Industry Analysis & Industry Trends
The global financial crisis delivered a substantial hit to the Legal Activities industry, with revenue declining an annualised 2.0% during the five years to 2012-13. Recovery has been slow as debt woes in Europe and tighter capital restrictions constrain banking liquidity and consequently dampen economic activity. Top-tier firms have been among those worst affected, earning the majority of their revenue from large corporate clients. Although initial liquidation and restructuring activity resulting from the collapse prevented a large revenue decline in 2008-09, a decline in corporate transactions and merger and acquisition (M&A) activity caused revenue and profit for the large firms to fall in 2009-10... purchase to read more
Industry Report - Industry Locations Chapter
The Legal Activities industry is characterised by a large number of businesses, most of which are small to medium in size and are spread out across the United Kingdom. Legal advice is required by a variety of clients on several different issues. For this reason, industry activity, measured by its contribution to the overall economy (industry value added) follows the general pattern of the regional distribution of industry value added. It is, however, slightly slower in all regions as a result from London's dominance in the industry.
Revenue in the Legal Activities industry is highly concentrated in London. Many of the top law firms were originally founded in London and remain headquartered there despite their subsequent expansion to become global law firms... purchase to read more