Legal Services in Australia - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Law and order: Improved operating conditions have led to increased industry revenue

Legal service providers have faced mixed conditions over the past few years. Business confidence has been volatile over the period, prompting varied demand from downstream markets. Uncertain economic conditions have contributed to constrained demand for value-added services, like legal work relating to expansionary activity and IPOs as clients have sought to limit discretionary spending. On the flip side economic headwinds have boosted the need for restructuring and insolvency expertise. Constant legal requirements for downstream businesses have stabilised fluctuations in demand. Overall, industry revenue is expected to rise at an annualised 2.6% over the five years through 2022-23, to $29.6 billion. This trend includes a decline of 1.8% increase in the current year, with mixed demand from the finance sector, and a cooling housing market.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.