Study predicts growth of over 4%
The UK legal services market is on course to achieve recession-beating annual growth of more than four per cent from 2015 onwards, a major study has predicted.
However, while the Law Society-commissioned study forecasts growth in the market as a whole, it anticipates pressure on high-street firms.
Des Hudson, chief executive of the Law Society, said the study revealed “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 study suggests that total turnover is likely to have fallen between 2011 and 2012 to £25.4bn, following a marginal increase between 2010 and 2011, as the economy weathered a double-dip recession. It predicts a return to modest growth this year, and long-term growth rates of above 4.2%.
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