UK Legal Services to see Moderate Growth in 2012 with New Business Models Changing the Market Landscape

According to the report “UK Legal Services Market Report: 3rd Edition”  the UK legal services market is valued at almost £26bn and annual growth of 5% signalled a recovery after declining sales in 2009.

Underlying this overall growth rate there are clear differences between the fortunes of the top 100 or so law firms and the long tail of 10,000-plus law firms and solicitors that make up the rest of the market.

While changes in the market place are predicted to reduce the number of law firms and solicitors operating in the market, there are no signs of this yet. The number of law firms in theUKis still growing and the number of practising solicitors has been rising year-on-year for the last five years and the overwhelming majority of these are still based in private practice.

According to the report the period 2011-2012 is likely to be remembered as the period when the transformation of theUKlegal services market gathered pace. For some years, there have been competitors to traditional law firms offering legal services but the number of competitors is likely to increase led by the arrival of Alternative Business Structures (ABS).

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