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
- Licensed Conveyancers
- Patent And Trademark Attorneys
- Cost Lawyers
- Alternative Business Structures (ABS)
- Alternative Legal Services Providers
- Other Providers Of Legal Services
- Personnel Numbers
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
- Hogan Lovells
- Allen & Overy LLP
- 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)
- 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
- M&A Activity
- Company Formations And Insolvencies
- Commercial Courts
- International Litigation And Dispute Resolution
- Personal Injury
- 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 Law
- Family Court Cases Started In 2021 Around The Same As 2020
- Employment Law
- Employment Tribunal Cases Increasing Since 2017
- Criminal Law
- Criminal Trial Numbers Hit A Low In 2020 But Increased In 2021
- The Future
- Further Growth Expected In 2022 But Driven By Corporate Work
- Forecasts
7. Professional Bodies
For more information about this report visit https://www.researchandmarkets.com/r/j6i4th
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