$30.4bn
$X.Xbn
129k
21,400
$X.Xbn
Legal service providers have faced mixed conditions over the past few years. Shifting levels of business confidence have led to irregular demand from major markets, while uncertain economic conditions have limited demand for value-added services, like legal work relating to expansionary activity and IPOs. Conversely, economic challenges have increased demand for restructuring and insolvency expertise. Downstream businesses’ consistent legal requirements have helped to balance volatile demand. Overall, industry revenue is expected to rise at an annualised 0.8% over the five years through 2023-24, to $30.4 billion. This trend includes an anticipated 1.1% decline in the current year, with mixed demand from the finance sector and an expected fall in the number of businesses.
Industry revenue has grown at a CAGR of 0.8 % over the past five years, to reach an estimated $30.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Herbert Smith Freehills | 1,256.0 | |
MinterEllison | 847.2 | |
King & Wood Mallesons | 749.4 |
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Industry revenue is measured across several distinct product and services lines, including Commercial law services, Personal legal and industrial relations services and Property law services. Commercial law services is the largest segment of the Legal Services in Australia.
Volatile operating conditions for businesses have boosted the need for core commercial law services
Industry firms primarily provide legal advice and representation and prepare legal documents. Solicitors, barristers and legal aid offices typically provide these services. Alternative dispute resolution, conveyancing and intellectual property services are also included in the industry. The industry does not include services provided by in-house legal teams.
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ANZSIC 6931 - Legal Services in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Economic headwinds have changed the mix of services that professional clients have requested. Business expansionary activity and IPOs have subsided while restructuring and in...
Learn about an industry's products and services, markets and trends in international trade.
Fluctuations in business confidence have affected the types of legal services clients have sought. For example, some clients have sought commercial legal services when perfor...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
New South Wales and Victoria have the highest proportions of legal providers. The high concentration of business activity in both Sydney and Melbourne supports firms in these...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Multi-disciplinary professional services firms, like large accounting firms, can offer legal services as part of their repertoires. These one-stop shop firms appeal to custom...
Learn about the performance of the top companies in the industry.
Larger law firms are investing in developing innovative legal technologies. For example, HSF has developed and promoted its ALT business, and King & Wood Mallesons has promot...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
When law firms consider incorporation, they weigh up the costs against the benefits. For example, incorporation grants limited liability but has the potential for considerabl...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Demand for legal services has remained robust despite wider economic uncertainty. Law firms’ margins have benefited from this trend, with profitability creeping up in recent ...
Including values and annual change:
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Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Legal Services industry in Australia is $30.4bn in 2024.
There are 21,400 businesses in the Legal Services industry in Australia, which has declined at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Legal Services industry in Australia has been growing at a CAGR of 0.8 % between 2019 and 2024.
Over the next five years, the Legal Services industry in Australia is expected to grow.
The biggest companies operating in the Legal Services market in Australia are Herbert Smith Freehills, MinterEllison and King & Wood Mallesons
Commercial law services and Personal legal services are part of the Legal Services industry.
The company holding the most market share in Australia is Herbert Smith Freehills.
The level of competition is high and increasing in the Legal Services industry in Australia.