UK Legal Services Market Report 2022: Market Review and
Dublin, 21 July 2022 (GLOBE NEWSWIRE) — The UK Legal Services Market Report 2022 has been added to from ResearchAndMarkets.com offer.
The UK Legal Services Market Trend Report provides in-depth and unique review and analysis of the UK legal services market, including conveyancing, family law, personal injury, wills and probate.
After a difficult period in 2020, the UK market for legal services (including private practices, solicitors, patent agents and other legal service providers) rebounded 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 fell below 10,000: at the end of the year there were 9,809 firms. In England and Wales, the incorporated business model now accounts for the majority of law firms (52%). Only 13% of companies still operate under a traditional partnership model.
Legal advice for business and commercial matters (including commercial property) is the largest specific market segment and it grew its share of the total UK legal services market to over 47% in 2021. The market value of consumer law was estimated at nearly £22 billion and the largest segment of work related to personal injury/accident/medical negligence was valued at over £4 billion.
Family law and labor law are the other most important segments. The different areas of consumer law saw mixed fortunes in 2021. Conveyancing, labor law (for both employees and employers), and probate legal advice performed relatively well while family law was not far behind. The number of divorces has declined year over year over the past few years, but demand in other areas of family law is still healthy.
The personal injury sector is still struggling with a further drop in claims in 2021 after a sharp drop in 2020, although the clinical negligence sector had a better year.
The criminal law sector saw a sharp drop in cases in 2021 and faces a large backlog. After double-digit growth in 2021, revenue growth is expected to increase between 7% and 8% in 2022, and growth should continue to be driven by the corporate law market.
Most areas of consumer law are expected to experience sustained growth, with personal injury again being the exception. Rising cost of living and some weakening in consumer confidence may also impact the conveyancing industry.
Main topics covered:
2. Structure of the market
- Most legal advisers are regulated
- Law firm sectors
- The number of law firms decreases in 2021 and falls below 10,000
- The number of rooms increases in 2020
- Authorized carriers
- Patent and Trademark Attorneys
- Cost Lawyers
- Alternative Business Structures (ABS)
- Alternative Legal Service Providers
- Other Legal Service Providers
- Personal numbers
3. Market development
- Reshaping legal services to better meet the needs of society
- Government drops plans for further whiplash claims reform
- No-fault divorce becomes a reality in 2022
- Spending review gives MoJ £3.2bn budget boost
- Additional Investment in the Criminal Legal Aid System
- Law Society Forecast of Legal Services Activity to 2028
- Some court costs increased in England and Wales in 2021
- LSB refuses to deselect ACCA as homologation regulator
- Lawtech attracts £674m of private investment through the end of 2020
4. The key actors
- 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
- Other Selected Legal Service Providers
- Listed law firms
- Gateley PLC
- The Ince group automaton
- Keystone Law Group PLC
- PLC Knights
- NAHL PLC Group
- 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 turnover estimated at over £41 billion in 2021
- UK exports of legal services reach nearly £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 drops significantly in 2020/21
- Claims dropped by more than 100,000 in calendar year 2021
- The number of Pi claims reaching the courts drops for the fourth consecutive year
- Commercial and residential property, including transfer of ownership
- Bouncing back in real estate transactions in 2021
- Wills, Trusts and Probate
- Increase in registration applications in 2020 and 2021
- Family law
- Family court cases started in 2021 much the same as 2020
- Labor law
- Labor Court cases increase since 2017
- Criminal law
- The number of criminal trials hit a low in 2020 but increased in 2021
- The future
- New growth expected in 2022 but driven by the work of companies
7. Professional bodies
For more information on this report visit https://www.researchandmarkets.com/r/j6i4th
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