10th Annual Edition of UK Legal Services Market Report Published
09 Mar 2020
UK legal services market revenue reaches £37bn in 2019 and annual growth of almost 5% forecast for the next two years
• The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at an estimated £37bn in 2019, increasing by 4.6% at current prices on the 2018 market value.
• Revenue growth for the top 100 firms outperformed growth in the legal market overall partly because most of their work is in the corporate sector which continues to perform better than most consumer law sectors and partly because a significant percentage of their revenue comes from overseas. Many firms in this group have also been at the forefront of investment in new technologies and processes to create a more efficient working model.
• By far the largest segment in the UK market is legal work for business and commercial affairs accounting for 46% of total UK market revenue. Consumer law market value is estimated at £20bn and the largest segment is personal injury/accident/medical negligence work.
• There are now six UK law firms that have joined the Stock Exchange plus four other broader groups that have legal businesses in their portfolio and are listed. Most of these businesses have been performing well and expanding their offerings beyond pure legal services.
• There is still consolidation in core consumer legal markets lead by conveyancing and personal injury. There are also signs that leading volume players in the wills and probate market are increasing their market share.
• The fourth annual set of results from a survey of 192 legal practitioners is included in this report. These practitioners work in four consumer law areas: conveyancing; family law; personal injury; wills and probate. Over the last year, the majority of those working in consumer law have experienced an increase in work volumes, and even more are expecting growth in 2020.
• Our revenue growth forecast for UK legal services market in both 2020 and 2021 is 4.9%, representing some improvement on 2019.
The UK Legal Services Market Report 2020 is available directly from IRN Research, priced at £400 (plus VAT).
Through the year, there are other Market Reports on: business legal services; clinical negligence; conveyancing; family law; medico-legal & insurance; personal injury; wills, probate & trusts. All 8 Market Reports are available for a subscription price of £1,400 (plus VAT).
To order the report, or see the Contents Page for the report, visit www.irn-research.com/market-research-legal-reports/