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

Legal practitioners in the Personal Legal Services industry service individuals and households across Australia. The industry's primary services relate to personal injury law, family law and property law. However, class action lawsuits have also increased in popularity over the past five years. Although there are several large law firms that are recognised for their personal injury and class action services, the industry is dominated by sole proprietors and small firms that employ less than 20 people. A rise in the mortality rate and the number of divorces has supported the industry over the past five years, increasing demand for services relating to family law and wills, estates and probates. As a result, industry revenue is expected to grow at an annualised 1.5%...read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Internal and external competitive conditions have increased over the past five years
  • Class actions are often highly profitable, due to their complex and lengthy nature
  • Increasing consumer awareness of the industry's largest firms is expected to support revenue growth
  • Industry Report - Industry SWOT Analysis Chapter

    The Personal Legal Services industry is in the mature phase of its economic life cycle. Industry value added, a measure of the industry's contribution to the overall economy, is forecast to grow at an annualised 2.4% over the 10 years through 2022-23. This represents a slight underperformance relative to growth in real GDP, which is projected to rise at an annualised 2.5% over the same period. This is indicative of a mature industry. Services provided by industry players have been around for many decades, and hence have wholehearted market acceptance. Additionally, there is little technology change occurring within the industry. Over the past five years, technological change has largely revolved around increasing operating efficiencies. Thi...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 (including completed prior contracts)
  • 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 and wills and probates.

    Industry Products
  • Property law
  • Wills, probate and estate
  • Family law
  • Personal injury law
  • Other personal legal services
  • Class actions
  • Industry Activities
  • Litigation services
  • Barrister services
  • Alternative dispute resolution services
  • Property law services
  • Family law services
  • Class action services
  • Personal injury law 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
  • Class actions
  • 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
  • Class actions
  • Wills, probate and estate
  • Other personal 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
    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
  • 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
  • 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 range of legal matters, but who generally briefs barristers when complex advocacy work is required.
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    Why buy this report?

    IBISWorld’s Personal 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.

    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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