Empirical data provides the best foundation for informed decision-making and successful strategy development. The UK legal services market was valued at £35.1bn in 2018, increasing by 6.3% at current prices on the previous year. The UK legal services market emerged from 2020 with its value unchanged on the previous year, an annual snapshot of the sector reveals today. When inflation is taken into account then market value increased by 3.7% (constant prices). These practitioners work in four consumer law areas: conveyancing; family law; personal injury; wills and probate. The UK legal market remains dominated by some of the world’s largest law firms, and many of those firms are also dominant players in the global field, including the Magic Circle firms. All Rights Reserved. +44(0) 808 178 3020 The local market is dominated by some of the world’s largest law firms, and the UK’s largest firms are also dominant players on the global field. Following its first full year of use by British patients, a new study suggests that the market for legal cannabis in the UK could boom by billions of pounds in the next four years. The introduction of the Legal Services Act 2007 in 2011 started to change the market landscape. Our global reach as a UK-based service industry is outstanding. However legal … Those are among the conclusions of the 2020 State of the Legal Market in the UK report from Acritas and Peer Monitor, both part of Thomson Reuters, and the Legal Executive Institute. The number of law firms in the UK has stabilised in recent years at around 12,000, although the business model is changing: almost half of all firms are now incorporated companies and the … Over half of all firms are expecting volume growth in the next 12 months but there are clear differences between practice areas. Nigeria in particular is a burgeoning market for UK legal services. Sarah Thompson Pirical Legal Professionals, our legal search engine, has 100% of lawyers at Magic Circle and Silver Circle firms, as well as 100% of lawyers who work at UK Lawyer top 200 firms. This product is a market research report. The UK is the world’s second most valuable market for legal services and Brexit could provide a boost, an international market research business has reported. The nation has consistently been ranked as one of the top three destinations for foreign direct investment in Africa. probate, immigration, family and employment law.5 The relevant UK legal services have a turnover of around £11–£12 billion. The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at almost £37bn in 2020, unchanged from 2019. With Acritas you can be sure to find the information you need to improve business performance and sharpen your competitive edge. Acritas This year’s report: highlights consolidation and growth trends in this fast-moving and nimble market examines the fortunes of firms in the UK regions focuses on the challenges and changes […] Settings, For CA: Do not sell my personal information, Competition growing in UK legal market: 2020 State of the Legal Market in the UK Report from Acritas, Peer Monitor and Legal Executive Institute. 1. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com. The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at almost £37bn in 2020, unchanged from 2019. UK job market. The UK legal market remains dominated by some of the world’s largest law firms, and many of those firms are also dominant players in the global field, including the Magic Circle firms. Download Resource Book . Acritas, part of Thomson Reuters, is the world’s leading provider of global legal market intelligence. The Lawyer | Latest UK and international legal news The Lawyer.com brings you the latest international and UK legal news, including breaking stories on deals, lateral hires, panel appointments, disputes and law firm and the Bar developments. The legal services sector of the United Kingdom is a significant part of the national economy; it had a total output of £22.6 billion in 2013, up from 10.6 billion in 2001, and is equivalent to 1.6% of the country's gross domestic product for that year. The result is that half of all not-for-profit legal advice services and law centres … However, the one practice area where workload decreased significantly in the last 12 months was personal injury. We know that your success depends on the quality of your decisions. in Careers Advice, Employers, Legal Job Market Reports on 03/06/2020 by Jonathan Fagan. The number of law firm in the UK fell in 2020 for the first time as the industry consolidates and as the top 100 firms continue to boost their market share, according to a … Yet, the political and economic signals flash warnings at us, having turned more insistent each month during 2018. Incom-CNS is the UK's ultimate communications partner. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. In the last quarter of 2020, revenue increased. In the first three-quarters of 2020 revenue decreased by 1.5% compared to the previous year mainly due to a decline in the first lockdown. But the report notes that “the next decade clearly is not going to be plain sailing for UK law firms.” It notes a surge of new entrants in the market, including a renewed focus on legal services from the Big 4 accounting firms, as well as U.S.-based law firms aggressively pursuing market share. Copyright © 2002-2021 Research and Markets. Competitive pressures are growing in other areas as well. Speak to our Custom Research Team. In spite of the growing competition, the report concludes that UK law firms with a global presence and strong reputations are more likely to face a positive outlook as they will be better positioned to balance growth across multiple global markets. Legal job market report dated 10th July 2020 from Ten Percent Legal Recruitment and Interim Lawyers Locum Legal. The product is a PDF. Some people offer legal services as part of providing another professional service such as tax advice. UK legal services market revenue on hold in 2020 but most legal professionals are optimistic about the next 12 months The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at almost £37bn in 2020, unchanged from 2019. This has resulted in fee pressure, which can erode profitability quite quickly in a sector of the market with high salary costs that could be viewed as either fixed or variable.” Call our team on 0161 788 0000 or email sales@incom.co.uk 2.THE CHANGE IN CLIENT NEEDS AND BEHAVIOUR As the legal market unfolds, the consequences of market evolution and competition matched by regulatory changes will result in a shift in the make-up of legal providers. Continue Reading. You can also save money by doing some of your own legal work with a lawyer checking parts of it for you - this is often called an ‘unbundled' service. But the report notes that “the next decade clearly is not going to be plain sailing for UK law firms.” Legal Marketing Trends 2020 – 10 predictions on the future of marketing for law firms Legal Marketing Trends 2017-2020 – predictions on the future of marketing for law firms (Part 1) In part one of this article, we’ll examine some general marketing trends on the horizon and predict how these might impact law firms. This website uses cookies to ensure you get the best experience. By far the largest segment in the UK market is legal work for business and commercial affairs (including commercial property) accounting for 46% of total UK market revenue and most of the high-value work in this segment is undertaken by the larger law firms. “When a firm loses a top-performing lawyer, they lose both their expertise and strength in their client relationships, which are two of the top drivers of how a law firm’s brand is favourably viewed by its clients.”, “The competitive landscape is shifting rapidly,” continued Hart Shepherd, “Firms need to take a more pro-active approach in retaining both talent and clients. jeffrey.mccoy@thomsonreuters.com, Leverage unparalleled legal content, expertise, and technology, Find essential resources for broadcasters and publishers, Explore our tax and accounting technology, guidance, and expertise, Let us help you solve your toughest business challenges, Government professionals trust us to help them make informed decisions, Access global tax, legal, and risk management resources for today’s professional services firms, Expand your audience and your capabilities by joining our partner program, Integrate Thomson Reuters content and functionality to enhance your tools and workflows, Cookies Of the top 100 UK Star lawyers as rated by Acritas that changed firms last year, 30 went to U.S. firms. 1. This StEP provides an overview of the legal profession in different areas of practice, clarifying what solicitors and barristers do to enable you to think about what type of lawyer you want to be. The Magic Circle We currently have 85 experienced researchers ranking law firms and solicitors in the UK, providing a wealth of localised knowledge and market insight that you can trust. LONDON, March 5, 2020 – While the UK legal market has been growing recently, with revenues up again in 2018-19, the market is facing rising competition from U.S law firms and alternative legal service providers, including the Big 4 consulting firms. Legal aid. For more information, go to www.acritas.com. In Indeed, the local market remains strong and is dominated by some of the world’s largest law firms. The legal technology movement has hit its stride decisively over the last two years and firms have found the drive to innovate with scale and commitment. Research and Markets partners with charity: water. 6 We limited this market study to the supply of legal services in England and Please select an option from the list below. Overall, U.S. firms grew their UK lawyer headcount by 5.8 percent last year, especially in tax, employment, litigation and corporate practices. 19 December 2017: The Department’s House of Lords Spokesperson has replied on behalf of the Ministry of Justice to the legal services market study findings and recommendations. The UK is the world's most international market for legal … HVAC (Heating, Ventilation, & Air Conditioning), UK Legal Services Market Trends Report 2019, UK Wills & Probate Market 2020: Consumer Research Report, Wills, Probate & Trusts Market Trends Report 2018, CMA 2020 review of the legal services market, Review of legal services - some achievements but too many unmet needs, Year one independent evaluation of SRA transparency rules, Review recommends that all legal providers should be regulated, Alternative legal services providers becoming mainstream, Court and tribunal backlogs exacerbated by COVID-19, UK exports of legal services increase to almost £7bn, International litigation and dispute resolution, Number of personal injury claims heard in court declines again to an annual low, Commercial and residential property, including conveyancing, Decreases in property transactions in last three years, Decrease in probate applications in 2019 but growing again in 2020, Employment tribunal cases increasing since 2017. Professional Bodies and Regulatory Authorities, List of FiguresFigure 1 Legal Services Market Timeline May 2018 - February 2021Figure 2 Law firms in England and Wales regulated by SRA, January 2017 - December 2020Figure 3 The legal structure of solicitor law firms in England and Wales, December 2020Figure 4 The number of chambers in England and Wales, 2015-2020Figure 5 The number of Alternative Business Structures, September 2016-January 2021Figure 6 Number of practising solicitors in England and Wales, December each year, 2015-2020Figure 7 The number of barristers in England and Wales, 2015 - 2020Figure 8 Top 100 law firms - total revenue (£bn), 2014/15-2019/20Figure 9 The largest law firms by revenue in the UK, 2015-16 to 2019-20Figure 10 Annual turnover of businesses engaged in legal activities, 2015-2020 (£m)Figure 11 UK legal services turnover (£m), 2004-2020Figure 12 UK legal services - producer price index (2015 = 100), 2017-20Figure 13 Legal services imports/exports and trade balance, 2014-2019 (£m)Figure 14 Legal services market by key practice area, 2020Figure 15 The caseload of the London Court of International Arbitration, 2015-2020Figure 16 Breakdown of cases registered with the CRU, 2012-2020Figure 17 Breakdown of settlements with the CRU, 2012-2020Figure 18 Breakdown of the recoveries made by the CRU (£m), 2012-2020Figure 19 Claims Recorded by the CRU, Calendar Year 2019/2020Figure 20 PI claims issued in the county and magistrates' Courts, England and Wales, 2012-2019Figure 21 The number of property transactions in the UK, seasonally adjusted 2016-2020Figure 22 The number of grants of representation issued in England and Wales, 2014-2019Figure 23 Family Court cases started in England and Wales, by category, 2016-2020Figure 24 Divorce petitions filed, divorce cases started and decrees granted in England/Wales 2012-2020Figure 25 Employment Tribunals - total number of receipts by jurisdiction, 2015/16 to 2019/20Figure 26 Criminal Trials - total number 2014-2020Figure 27 Consumer legal market segments - practitioner survey summary results, 2020Figure 28 Consumer legal market segments actual/expected work volume changes, 2016-2020Figure 29 Prospects for main legal market segments, 2021Figure 30 Forecast of the turnover of legal services providers, 2020-2024 (£m), Note: Product cover images may vary from those shown. State of the Legal Market in the UK: Challenges to Growth and Sustainability. Legal news, blogs, commentary and analysis from Legal Business - the market-leading monthly magazine for legal professionals globally. 9. That is why our experts only make recommendations to clients based on the most robust research insights. Thomson Reuters Understanding the legal market. The UK 200: The Independents is the only report focusing entirely on the UK’s national, regional and boutique law firms ranked 101-200 in the UK 200. A 2019 Thomson Reuters survey found that the Big 4 and other alternative legal service providers (ALSP) now account for more than four percent of client budgets, and are growing at double-digit rates. Chambers and Partners has been the leading source of legal market intelligence for over 30 years now. +1.651.687.4091 The UK legal market has a good track record of growth, with revenues up again in 2018-19. So far, COVID-19 has not led to significant numbers of law firm closures but 2021 is likely to see more as furlough ends in Autumn and restructuring in some sectors gathers pace. A majority of practitioners in most consumer legal sectors reported volume growth in the last 12 months although the “last 12 months” covers a five month period before the pandemic and seven months post-March 2020. But the report notes that “the next decade clearly is not going to be plain sailing for UK law firms.” The fifth annual set of results from our survey of 222 legal practitioners is included in this report. HAVE A QUESTION? UK Legal Services Consumer Research Report 2020: Market Trends and Future Outlook Email Print Friendly Share April 28, 2020 08:28 ET | Source: Research and Markets Still haven't found what you're looking for? As the moral hysteria, racism and classism which had for the longest time stigmatised cannabis use finally dies down, governments around the globe are relaxing their laws surrounding the drug. The sector has a trade surplus is £3.1 billion in 2013 and directly employees 316,000 people, two-thirds of whom are located outside London. Government response(19.12.17) Key Decisions. Whilst the financial performance of UK law firms has been impacted by COVID-19, further analysis underlines the fact that there was ongoing economic pressure in the legal sector prior to … The latest legal news from The Lawyer, covering UK and international deals, disputes, lateral hires and updates on law firms and the Bar. Over the past couple of years, the legal market in the United Kingdom has shown a pretty good track record of growth, with revenues up again last year compared to the year prior. Over the last decade, annual legal aid expenditure in the UK has fallen by £950 million, or 38%, in real terms. In the legal market place you will find different types of lawyers offering legal services. The UK legal market remains dominated by some of the world’s largest law firms, and many of those firms are also dominant players in the global field, including the Magic Circle firms. City-based firms (both UK and US) were most likely to score low here. 19% of all lawyers work in a Lawyer 50 ranked firm, and 26% of lawyers work in a Lawyer 100 firm. Jordan will help you find what you are looking for. The UK legal services market was valued at 35.1bn in 2018, increasing by 6.3% at current prices on the previous year. In the first three-quarters of 2020 revenue decreased by 1.5% compared to the previous year mainly due … 9 September 2020: The CMA announced it is undertaking a review of the progress in the legal services sector in England and Wales since its 2016 market study into … The largest segment in the consumer law market is personal injury/accident/medical negligence work valued at £4bn although this sector has seen a decline in revenue in 2020. Many had been associates at their previous firm and moved to partner positions at their new firm. The number of law firms in the UK stands at just below 12,000. Legal Recruitment News June 2020. “As talent becomes increasingly mobile, firms need to be mindful of how lateral moves mean not only loss of talent but also negatively impact the ‘employer brand’ of the firm,” said Lisa Hart Shepherd, vice president of Research and Advisory Services at Thomson Reuters. Large increases are expected in wills and probate and family law. A full copy of the 2020 State of the Legal Market in the UK can be downloaded here. Thomson Reuters is a leading provider of business information services. As legal technology, alternative delivery models, geopolitics and a global pandemic distort and disrupt the needs and expectations of the traditional corporate legal market, buyers in the UK are demanding much more from their law firms. In England and Wales incorporated companies now account for half of all law firm business models. This is a single user license, allowing one specific user access to the product. Ashurst: 379. job market report legal job market legal job market report Jonathan Fagan He has been recruiting solicitors and legal support staff for law firms and in house legal departments for over 17 years and handles roles from junior fee earners through to partners and law firm sales/purchases. sthompson@acritas.com, Jeff McCoy UK financial performance. The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at an estimated £32.7bn in 2017 and this is an increase of 3.8% on the market value of £31.5bn in 2016. More than ever, competitors stand ready to take market share at every opportunity.”. Family law and employment law are the next largest segments, followed by wills and probate and conveyancing. The publisher expects the legal services market to grow by 4.4% in 2021 and then at a higher rate in 2022. Many of the moves to home working and virtual consultations with clients, which spread across the market as a result of the pandemic, are expected to stay in place in the longer term: 40% of practitioners interviewed are expecting to see some of their physical office space reduced or closed in 2021 and 2022. Liberum report shows that number of UK legal businesses fell for the first time since records began. Liberum said: “Services in the UK legal mid-market are becoming more commoditised and competition is increasing. Some way behind is conveyancing and the difficulties in the personal injury sector are expected to continue. Each license type allows a set number of users to access the report.