UK Legal Services Market Report 2017
UK Legal Services Market
EXECUTIVE SUMMARY
UK LEGAL MARKET TIMELINE
MARKET STRUCTURE
A mostly regulated market
Many sub-markets
The number of law firms
Personnel numbers
MARKET DEVELOPMENTS
Brexit
The CMA calls for more price transparency
CMA findings build on existing pressure for fixed fees
Efforts to reduce the number of full trials
Greater use of technology
Civil Courts Structure Review
Medco and the Claims Portal Reforms
Government confirms further reforms of the personal injury market
Probate fees to increase in 2017
The Financial List makes its first ever judgement
ABS sector continues to develop
Separation of legal regulators from their representative bodies
SRA proposals that solicitors be allowed to engage in unregulated activities
THE KEY PLAYERS
The Top
The Top
Acquisitions and mergers
Top 5 UK Law Firms – Profiles
Selected Other Legal Services Providers
Consumer Law Firms
MARKET SIZE AND TRENDS
Legal firms experience a decline in turnover in 2016
2016 the second worst year in a decade
With barristers experiencing the biggest rollercoaster of sales
MARKET SEGMENTATION
Corporate, financial and commercial law
International litigation and dispute resolution
Personal Injury
Commercial and residential property, including conveyancing
Wills, trusts and probate
Family law
Employment law
PRACTITIONER RESEARCH
Volume growth holds up in most consumer law sectors
Weaker revenue prospects in PI and wills/probate
THE FUTURE
An uncertain future
New personal injury rules could cause a reduction in law firm numbers
More flexible market where large firms may take on a contractor role
Controlling costs will be a top priority
The end of the partnership business model
Technology set to play a growing role
More mergers
Forecasts
PROFESSIONAL BODIES AND REGULATORY AUTHORITIES
UK LEGAL MARKET TIMELINE
MARKET STRUCTURE
A mostly regulated market
Many sub-markets
The number of law firms
Personnel numbers
MARKET DEVELOPMENTS
Brexit
The CMA calls for more price transparency
CMA findings build on existing pressure for fixed fees
Efforts to reduce the number of full trials
Greater use of technology
Civil Courts Structure Review
Medco and the Claims Portal Reforms
Government confirms further reforms of the personal injury market
Probate fees to increase in 2017
The Financial List makes its first ever judgement
ABS sector continues to develop
Separation of legal regulators from their representative bodies
SRA proposals that solicitors be allowed to engage in unregulated activities
THE KEY PLAYERS
The Top
The Top
Acquisitions and mergers
Top 5 UK Law Firms – Profiles
Selected Other Legal Services Providers
Consumer Law Firms
MARKET SIZE AND TRENDS
Legal firms experience a decline in turnover in 2016
2016 the second worst year in a decade
With barristers experiencing the biggest rollercoaster of sales
MARKET SEGMENTATION
Corporate, financial and commercial law
International litigation and dispute resolution
Personal Injury
Commercial and residential property, including conveyancing
Wills, trusts and probate
Family law
Employment law
PRACTITIONER RESEARCH
Volume growth holds up in most consumer law sectors
Weaker revenue prospects in PI and wills/probate
THE FUTURE
An uncertain future
New personal injury rules could cause a reduction in law firm numbers
More flexible market where large firms may take on a contractor role
Controlling costs will be a top priority
The end of the partnership business model
Technology set to play a growing role
More mergers
Forecasts
PROFESSIONAL BODIES AND REGULATORY AUTHORITIES
