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Spring 2018- Legal Market Research Roundup

27th April, 2018

The turn of the year has seen plenty of research into the state of the legal market, at home and abroad. Here are some of the highlights:

Financial Benchmarking Survey 2018
By Hazlewoods for the Law Society Law Management Section, April 2018

Direct spending on marketing (including staff costs) has been stable in the last year, with a median spend of 2.2% of fee income.

Legal Firm Survey – Structured for Profit
By Pitcher & Partners, Australia, February 2018

57% of law firms are using technology to improve the client experience, compared to 65% of accountants.  Of those law firms who are using technology for client benefit, 67% are using a client portal which is a good way to raise the bar and make it harder for competitors to try to take business away.

The legal needs of small businesses 2013-17
By BMG Research for the Legal Service Board, United Kingdom, February 2018

While 31% of SMEs in the UK faced a legal problem in 2017, only 9% used a solicitor. 50% of companies try to sort out themselves and only 11% believe that “lawyers are cost effective”.

Understanding consumer experiences of conveyancing legal services
By IFF Research for Solicitors Regulation Authority, United Kingdom, February 2018

Conveyancing continues to generate the most complaints and half of identified PI pay outs stem from conveyancing problems. Communications continue to be a problem with lack of information at outset and updates during process.

Home Moving in the Age of the Consumer
By InfoTrack, United Kingdom, February 2017

Nearly a quarter of the 18-24 age group choose online conveyancing compared to 8% cross all age groups.  While 59% sought two or more quotes, only 12% chose their conveyancer because they were the least expensive.  Two-thirds of respondents were not satisfied with the level of communications from their conveyancer.

Price transparency in the legal market
By the Solicitors Regulation Authority, United Kingdom, October 2017

24% of law firms that publish pricing information have seen a decrease in complaints related to price. This survey shows how firms cite several benefits, and looks at the variety of pricing models to choose from.

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