Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "UK Legal Services Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The report comes at a time of major changes in the sector including the arrival of no-fault divorces, new legislation for domestic abuse cases, more encouragement for mediation, and a strong growth in online divorce applications.
The eighth edition of an annual report which provides a review of the market looking at the legislative background, recent market developments and drivers, market structure, market size and trends with historical volume and value data, the key players and future market developments with forecasts to 2025.
UK legal services sector registering healthy growth but mixed fortunes for consumer legal markets
- In 2022 the legal services market was valued at £43.9bn increasing by 6.3% at current prices on the 2021 value.
- Law firm numbers continue to fall and at the end of 2022 there were 9,622 firms in England and Wales, a 2% decrease on the total in December 2021. The number of law firms across the UK has dropped to around 11,500.
- The top 100 UK law firms generated a combined revenue of £31.6bn in 2021/22, an increase of 10.1% compared to the previous year. The top 10 UK law firms had total revenues of £17.2bn, an 8.7% increase on 2021.
- 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 48% in 2022 (over 47% in 2021).
- The core consumer law market value was estimated at over £17bn in 2022 and the largest segment is personal injury/accident/medical negligence work valued at over £4bn. Family law and employment law are the next largest segments. "Other legal services" account for the remaining £5.4bn and this is mainly made up of some smaller consumer law markets.
- In the consumer law market, the best performing sectors over the last year have been family law and employment law. The wills and probate sector had steady growth but the personal injury sector continued to struggle with claims numbers falling for the third year running. The residential conveyancing market was performing well for most of 2022 but the mini-budget and subsequent interest rate increases in Autumn had an immediate negative impact on the sector and it is still struggling.
- The forecast for 2023 assumes similar growth in market value to 2022. Between 2022 and 2026, CAGR (compound annual growth rate) is forecast at 5.46%.
Key Topics Covered:
EXECUTIVE SUMMARY
MARKET STRUCTURE
- Clear majority of legal advisers are regulated
- Law firm segments
- Law firm numbers continue to decrease year-on-year
- Chamber numbers increase in 2022
- Licensed conveyancers
- Patent and trademark attorneys
- Cost lawyers
- Alternative business structures (ABS)
- Alternative legal services providers
- The Big Four
- Other providers of legal services
- Personnel numbers
- Solicitors
- Barristers
- Other legal professionals
- Total legal services employment
MARKET DEVELOPMENTS
- LSB's annual assessment of legal services regulators
- MOJ review of civil legal aid
- Review of the civil costs regime
- Increasing the use of mediation in the civil justice system
- Mapping the unregulated legal sector
- Official Injury Claim - first year review
- HMCTS's Court Reforms Behind Schedule and Still Gaps
THE KEY PLAYERS
- The Top 100 firms generate strong growth
- Acquisitions and mergers
- Top 5 UK Law Firms - Profiles
- DLA Piper International LLP
- Clifford Chance LLP
- Allen & Overy LLP
- Hogan Lovells.
- Linklaters LLP
- Selected Other Legal Services Providers
- Listed Law Firms
- DWF
- Gateley PLC
- The Ince Group PLC
- Keystone Law Group PLC
- Knights PLC
- NAHL Group PLC
- RBG Holdings PLC (Rosenblatt)
- Other listed companies with legal interests
- Anexo.
- Frenkel Topping Group
- Marlowe
- MJ Hudson
- Consumer Law Firms
- Coop Legal Services
- Fletchers Solicitors
- Irwin Mitchell LLP
- Minster Law Ltd
- Slater & Gordon Lawyers
MARKET SIZE AND TRENDS
- Market revenue reaches almost £44bn in 2022
- UK exports of legal services reach almost £7bn
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 continues to decline in 2022
- Number of PI claims reaching courts falls for fourth year running
- Commercial and residential property, including conveyancing
- Overview
- Upturn in property transactions halted in 2022
- Wills, trusts and probate
- Overview
- Probate applications decreasing in 2022
- Family law
- Overview
- Marginal decrease in Family Court cases started in 2022
- Employment law
- Overview
- Employment tribunal cases increasing since 2017
THE FUTURE
- Further growth expected in 2023 at a similar rate to 2022
- Forecasts
PROFESSIONAL BODIES AND REGULATORY AUTHORITIES
For more information about this report visit https://www.researchandmarkets.com/r/o51i3f
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