The past five years have challenged the Legal Services industry, with the aftermath of the global financial crisis taking its toll. While profit margins have remained high, revenue growth has slowed due to declining demand for services as businesses have implemented cost-cutting measures. As business confidence fell during the financial crisis, so too did mergers and acquisitions and other transactional work. Large firms responded by restructuring and making changes to remuneration, including freezing wages and cancelling bonuses. The top firms have since changed significantly, pursuing global markets through mergers and relationships with international firms.
Companies in the industry provide a broad range of legal services. This includes solicitors, barristers and legal aid offices. 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.
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.