Its 2023 UK Legal Services Market Trends Report, published last week, found the combined revenue of the top 100 UK law firms jumped 10% to £31.6bn last year. The top ten firms generated £17.2bn, up 8.7% on 2021.
However, the consumer legal markets (worth more than £17bn last year) registered mixed fortunes. The report notes the personal injury market ‘continued to struggle with claims numbers falling for the third year running’. Moreover, while the residential conveyancing market performed well for most of 2022, ‘the mini-budget and subsequent interest rate increases in autumn had an immediate negative impact on the sector and it is still struggling’.
Personal injury, accident and clinical negligence, worth about £4bn, form the largest consumer law segment, followed by family and employment law.
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