Overview

Moving the bar: Firms focus on overseas operations to help boost industry revenue

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.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$23bn
Annual Growth
2012 - 2017
1.9%
Annual Growth
2017 - 2022
Profit
Employment
107,060
Business
20,076

Industry Analysis & Industry Trends

The past five years have challenged the Legal Services industry, with the end of the commodities boom taking its toll on industry demand. Over the five years through 2016-17, fluctuating business confidence is expected to slow industry revenue growth, as businesses have tended to improve operational efficiency rather than expand through mergers. Additionally, price pressures have been mounting, as external competition for commercial legal work, particularly from accounting firms, has risen. Increasing industry exposure to international markets, resulting from domestic firms merging with foreign companies, has shielded large industry players from weak domestic economic conditions...

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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 slowing growth as market saturation is reached, rising merger and acquisition activity, improving operating efficiencies and wholehearted market acceptance of products and services. Industry value added, a measure of the industry's contribution to the overall economy, is projected to increase by an annualised 1.7% over the 10 years through 2021-22. This is an underperformance relative to GDP, which is forecast to grow by an annualised of 2.5% over the same period. Operators rely on activity in a range of downstream markets, particularly the finance and insurance sector. As a result, the performance of legal services providers is likely to follow economic growth.

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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 services and conveyancing services provided by lawyers and patent offices 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 services
Property law services
Industrial relations and 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 Performance

Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle

Products & Markets

Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations

Competitive Landscape

Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
industry Globalisation

Major Companies

Operating Conditions

Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance

Key Statistics

Industry Data
Annual Change
Key Ratios

Jargon & Glossary

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