[February 12, 2015]

Research and Markets: UK Legal Services Market Report 2015

Research and Markets (http://www.researchandmarkets.com/research/88pgh2/uk_legal_services) has announced the addition of the "UK Legal Services Market Report 2015" report to their offering.

The UK legal services market is valued at an estimated £29.3bn and, in 2013, annual growth was the highest recorded for many years.

Numerically, the sector may be dominated by small firms but, in revenue terms, power is heavily concentrated amongst the top players. The top 200 law firms account for 55% of private practice revenues generated in the UK. By far the largest segment in the UK market is legal work for business and commercial affairs accounting for an estimated 34% of annual UK legal market revenue.

The second largest sements are personal injury/accident/medical negligence work, and legal work associated with commercial property, both contributing an estimated 11% of UK market revenue. As competition grows in the legal services market, and consolidation in certain segments increases, the number of private practice law firms in England and Wales has started to fall.

Since the start of 2013 and up to the end of 2014, around 500 law firms have exited the market. Some segments are starting to polarise, led by conveyancing and personal injury: larger firms and new players joining the market are using M&A to grow their market share while smaller law firms often see M&A as a defensive measure to join forces and deal more effectively with the challenges of the new legal market. The larger firms are also starting to make more use of main media advertising and Internet marketing techniques to boost brand awareness and use.

In 2014, revenue growth in the UK legal services market overall is likely to be around 6% and growth of around 5-6% per year can be expected in 2015 and 2016. In the next 2 years, IRN Research expects competition in the legal services market to intensify.

Key Topics Covered:

1. Executive Summary

2. Report Coverage and Introduction

3. Market Size, Sectors, and Trends

4. Industry Structure

5. Key Trends

6. Competitive Structure

7. Consumer Research

8. Selected Bodies and Associations

9. PEST Analysis

10. Future Trend

For more information visit http://www.researchandmarkets.com/research/88pgh2/uk_legal_services

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