Above board: Positive business confidence has increased revenue from corporate legal services

Over the past five years, the Legal Services industry has exhibited moderate growth. Largely positive business confidence over the period has generated demand for the industry's value-added services, such as legal work relating to merger and acquisitions, and IPOs. However, increasing external competition has constrained revenue growth. As a result, industry revenue is expected to grow by an annualised 1.1% over the five years through 2017-18, to reach $19.7 billion. This includes an anticipated increase of 1.4% in 2017-18, on the back of positive business confidence.Industry demand for commercial law services has increased over the past five years due to a largely positive business confidence...read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Accounting firms and government departments have expanded on their in-house legal services
  • Firms have increasingly adopted a multi-disciplinary approach, increasing competition
  • Demand from financial and insurance companies is projected to grow over the next five years
  • Industry Report - Industry Analysis Chapter

    The Legal Services industry has displayed moderate growth over the past five years. Fluctuating business conditions and increasingly price-sensitive clients have limited demand for traditional legal services. As a result, downward pressure on prices has encouraged firms to seek new business strategies and venture into new revenue streams to boost profitability. This has included expanding through a multi-disciplinary approach, or international merger and acquisition initiatives. Industry revenue is expected to increase by an annualised 1.1% over the five years through 2017-18, to reach $19.7 billion. In 2017-18, industry revenue is anticipated to rise by 1.4%, due to positive business confidence and a rise in the number of divorces over the year...purchase to read more.

    Additional Insights for the Legal Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Legal Services Industry are

  • Having a good reputation
  • Access to quality personnel management
  • Provision of development programs for personnel
  • IBISWorld analysts also discuss how external factors such as Demand from financial and insurance services and Number of housing transfers in the Legal Services industry impact industry performance..

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    What's in this report

    What is the Legal Services Industry?

    Industry firms primarily provide legal advice and representation, and prepare legal documents. These services are usually provided by solicitors, barristers and legal aid offices. Alternative dispute resolution, conveyancing and intellectual property services are also included in the industry. The industry does not include services provided by in-house legal teams.

    Industry Products
  • Commercial law services
  • Personal legal and industrial relations services
  • Property law services
  • Criminal law services
  • Intellectual property law services
  • Community legal services
  • Administrative, constitutional and other law services
  • Industry Activities
  • Advocate services
  • Barrister services
  • Conveyancing services
  • Legal aid services
  • Notary services
  • Patent attorney services
  • Solicitor services
  • Public prosecutor services
  • Government solicitor services
  • Title-searching services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from financial and insurance services
  • Number of housing transfers
  • Business confidence index
  • Level of criminal activity
  • Number of divorces

  • Current Performance
  • Downstream demand
  • Globalisation and restructure
  • Increasing competition
  • Chart: Revenue Growth

  • Industry Outlook
  • Opportunities
  • Downstream demand
  • Industry structure
  • Table: Legal Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Legal Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Construction
  • Telecommunications Services
  • Finance
  • Professional Services

  • Key Selling Industries
  • Accounting Services
  • Legal Services
  • Market Research and Statistical Services
  • Office Property Operators
  • Telecommunications Services

  • Products & Services
  • Commercial law services
  • Administrative, constitutional and other law services
  • Property law services
  • Personal legal and industrial relations services
  • Criminal law services
  • Intellectual property law services
  • Community legal services
  • Chart: Legal Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Banking, finance and insurance firms
  • IT, communications, health, pharmaceutical and biotechnology firms
  • Property operators and developers
  • Households
  • Governments and regulators
  • Other clients
  • Energy and resources firms
  • Chart: Major Market Segmentation for the Legal Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Legal Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Legal Services Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Legal Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Legal Services Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
  • A lawyer who specialises in representing clients in court.
  • Contingency Fees
  • Fees calculated as a percentage of an amount recovered by a client from litigation.
  • Conveyancing
  • Legal work relating to the transfer of ownership of real estate.
  • Incorporation
  • The adoption of a corporate company structure. Law firms that incorporate do so to limit their liability and diversify potential sources of capital.
  • Intellectual Property
  • Intangible property includes creations of the mind, over which owners may seek exclusive rights.
  • Solicitor
  • A lawyer who represents clients in a wide range of legal matters, but who generally briefs barristers when complex advocacy work is required.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Legal Services market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Legal Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Legal Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Legal Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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