Industry Analysis & Industry Trends
Workers, households and individuals across Australia are exposed to numerous risks, with many incidents and transactions requiring 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. The industry primarily consists of small firms and sole proprietors, although several large players operate in the industry and focus on personal injury law. Over the five years through 2015-16, industry revenue is expected to grow at an annualised of 3.9% to reach $7.0 billion, with estimated growth of 1.7% in the current year.
The fiercely competitive personal injury market, which is among the most significant industry service segments, has been consolidating... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry in the industry are moderate and the trend is expected to be steady. The main barriers to entry in the industry are staff having a valid legal qualification and appropriate experience. To enter the industry as sole practitioner potential entrants need to satisfy the requirements for admission to their state or territory law society. To gain admission to legal practice prospective lawyers need to complete an accredited law degree and study subject areas required for admission. Candidates then need to complete an accredited program of practical training and satisfy character requirements (depending on the jurisdiction)... purchase to read more