Costs and Sectors : Professional Services
Professional Services Facts & Figures
- The legal services market in England and Wales comprises somewhere between 267,000 and 320,000 regulated and unregulated individuals supplying legal services in around 30,000 entities, generating turnover of £25bn.
- Solicitors represent the largest group within the market accounting for 38-46% of individuals, 44% of entities and 58% of total UK turnover (UK figures) but the role of non-solicitors and non-barristers is significant.
- Technology will continue to expand the reach of the legal profession. Legal information solutions are being used to allow organisations to mass-market legal services on line.
- Reduction in Legal Aid and public funding will impact the profession. While legal aid represents around 10% of the value of the legal services market, nearly a third of solicitors’ legal practices and around a quarter of selfemployed barristers undertake this work.
- The number of members of accountancy bodies continues to grow in the UK and Republic of Ireland. Seven of them have over 300,000 members. • Regulation is one of the greatest challenges for the profession. Professional bodies are working towards reinforcing and encouraging good performance and reducing the complexity of audit practices in order to make the profession attractive to professionals and graduates.
- The ongoing dominance of the ‘Big Four’, as well as their global structure, is currently examined from many angles, not least the relationship between their auditing and consulting functions.
- Accounting has seen tremendous advancements thanks to the growth of information technology in recent years. The UK currently ranks highly for e-commerce so this area is likely to have a huge impact on work in the sector in the future.
- Environmental accounting (also known as green or resource accounting) is a growth area. The vast majority of accountants believe they will become involved in calculating carbon offsetting at their firms. This will be done by encouraging transparency in areas including auditing, climate change and research.