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 Key Buyers Chapter
The Personal Legal Services industry has a low level of market share concentration, with the top four players accounting for significantly less than 40% of revenue. The industry is dominated by small firms and non-employing solicitors. Major players generate only a low level of industry revenue, although this share has increased over the past five years. The diversity of areas of law covered by the industry and the specificity of the practice of the law encourage specialisation.
With the current structure, a lawyer or practice that builds expertise in a certain area is able to capture economies of scale. They are able to offset the time needed to develop expertise with a high volume of cases in that area... purchase to read more