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United Kingdom Legal Services Market Report 2021: Revenue on Hold in 2020 but Annual Growth of Over 4% Forecast for 2021 - ResearchAndMarkets.com
April 29, 2021 GMT
The UK legal services market (including private practice firms, barristers, patent agents, and other legal services providers) was valued at almost £37bn in 2020, unchanged from 2019. In the first three-quarters of 2020 revenue decreased by 1.5% compared to the previous year mainly due to a decline in the first lockdown. In the last quarter of 2020, revenue increased.
The number of law firms in the UK stands at just below 12,000. In England and Wales incorporated companies now account for half of all law firm business models. So far, COVID-19 has not led to significant numbers of law firm closures but 2021 is likely to see more as furlough ends in Autumn and restructuring in some sectors gathers pace.