Overview

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

IBISWorld’s Legal Services market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 Threats & Opportunities

  • Many large industry firms have restructured their operations to protect their profit margins
  • Legal firms involved in the property market have benefited from an upswing in housing transfers
  • Demand from financial and insurance companies is projected to grow over the next five years

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    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 Key Buyers Chapter

    The Legal Services industry exhibits a low level of concentration as it is predominantly composed of small firms. Over half of all firms are sole practitioners or partnerships not employing any additional non-partner staff. These firms typically provide legal services to small businesses and households. The four largest firms, Herbert Smith Freehills, Allens, Minter Ellison and Clayton Utz, are expected to account for less than 10.0% of industry revenue. Unlike smaller players, many top-tier firms often focus on providing their services to large companies, advising on a range of legal matters and high value business, like international mergers.

    The key to a significant share in a saturated market environment is niche practice and marketing. Man..

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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
  • 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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    New Zealand Special Report

    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 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
  • Volatile demand
  • Globalisation and restructure
  • Competition and value
  • Chart: Revenue Growth

  • Industry Outlook
  • Opportunities
  • Demand
  • Profit
  • 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 services
  • Industrial relations and 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
  • Other clients
  • Governments and regulators
  • Households
  • Property operators and developers
  • IT and communications firms
  • Health, pharmaceutical and biotechnology firms
  • 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 (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • 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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