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LexisNexis recently hosted several Managing Partner forums to review findings from our recently released Gross Legal Product (GLP) Report. A version of Gross Domestic Product (GDP) for the legal market, LexisNexis’ GLP report aggregates and leverages over 100 publicly available datasets to determine, predict and quantify growth or decline in demand for legal services across 13 practice areas. Download the full report here.
COVID-19 hit many industries hard at the start of 2020, and residential property was no exception. Unsurprisingly, with lockdown came a rapid decline in people buying and selling. With most office-based employees now working from home for the foreseeable future, commercial property has a worrying long term outlook.
Property has had a mixed performance over the past few years. Residential property performance, which is typically cyclical, has been subdued since the 2008 financial crash. Commercial property on the other hand, has been relatively unaffected (bar retail space) in recent years until the onset of the COVID-19 pandemic. This had manifested in a 15% growth in demand for legal services from 2017-2019, according to the GLP Index report.
However, it wasn’t a pretty picture for the legal property transactions in the first half of 2020. The LexisNexis GLP report showed property completions in March 2020 were down 70% versus March 2019 and the top 5 UK landlords reported that 50-70% of Q1 rent had not been paid by tenants. Re-opening the market has had some impact, however transactions are still far behind 2019 levels, with a 33% decline vs 2019 levels as of July 2020.
But is it all doom and gloom? During discussions in the GLP forums, most Managing Partners agreed that the initial outlook was bleak, particularly in March and April.
Although completions are still down, many Managing Partners noted that their residential property instructions have bounced back and in som
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