Overview

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

IBISWorld’s Legal Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$20bn
Annual Growth
2013 - 2018
1.1%
Annual Growth
2018 - 2023
Profit
Employment
107,710
Business
21,247

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

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    Industry Analysis & Industry Trends

    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...

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    Industry Report - Industry SWOT Analysis Chapter

    The Legal Services industry is in the mature stage of its economic life cycle, characterised by rising merger and acquisition activity, improved operating efficiencies, and wholehearted market acceptance of the industry's core products and services. Industry value added, a measure of the industry's contribution to the overall economy, is projected to increase by an annualised 2.0% over the 10 years through 2022-23. This represents a slight underperformance relative to GDP, which is forecast to grow by an annualised of 2.5% over the same period. As industry operators cater to a range of downstream markets, demand is likely to follow economic growth, which is indicative of a mature industry.

    ..

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    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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    Industry Products

    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

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    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

  • Products & Markets
    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
    Competitive Landscape
    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
    Major Companies
    There are no major players in this industry
    Operating Conditions
    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
    Key Statistics
    Table: Industry Data for the Legal Services Industry
    Includes:
  • 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
    Jargon & Glossary
    Barrister
  • 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.
  • Why buy this report?

    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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