UK Business Law Market – IRN Legal Market Briefing 2017
UK Business Law market
NTRODUCTION
Overview of Business Law
EXECUTIVE SUMMARY
MARKET STRUCTURE AND TRENDS
The organisation of business justice
A market in three layers
The Key Players
Considerable overlap between practice areas
RECENT DEVELOPMENTS
Brexit
A market where price transparency is missing
Which could open the market to unregulated legal providers
And open the market to online matching services
And make it easier for other new market entrants
CMA findings build on existing pressure for fixed fees
Third party funding rising in popularity
The Financial List makes its first ever judgement
Efforts to reduce the number of full trials in the commercial courts
Greater use of technology in commercial cases
With technology set to be the third leg in the legal stool
THE BUSINESS LAW MARKET
Turnover of over £14 billion and a market worth around £11 billion.
A growing market but one that is increasingly competitive
Corporate/commercial law and litigation the main sectors
In terms of client, legal services sell mainly to businesses
Small businesses are the main volume users
Large companies spend the big bucks
THE FUTURE
Law firms will have to become more flexible and nimble.
Controlling costs will be a top priority
More mergers
Some areas of the market will struggle
CORPORATE, FINANCIAL AND COMMERCIAL LAW
Global economic events drive the top end of this market
Global M & A fall in 2016
But domestic acquisitions rise strongly
Company starts are growing while deaths are declining
Growth in work for tax lawyers
The number of commercial Chancery Division claims falls in 2015
Commercial Court claims down by 20%
More shipping and Maritime cases in the Admiralty Court
Number of technology and construction cases falls
EMPLOYMENT LAW
A market influenced by legal changes
More niche work
Large rise in employment jurisdictional complaints in 2015
Earnings disputes the main driver of tribunal work
INTERNATIONAL LITIGATION AND DISPUTE RESOLUTION
London, an international hub for litigation and mediation
But overseas competition is strong
It’s a low volume very high value area of the law
The UK mediation market handles over £10 billion of claims
INTELLECTUAL PROPERTY, PATENTS AND TRADEMARKS
It’s a vital area of the law
Legal cases related to patents, trademarks and designs
COMMERCIAL PROPERTY LAW
ASSOCIATIONS
Overview of Business Law
EXECUTIVE SUMMARY
MARKET STRUCTURE AND TRENDS
The organisation of business justice
A market in three layers
The Key Players
Considerable overlap between practice areas
RECENT DEVELOPMENTS
Brexit
A market where price transparency is missing
Which could open the market to unregulated legal providers
And open the market to online matching services
And make it easier for other new market entrants
CMA findings build on existing pressure for fixed fees
Third party funding rising in popularity
The Financial List makes its first ever judgement
Efforts to reduce the number of full trials in the commercial courts
Greater use of technology in commercial cases
With technology set to be the third leg in the legal stool
THE BUSINESS LAW MARKET
Turnover of over £14 billion and a market worth around £11 billion.
A growing market but one that is increasingly competitive
Corporate/commercial law and litigation the main sectors
In terms of client, legal services sell mainly to businesses
Small businesses are the main volume users
Large companies spend the big bucks
THE FUTURE
Law firms will have to become more flexible and nimble.
Controlling costs will be a top priority
More mergers
Some areas of the market will struggle
CORPORATE, FINANCIAL AND COMMERCIAL LAW
Global economic events drive the top end of this market
Global M & A fall in 2016
But domestic acquisitions rise strongly
Company starts are growing while deaths are declining
Growth in work for tax lawyers
The number of commercial Chancery Division claims falls in 2015
Commercial Court claims down by 20%
More shipping and Maritime cases in the Admiralty Court
Number of technology and construction cases falls
EMPLOYMENT LAW
A market influenced by legal changes
More niche work
Large rise in employment jurisdictional complaints in 2015
Earnings disputes the main driver of tribunal work
INTERNATIONAL LITIGATION AND DISPUTE RESOLUTION
London, an international hub for litigation and mediation
But overseas competition is strong
It’s a low volume very high value area of the law
The UK mediation market handles over £10 billion of claims
INTELLECTUAL PROPERTY, PATENTS AND TRADEMARKS
It’s a vital area of the law
Legal cases related to patents, trademarks and designs
COMMERCIAL PROPERTY LAW
ASSOCIATIONS
