The performance of legal practices will be fairly ordinary over the five years through 2012-13, with industry revenue expected to decline 0.4% per annum. In 2012-13, about 18,167 enterprises will operate in the industry, generating total revenue of $21 billion (a 2.4% increase on the previous year). The decline is a result of contractions during the global recession. The improvement expected in 2012-13 is a result of steady merger and acquisition activity. However, the value of funds involved in initial public offerings (IPOs) and M&As is masking the fact that the number of these cases has not risen accordingly.
Companies in this industry provide legal services. This includes solicitors, barristers and legal aid offices. Conveyancing services provided by lawyers and patent offices are also included in this industry. This industry does not include services provided by in-house legal teams.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.