Dublin, May 04, 2021 (GLOBE NEWSWIRE) -- The "UK Legal Services Market Report 2021" report has been added to ResearchAndMarkets.com's offering.
The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at almost £37bn in 2020, unchanged from 2019. In the first three-quarters of 2020 revenue decreased by 1.5% compared to the previous year mainly due to a decline in the first lockdown. In the last quarter of 2020, revenue increased.
The number of law firms in the UK stands at just below 12,000. In England and Wales incorporated companies now account for half of all law firm business models. So far, COVID-19 has not led to significant numbers of law firm closures but 2021 is likely to see more as furlough ends in Autumn and restructuring in some sectors gathers pace.
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 UK market revenue and most of the high-value work in this segment is undertaken by the larger law firms. The largest segment in the consumer law market is personal injury/accident/medical negligence work valued at £4bn although this sector has seen a decline in revenue in 2020. Family law and employment law are the next largest segments, followed by wills and probate and conveyancing.
The fifth annual set of results from our survey of 222 legal practitioners is included in this report. These practitioners work in four consumer law areas: conveyancing; family law; personal injury; wills and probate. A majority of practitioners in most consumer legal sectors reported volume growth in the last 12 months although the "last 12 months" covers a five month period before the pandemic and seven months post-March 2020. However, the one practice area where workload decreased significantly in the last 12 months was personal injury.
Over half of all firms are expecting volume growth in the next 12 months but there are clear differences between practice areas. Large increases are expected in wills and probate and family law. Some way behind is conveyancing and the difficulties in the personal injury sector are expected to continue.
The publisher expects the legal services market to grow by 4.4% in 2021 and then at a higher rate in 2022.
Many of the moves to home working and virtual consultations with clients, which spread across the market as a result of the pandemic, are expected to stay in place in the longer term: 40% of practitioners interviewed are expecting to see some of their physical office space reduced or closed in 2021 and 2022.
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
Over 400 chambers
Patent and trademark attorneys
Alternative business structures (ABS)
Alternative legal services providers
Other providers of legal services
3. Market Developments
CMA 2020 review of the legal services market
Review of legal services - some achievements but too many unmet needs
Year one independent evaluation of SRA transparency rules
Review recommends that all legal providers should be regulated
CMA reports on the Scottish legal system
PI reforms here in 2021
Alternative legal services providers becoming mainstream
Court and tribunal backlogs exacerbated by COVID-19
4. They Key Players
The Top 100
The Top 10
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
Gateley (Holdings) PLC
The Ince Group PLC
Keystone Law Group PLC
Consumer law firms
Cooperative Legal Services
Simpson Millar LLP
Slater & Gordon Lawyers
5. Market Size and Trends
Market revenue unchanged in 2020
UK exports of legal services increase to almost £7bn
6. Market Segmentation
Corporate, financial and commercial law
International litigation and dispute resolution
The number of cases decreases in 2019/20
Number of personal injury claims heard in court declines again to an annual low
Commercial and residential property, including conveyancing
Decreases in property transactions in last three years
Wills, trusts and probate
Decrease in probate applications in 2019 but growing again in 2020
Family Court cases started increasing
Employment tribunal cases increasing since 2017
7. Practitioner Research
8. The Future
A Bounce Back in the Year Ahead?
9. Professional Bodies and Regulatory Authorities
For more information about this report visit https://www.researchandmarkets.com/r/hw00ar
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