UK Family Law Market Briefing Published – Steady if unspectacular growth for the next 5 years
23 Nov 2017
The UK Family Law Market Briefing is the fourth edition of an annual Legal Market Briefing from IRN Research and provides an overview of the UK family law market.
The family law market took a major hit in 2014 as the legal aid changes had a major impact on the volume of work, with the market also slowing in 2013 as the changes were first implemented. The market bounced back in 2015 and continued to grow in 2016. In 2017, further growth is anticipated but at a lower rate than in 2016.
A clear majority of family law practitioners are expecting volume and revenue growth over the next 12 months. Key market drivers identified by practitioners are: legal advice in new areas such as same-sex couples and co-habiting couples; more cases involving financial matters and disputes; mediation services; international work.
The market value is forecast to increase steadily, if unspectacularly, over the coming five years, based on an anticipated continued fall in divorce cases compensated by continued rises in legal costs, but with costs rises controlled by the introduction of more price transparency. Over 2017 to 2022, the market is expected to grow by 11% in value terms.
The family law sector, like the consumer legal market as a whole, exhibits the classic long-tail characteristics of a professional services sector. A few major companies dominate the market, followed by a long-tail of companies of diminishing size. There are large specialist international law firms dealing with high net worth clients and offering family law services plus large law firms focusing on consumer law. There are niche family law specialist firms and then a large number of general practice law firms offering family law alongside other consumer law services.
The briefing (51pp, PDF), is available directly from IRN Research, priced at £180. UK sterling price is plus VAT so total price is £216.
The UK Family Law Market Briefing is one of a series of briefings produced each year with
others covering Commercial Law, Conveyancing, Personal Injury, Wills & Probate, Medico-Legal & Insurance Services, and Maritime & Shipping Law. Further details and order details at www.irn-research.com/reports .