The industry is growing in line with support for innovation
Melbourne, Australia (PRWEB) January 23, 2013
The Trademark and Patent Lawyers and Attorneys industry in Australia has grown steadily over the past five years, and defied the downturn in Australia's broader legal services industry over the same period. Overall, the industry is expected to grow at an annualised 3.3% over the five years through 2012-13 to reach $857.7 million. According to IBISWorld Industry analyst Suzannah Rowley, "during this period, the industry has benefited from the strong performance of downstream markets such as the Biotechnology industry." Increasing consolidation within the Financial Services industry has also supported demand for the industry's services given the drafting, monitoring and enforcement of confidentiality and secrecy agreements required during consolidation. Added to this has been the positive effect of several macroeconomic factors such as high levels of business confidence, capital expenditure and ongoing innovation within the private sector. Despite dipping slightly in the past year, business confidence rebounded well after the onset of the global economic downturn and has remained positive overall. This has boosted private capital expenditure and the amount spent on research and development, all of which sustains demand for trademark and patent legal services. Over 2012-13, demand for the industry should also grow in response to major legal reforms of Australia's intellectual property system, which will likely contribute to the 3.0% revenue growth forecast for the year.
Looking ahead, the industry is expected to benefit from the positive outlook for downstream markets and key macroeconomic drivers of growth. Growth for Australia's Biotechnology industry is expected to accelerate over this period in response to strong investment in commercial-ready technology about to enter the market. Consolidation is also expected to continue within the Financial Services industry but at a slower rate compared with the past five years. Government support for innovation is also expected to remain strong over the next decade given the Federal Government's Powering Ideas initiative. As a result of these factors, industry revenue is expected to grow over the next five years.
The Trademark and Patent Lawyers and Attorneys industry is characterised by a low level of market share concentration. The industry remains highly fragmented despite the presence of six considerably large law firms, as many solicitors are available throughout Australia through smaller firms. Barristers also attract work, however, this is primarily when court representation is required due to the inability of solicitors to act in court. Market share concentration is not expected to change significantly in the next five years, and the industry should remain fragmented. Large firms such as Minter Ellison and Ashurst Australia are expected to continue to experience success, however, the value of smaller and generally more affordable firms is not expected to diminish.
For more information, visit IBISWorld’s Trademark and Patent Lawyers and Attorneys report in Australia industry page.
Follow IBISWorld on Twitter: http://twitter.com/#!/ibisworldau
IBISWorld industry Report Key Topics
Legal practitioners (lawyers or attorneys) in this industry practice intellectual property law, including patent, copyright and trademark, including filing and litigation.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.