find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Legal services to see declined growth: report

Legal services to see declined growth: report

sluggish growth

A new report has revealed that global legal services will see a deceleration in growth through to 2021, after what has been described as a “sluggish” 2016.

According to new research by MarketLine, the global legal services market experienced a slowdown in growth last year, resulting in a “compound annual growth rate of 2.2 per cent between 2012 and 2016, to reach a value of $584.4 billion”.

The report found that North America is the largest region in terms of value, accounting for 52.9 per cent of the global legal services market. Meanwhile, Europe accounted for 26.8 per cent and the Asia-Pacific region accounted for just 14.3 per cent

Commenting on the findings, Christopher Leyman-Nicholls, analyst for MarketLine, said that althought the market is forecast to grow in the near future, the rate of consolidation in the US suggests the legal services market is struggling to generate growth opportunities, explaining why the US market stood still in 2016.

“Given the dominance of this market, its decelerating growth harms the sector’s global value, encouraging large-scale mergers around the world,” he said.

Mr Leyman-Nicholls noted that an absence of growth in 2016 has encouraged the trend of mergers and acquisitions.

“Although growth is expected to return to the global market from 2017 onwards, the speed of recovery will be relatively slow compared to growth achieved before 2016. Consequently, the market should expect to undergo further mergers in the coming years,” he said.

“MarketLine expects the US to be the main driver behind future growth, despite failing to grow in 2016. The US occupies nearly half of the global market, denying any other single country an influencing role.

“Were the current trend for mergers and acquisitions in the US to stop or slow down without the return of sustainable growth, the global market would likely decline in value.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Legal services to see declined growth: report
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...