Industry Analysis & Industry Trends
The Trademark and Patent Lawyers and Attorneys industry has grown steadily over the past five years, defying the weak growth in Australia's broader Legal Services industry. The industry has benefited from steady demand from downstream markets, such as the Biotechnology industry. Downstream markets have increased their private research and development (R&D) expenditure alongside continuing Federal Government initiatives to encourage innovation, such as tax offsets for companies that undertake R&D activities. These activities have sustained demand for trademark and patent legal services, as companies have sought to protect their newly created intellectual property.
Industry revenue is expected to grow at an annualised 3.7% over the five years through 2015-16, to reach $914.6... purchase to read more
Industry Report - Industry Key Buyers Chapter
The industry is characterised by a low level of market share concentration, due to the large number of small firms and individual barristers and solicitors that operate in the industry. As a result, the four largest companies in the industry are estimated to control less than 40% of the overall market in 2015-16, despite the presence of the big six law firms.
Market share concentration is expected to increase slightly over the next five years, as larger firms acquire smaller rivals in pursuit of growth. IPH Limited, for example, has rapidly acquired market share through acquisitions since listing on the ASX in November 2014, and is expected to continue to do so over the next five years... purchase to read more