, industry revenue is estimated to grow at a compound annual rate of 3.1% $7.8 billion, including growth of 3.8% in the current year.
Profit margins have grown over the period, which can be attributed to the strong growth in demand for conveyancing and family law. Wages have grown strongly over the period, in line with revenue growth. The number of enterprises has grown at a slower rate, as increasing competition from large firms has discouraged smaller operators from entering the market... purchase to read more