Firms expand offerings in order to compete for client business
Melbourne, Australia (PRWEB) December 08, 2012
Workers, households and individuals across Australia are exposed to numerous risks. The number of incidents and transactions that occur annually that require the services of a legal practitioner is endless. While a significant contributor to industry revenue is personal injury, other significant components of the industry's services include property law and family law matters. According to IBISWorld industry analyst Ee Jen Lee, “As the demand for legal services from households pertaining to these matters are typically unaffected by economic conditions, industry revenue has not been greatly impacted by the global financial crisis.” Over the five years through 2012-13, revenue for the Personal Legal Services industry in Australia is forecast to grow at a compound annual rate of 3.1%, to reach $3.11 billion in 2012-13. In 2012-13, industry revenue is forecast to grow by 2.0%.
The fiercely competitive personal injury market, among the largest of personal legal services offered, is consolidating. The Personal Legal Services industry's largest participants have been actively acquiring practices and capitalising on their increasing brand recognition to win more customers. Others have chosen to pursue organic growth through aggressive marketing and referral business. “This is occurring amidst a downward trend in the number of workplace injury incidence and motor vehicle accidents,” added Lee. At the same time, many homegrown firms are seeking growth in similar legal markets overseas. Law reforms in the United Kingdom have enabled non-legal ownership of legal practices under an alternative business structure. This reform has enabled well-capitalised companies to expand operations in the country.
As the UK landscape continues to evolve over the next five years, adopting many of Australia's legal characteristics, Australian firms are well placed to establish themselves overseas. Locally, the nation's largest players will leverage on their roles in class actions to further raise their profile. Besides tapping into opportunities overseas, companies will be diversifying their service provision into areas such as family law to create more stable streams of revenue. At the same time, as smaller owner operators continue to be squeezed out by the industry's largest players, many will incorporate a full service offering to cement their place in the industry. On the back of a steady demand for personal injury services, family law and conveyancing services, IBISWorld forecasts that industry revenue to continue to grow over the five years through 2017-18. For more information, visit IBISWorld’s Personal Legal Services report in Australia industry page.
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IBISWorld industry Report Key Topics
Legal practitioners in this industry (i.e. lawyers or attorneys) advise and represent individuals. The most significant areas of practise are in the matters of personal injury law, family law, property law, class actions, wills, probates and residential conveyancing.
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.