Willing and able: The ageing population will boost demand for wills and estate services

Workers, households and individuals across Australia are exposed to numerous risks, with many incidents and transactions requiring the services of a legal practitioner. While personal injury represents a significant contributor to the Personal Legal Services industry's revenue, other major industry services include property law and family law. The industry primarily consists of small firms and sole proprietors, although there are also several larger players that focus on personal injury law. Over the five years through 2016-17, industry revenue is expected to grow at an annualised 2.9%, to $7.1 billion. This growth includes an expected 0.3% rise in the current year...read more.

Industry Statistics & Market Size
Revenue
$7bn
Annual Growth 12-17
2.9%
Forecast Growth 17-22
Profit
Employment
33,077
Businesses
8,775
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Report - Industry Analysis Chapter

The Personal Legal Services industry provides a range of legal advice to individuals in areas including property law, family disputes and personal injury cases. Industry revenue has risen over the past five years, driven by growth in more affordable segments (such as alternative dispute resolution), rising numbers of housing transfers and effective marketing. Over the five years through 2016-17, industry revenue is expected to grow at an annualised 2.9%, to total $7.1 billion. This includes an expected 0.3% rise in the current year.Industry demandIndustry firms derive revenue from several different areas of law. The largest service segments are property, personal injury and family law. As a result, the industry depends on case volumes from these areas. Ser...purchase to read more.

Additional Insights for the Personal Legal Services Industry

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

  • Access to niche markets
  • Having a high prior success rate
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as Number of vehicle accident deaths and Work accident rate per 1,000 employees in the Personal Legal Services industry impact industry performance..

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    What's in this report

    What is the Personal Legal Services Industry?

    Legal practitioners in the Personal Legal Services industry (i.e. lawyers or attorneys) advise and represent individuals. Significant areas of practice include matters of personal injury law, family law, property law, class actions, wills, probates and residential conveyancing.

    Industry Products
  • Property law
  • Wills, probate and estate activities
  • Family law
  • Personal injury law
  • Other legal services
  • Industry Activities
  • Legal advice services
  • Litigation services
  • Alternative dispute resolution services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of vehicle accident deaths
  • Work accident rate per 1,000 employees
  • Number of divorces
  • Number of deaths
  • Number of housing transfers

  • Current Performance
  • Industry demand
  • Alternative dispute resolution
  • Structure and overseas growth
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand outlook
  • Challenges
  • Table: Personal Legal Services Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Advertising Services
  • Computer and Electronic Equipment Repair
  • Office Property Operators

  • Products & Services
  • Property law
  • Personal injury law
  • Family law
  • Wills, probate and estate activities
  • Other legal services
  • Chart: Personal Legal Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Individuals over 55 years of age
  • Individuals between 35 and 55 years of age
  • Individuals under 35 years of age
  • Chart: Major Market Segmentation for the Personal 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 Personal Legal Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Personal 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 Personal 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 Personal 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
    Barrister
  • A lawyer who specialises in representing clients in court.
  • Conveyancing
  • Legal work relating to the transfer of ownership of real estate.
  • Plaintiff
  • A person who initiates litigation through filing a complaint.
  • 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 Personal 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.

    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 Personal 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 Personal 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 Personal 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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