Report reveals legal services market growth
A study of the UK’s legal services has found that the market is continuing its strong growth with competition expected to rise.
The 2016 results were released by IRN Research in its sixth annual UK Legal Services Market Report and showed solid revenue growth with mixed fortunes across the sector.
The results came five years after the introduction of the Legal Services Act 2007 (LSA), which enabled non-lawyers to invest in legal service providers for the first time. According to this year’s report, the healthy market rise is expected to continue but firms should expect the increase in competition and price pressures.
At the end of last year, IRN Research also released the UK Wills & Probate Market Briefing and revealed that the majority of adults in the UK have yet to make a Will. It revealed that the Will and probate market was continuing to grow.
The IRN report also highlighted that the market was expected to expand from a combination of additional services, such as Lasting Power of Attorney, living Will and care plans. It did mention that the over 60s were increasing year-on-year in arranging a will but younger adults continue to see the preparation of a Will as something to put off.
Tags: growth, IRN Research, legal services, market, POA, Power of Attorney, Probate, Will, Wills