GROWTH FORECAST FOR
GLOBAL LEGAL SERVICES But Tough Times for High Street Lawyers
Law Society's most comprehensive ever study forecasts growth in global legal services market, but pressure on high street law firms
The UK legal services market is forecast to power out of the recession with annual growth of over four per cent, according to an authoritative study published today by the Law Society.
The most comprehensive ever economic study into the legal services market combines published research and new quantitative and qualitative material. It presents a detailed analysis of the global and UK legal markets and forecasts future performance drawing on a wide range of sources.
Law Society chief executive Des Hudson said:
'The UK legal services market is worth £26.8bn. It employs up to 320,000 people in England and Wales alone and contributes a net £3bn to the UK's balance of trade. So the health of this sector is vital for wider economic growth and to the Chancellor's aspirations for fiscal balance. Our study shows that law firms in London and elsewhere in England and Wales are winning an increasing share of a growing global market, bolstered by a strong international reputation and a highly qualified and professional workforce. With regulatory changes permitting increased external investment, some firms are well placed to win an even larger share of this growth.
'However, the study also reveals a tale of two cities. In contrast to
the granite and glass offices of the large law firms competing for business from around the world, traditional high street solicitors firms face a less rosy picture. Numbers of these firms have proved remarkably resilient over the last few years, even when their traditional sources of income – conveyancing residential property and representing legal aid funded clients – have halved. The best local firms are fighting to win an increasing share of a smaller market, but not all can succeed in this way.
'The Law Society is using the wealth of insight and information afforded by this in depth study to plan the services and support we provide to all our members and their firms. It will help in refining the support we provide for major law firms in winning global business, and in continuing to help high street firms adapt to new market conditions.'
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