Well regulated: Rising capital expenditure and business numbers are forecast to boost demand
The Legal Services industry has marginally grown over the past five years, largely due to the COVID-19 pandemic's effects restricting demand. Revenue is expected to rise at an annualised 0.3% over the five years through 2022-23, to $4.0 billion. A high portion of industry revenue comes from commercial law services. Negative business confidence has contributed to falling demand for these industry services over the past five years. Additionally, a decline in criminal activity and a fall in the number of divorces has also restricted demand from households. However, revenue is anticipated to rise by 1.2% in the current year, due to improving business conditions encouraging downstream clients to initiate expansion ventures that require legal advice. Increasing public capital expenditure is also likely to contribute to rising demand from government entities rising, supporting revenue growth in the current year.
Industry firms provide a range of legal services to clients, including commercial, property, personal injury, family, intellectual property and criminal law services. These services include legal representation and advice, and preparing legal documents. The industry does not include services that in-house legal teams provide.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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