UK Legal Services Market Report 2024

This is the 14th annual edition of the report published in February 2024 (77 page PDF report)

Report Contents

EXECUTIVE SUMMARY. 7

M arket structure. 10

Clear majority of legal advisers are regulated. 10

Proposed regulatory changes in Scotland. 12

Unregulated sector. 12

Law firm numbers decline by over 1,000 in last five years. 13

Chamber numbers decrease in 2023. 14

Licensed conveyancers. 14

Patent and trademark attorneys. 15

Cost lawyers. 15

Other providers of legal services. 15

Personnel numbers. 16

Solicitors. 16

Barristers. 17

Other legal professionals. 17

Total legal services employment. 18

MARKET DEVELOPMENTS. 19

Cause for concern over sustainability of civil legal aid. 19

NAO report identifies more concerns about the legal aid system.. 20

Fixed recoverable costs apply from 1st October 2023. 21

Potential new regulators for CILEX lawyers, paralegals and others. 22

Family court reporting pilot to be extended. 23

CMA investigation launched on wills, pre-paid probate plans, online divorce. 23

HMCTS’s court reforms behind schedule and delivering less. 24

Solicitors Indemnity Fund taking over by SRA.. 24

Increased appetite for generative AI amongst lawyers in UK. 25

THE KEY PLAYERS. 25

The Top 100 firms generate growth but at a lower rate than the previous year. 25

Acquisitions and mergers. 27

Axiom Ince. 27

M&As in the last 12 months. 28

Top 50 UK Law Firms. 35

Selected other legal services providers. 36

Listed law firms and others with legal interests. 37

Gateley PLC. 37

Keystone Law Group PLC. 38

Knights PLC. 39

NAHL Group PLC. 39

RBG Holdings PLC. 40

Other listed companies with legal interests. 41

Anexo PLC. 41

Frenkel Topping Group PLC. 41

Marlowe PLC. 42

Redde Northgate PLC. 42

Consumer Law Firms. 42

Co-op Legal Services 42

Fletchers Solicitors 43

Irwin Mitchell LLP. 43

Minster Law Ltd. 44

Simpson Millar. 44

Slater & Gordon UK Ltd. 45

MARKET SIZE AND TRENDS. 45

Healthy market value growth in 2023. 45

UK exports of legal services pass £7bn for the first time. 48

MARKET SEGMENTATION. 48

Corporate, financial and commercial law.. 50

Overview.. 50

M&A activity. 50

Company formations and insolvencies. 51

Commercial Courts. 51

International litigation and dispute resolution. 52

Personal injury. 53

Overview.. 53

The number of cases continues to decline in 2023. 54

Official Injury Claim – two years since launch and still little use by individuals. 55

Commercial and residential property, including conveyancing. 56

Overview.. 56

Residential property market remains weak in 2023. 56

Wills, trusts and probate. 57

Overview.. 57

Probate applications declining as deaths also fall57

Family law.. 58

Overview.. 58

Decrees absolute granted increase in 2023. 58

Employment law.. 60

Overview.. 60

Employment tribunal cases decrease in latest year. 60

THE FUTURE. 62

Further g rowth expected in 2024 .62

Forecasts. 67

Professional bodies and regulatory authorities. 68