UK Legal Services Market Emerging Growth, Opportunity Assessment, Product Overview, Application Forecast 2022

The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at an estimated £32.7bn in 2018 and this is an increase of 3.8% on the market value of £31.5bn in 2018.

There are around 12,000 law firms in the UK, and 12,248 in England and Wales at the end of 2018. The overwhelming majority of law firms - 87% - are small firms with four or less partners but the top 200 law firms account for over 52% of private practice revenues generated in the UK.

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Revenue growth for the top 200 firms outperformed growth in the legal market overall partly because most of their work is in the corporate sector which is performing better than most consumer law sectors and partly because a significant percentage of their revenue comes from overseas.

Business models for law firms have changed over the last decade. By the end of 2018, incorporated companies accounted for 47% of all law firms and the traditional partnership model accounted for only 18.2% and is still falling.

There are now over 1,100 Alternative Business Structures (ABS), the mechanism through which non-lawyers can invest in law firms and legal services. The number of ABS licensing bodies is now five with CILEx applying to become the sixth in 2018. The Solicitors Regulation Authority (SRA) still accounts for a majority of ABS.

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Our revenue growth forecast for UK legal services market in 2019 is 5.2%, an improvement on 2018. In 2020 and 2023, market growth is forecast to be even stronger with the total market value forecast to reach over £40bn by 2021. Corporate law will continue to drive market growth.

In the next year or so, and leaving Brexit aside, the two factors that are likely to have a major impact are IT innovation, and calls for price transparency. The former is not just about artificial intelligence (AI) which, despite all the media coverage, has yet to be used extensively in the legal sector. It is important for firms of all sizes to explore IT innovation such as CRM system improvements, new ways of working, improved client-facing portals, IT to aid mobile working and so on. These IT improvements will not only help to manage costs and improve efficiency but also create client-centric solutions that will help to differentiate one law firm from another.

By far the largest segment in the UK market is legal work for business and commercial affairs (including commercial property) accounting for 46% of total market revenue and most of the high-value work in this segment is undertaken by the larger law firms. The largest consumer law segments are personal injury/accident/medical negligence work, and family law, contributing an estimated 12% and 8% respectively of UK market revenue.

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This release was published on openPR.