According to IRN Research the overall value of the UK Legal Services market fell in 2016 for only the second time in the last decade.
So has the bubble burst?
Absolutely not. When you scratch the surface the underlying trend is still upwards with a prediction that the market will be worth £38.8bn by 2021.
With the unmet need flying around in consumer legal services and commercial services for the SME market my view is that the growth potential is considerably more.
In the short term the numbers have been hit by increased employment tribunal fees, increased county and high court fees and the PI reforms all of which have cooled the litigation markets.
Personally I disagree with forecasters who say that Brexit will drive legal work out of London. UK Law remains the popular jurisdiction of choice in a number of areas. I don't see how Brexit will change that.
The value of the UK legal services market fell last year and there will only be modest growth over the next two years, with uncertainty over Brexit a contributing factor to researchers downgrading their forecasts, a new report has revealed.