Dublin, July 21, 2022 (GLOBE NEWSWIRE) -- The "UK Legal Services Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The UK Legal Services Market Trends Report provides a unique detailed market review and analysis of the UK legal services market, including conveyancing, family law, personal injury, wills, and probate.
After a difficult time in 2020, the UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) bounced back in 2021 with market value growth at current prices of 12.4%.
For the first time in 2021, the number of law firms in England and Wales dropped below 10,000: at the end of the year, there were 9,809 firms. In England and Wales, the incorporated company model now accounts for a majority of law firms (52%). Only 13% of firms still operate via a traditional partnership model.
Legal advice for business and commercial matters (including commercial property) is the largest specific market segment and it increased its share of the total UK legal services market to over 47% in 2021. The consumer law market value was estimated at almost £22bn and the largest segment in personal injury/accident/medical negligence work was valued at over £4bn.
Family law and employment law are the next largest segments. The various consumer law sectors had mixed fortunes in 2021. Conveyancing, employment law (both for employees and employers), and probate legal advice performed reasonably well while family law was not far behind. Divorce numbers have been falling year-on-year for the last few years but demand in other areas of family law is still healthy.
The personal injury sector is still struggling with claims numbers falling again in 2021 after a large decrease in 2020 although the clinical negligence sector had a better year.
The criminal law sector witnessed a large decline in cases in 2021 and is facing a serious backlog in the courts. After double-digit growth in 2021, revenue growth is forecast to increase by between 7% and 8% in 2022, and growth is expected to continue to be driven by the corporate law market.
Most consumer law sectors should witness steady growth with personal injury again being the exception. The cost of living increases and some weakening of consumer confidence may also have an impact on the conveyancing sector.
Key Topics Covered:
1. Executive Summary
2. Market Structure
Most Legal Advisors Are Regulated
Law Firm Segments
Law Firm Numbers Decrease In 2021 And Dip Below 10,000
Chamber Numbers Increase In 2020
Patent And Trademark Attorneys
Alternative Business Structures (ABS)
Alternative Legal Services Providers
Other Providers Of Legal Services
3. Market Developments
Reshaping Legal Services To Better Meet Society's Needs
Government Drops Plans For Further Reform Of Whiplash Claims
No-Fault Divorce Becomes A Reality In 2022
Spending Review Gives MoJ A £3.2Bn Budget Increase
Extra Investment In Criminal Legal Aid System
Law Society Forecasts Of Legal Services Activity Up To 2028
Some Court Fees Increased In England And Wales In 2021
LSB Refuses To De-Designate ACCA As A Probate Regulator
Lawtech Attracts £674M Of Private Investment Up To End 2020
4. The Key Players
The Top 100
Acquisitions and Mergers
Top 5 UK Law Firms - Profiles
DLA Piper International LLP
Clifford Chance LLP
Allen & Overy LLP
Selected Other Legal Services Providers
Listed Law Firms
The Ince Group PLC
Keystone Law Group PLC
NAHL Group PLC
RBG Holdings PLC (Rosenblatt)
Consumer Law Firms
Cooperative Legal Services
Irwin Mitchell LLP
Simpson Millar LLP
Slater & Gordon Lawyers
5. Market Size and Trends
Market Revenue Estimated At Over £41Bn In 2021
UK Exports Of Legal Services Reach Almost £7Bn
6. Market Segmentation
Corporate, Financial, And Commercial Law
Company Formations And Insolvencies
International Litigation And Dispute Resolution
The Number Of Cases Declines Significantly In 2020/21
Claims Dropped By Over 100,000 In Calendar Year 2021
Number Of Pi Claims Reaching Courts Falls For Fourth Year Running
Commercial And Residential Property, Including Conveyancing
Bounce Back In Property Transactions In 2021
Wills, Trusts, And Probate
Increases In Probate Applications In 2020 And 2021
Family Court Cases Started In 2021 Around The Same As 2020
Employment Tribunal Cases Increasing Since 2017
Criminal Trial Numbers Hit A Low In 2020 But Increased In 2021
Further Growth Expected In 2022 But Driven By Corporate Work
7. Professional Bodies
For more information about this report visit https://www.researchandmarkets.com/r/j6i4th
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