Imogen Burton Legal Market Update An insight into the market and the world of legal employment

Snapshot of the legal market Legal services sector is worth over £25 billion 5% annual growth rate in global legal services Over 50% of revenue from top 100 global law firms There are a total of 121,933 solicitors in practice A total of 15,387 barristers in practice

Trends in employability of law graduates 1.3% growth in UK law firm vacancies 12/13 Placements in law firms increased by 8.2% in 12/13 Law graduate unemployment is 7.5% – third lowest subject area The legal sector boasts the 2 nd highest average graduate starting salary- £38K

LPC Enrolments: Training Contracts LPC FT enrolments have fallen from 7,631 to 5,673 (09/10 to 12/13) Training contracts registered latest figures 5,270 Retention figure currently 82%

BPTC Enrolments: Pupillages BPTC FT enrolments have fallen to around1,600 in 2012 Pupillages 462 in 2012

Drivers of change in the legal market The Legal Services Act LETR Globalisation Increased competition Developments in technology Changes in delivery of legal services and job opportunities

The Act has encouraged: External investment capital Existing providers becoming more commercial New providers are making an impact The Legal Services Act

Globalisation Increasing globalisation of legal services Off-shoring and outsourcing New legal centres building up The value of the global legal services market is forecast to reach US$727 billion in 2014, employing 3.2 million legal professionals The Americas accounts for 59.2% of the current global legal services market value

Job opportunities “Paralegals” Numbers doubled in last 10 years Require broader skills transactional tendering skills business and change management commercial acumen Solicitors outside private practice dramatic increase in solicitors working outside private practice - 30,000 in the last decade predicted to increase -Legal Services Act

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