Dublin, March 11, 2020 (GLOBE NEWSWIRE) -- The "UK Legal Services Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The report provides an annual market review of the UK legal services market. The sections covered are Executive Summary; Legal Services Timeline; Market Structure; Market Developments; Key Players; Market Size & Trends; Key Market Segments; Practitioner Survey - 192 Professionals; Market Forecasts to 2023.
Companies profiled in the report are: DLA Piper, Clifford Chance, Allen & Overy, Linklaters, Hogan Lovells; listed law firms DWF, Gateley, Gordon Dadds, Keystone Law Group, Knights, Rosenblatt; consumer law firms Cooperative Legal Services, Irwin Mitchell, Simpson Millar, Slater & Gordon.
Highlights from the Report
- The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at an estimated 37 bn 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 20 bn 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.
- The revenue growth forecast for UK legal services market in both 2020 and 2021 is 4.9%, representing some improvement on 2019.
Key Topics Covered
1. EXECUTIVE SUMMARY
2. MARKET STRUCTURE
- Most legal advisors are regulated
- Law firm segments
- Almost 12,000 law firms in the UK
- Chambers pass 400
- Licensed conveyancers
- Patent and trademark attorneys
- Cost lawyers
- Alternative Business Structures (ABS)
- Alternative legal services providers
- Other providers of legal services
- Personnel numbers
3. MARKET DEVELOPMENTS
- New Standards and Regulations Introduced by SRA
- Insurance for Freelance Solicitors Launched
- Legal Sector Workforce Projections and Trends
- Revised Governance Rules for Regulators
- Welsh Government's Review of the Legal Sector
- Proposed New Damages-based Agreements Regulations in New Review
- HMCTS Behind Schedule on Courts Reform, says National Audit Office
4. THE KEY PLAYERS
The Top 100
The Top 10
Acquisitions & Mergers
Top 5 UK Law Firms - Profiles
- DLA Piper International LLP
- Clifford Chance LLP
- Allen & Overy LLP
- Linklaters LLP
- Hogan Lovells
Selected Other Legal Services Providers
Listed Law Firms
- DWF
- Gateley (Holdings) PLC
- The Ince Group/Gordon Dadds PLC
- Keystone Law Group PLC
- Knights PLC
- Rosenblatt Ltd
Consumer Law Firms
- Cooperative Legal Services
- Irwin Mitchell
- Simpson Millar LLP
- Slater & Gordon Lawyers
5. MARKET SIZE AND TRENDS
- Market revenue reaches 37 bn in 2019
- UK exports of legal services jump to beyond 6 bn
6. MARKET SEGMENTATION
Corporate, financial and commercial law
- Overview
- M&A activity
- Company formations and insolvencies
- Commercial Courts
- International litigation and dispute resolution
Personal injury
- Overview
- The number of cases increases in 2018/19
- Number of personal injury claims heard in court declines to an annual low
Commercial and residential property, including conveyancing
- Overview
- Decreases in property transactions in last three years
Wills, trusts and probate
- Overview
- Increases in probate applications in last three years
Family law
- Overview
- Family Court cases started increasing
Employment law
- Overview
Employment tribunal cases increasing since 2017
- Criminal law
- Overview
- Criminal trials
7. PRACTITIONER RESEARCH
- Volume growth for a majority but still weaknesses in personal injury
8. THE FUTURE
- Cautious optimism for the year ahead
- Forecasts
9. PROFESSIONAL BODIES AND REGULATORY AUTHORITIES
For more information about this report visit https://www.researchandmarkets.com/r/yivlon
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