Overview

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

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.

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Industry Analysis & Industry Trends

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...

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What is the Personal Legal Services industry?

The Personal Legal Services industry has a low level of market share concentration, with the top four players accounting for significantly less than 40% of revenue. The industry is dominated by small firms and non-employing solicitors. Larger players generate a minor share of total industry revenue, although this share has increased over the past five years. The diversity of areas of law covered by the industry and the specificity of the practice of the law encourage specialisation. This is because a lawyer or practice that builds expertise in a certain area is able to capture economies of scale, as they are able to offset the time needed to develop expertise with an increasing volume of cases in that area, spreading costs across a greater number of cases. Man...

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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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    Products & Brands

    Major products in this industry
    Property law
    Wills, probate and estate activities
    Family law
    Personal injury law
    Other legal 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
  • 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

  • Products & Markets
    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
    Competitive Landscape
    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
    Major Companies
    There are no major players in this industry
    Operating Conditions
    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
    Key Statistics
    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
    Jargon & Glossary
    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.
  • 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 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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