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What is the impact of COVID-19 on legal demand? Which practice areas are the most (and least) impacted by coronavirus?
On 12th June, the Office for National Statistics released the news that gross domestic product (GDP) fell by 20.4% in April, which is the highest decline on record and 10 times higher than the worst month of the 2008 recession.
So, what does this mean for the legal sector? And for the performance of individual practice areas?
The Gross Legal Product (GLP) is a new legal study released by LexisNexis. For the first time, legal industry leaders and professionals can access a statistical benchmark, which measures demand in the legal market, and quantifies the impact of COVID-19.
Read below to understand more:
Like GDP, the GLP (Gross Legal Product) tracks demand in the legal market. We have taken a huge set of data that reflects underlying legal activity, which allows us to track trends and quantify the impact of COVID-19, offering a unique perspective on the crisis.
We have taken almost 200 datasets from publicly available, reputable sources (including the Office for National Statistics, the Ministry of Justice and the HM Courts & Tribunals Service).
These metrics were selected because they are accurate proxies of legal activity – for example, Residential Property Transactions from Land Registry – every property sale requires a degree of legal activity.
Our LexisNexis experts then informed the GLP data model assumptions, which creates weighted average growth rates for each Practice Area and Segment of the market.
Read the overview for your segment of the market and check the Practice Area Summary table to get an idea of overall market trends.
Then, flick to the deep dives in your speciality or your firm’s areas of practice – each practice area has it’s own dedicated section, digging further into the detail.
Don’t forget to check the final section with recommendations from our
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Amy leads the content marketing strategy for LexisNexis UK, writing thought leadership and product content for marketing campaigns, insight reports and legal industry magazines. She is an established writer and researcher, having contributed in national publications, such as City A.M. and Financial IT. She is also one of the writers and digital editors of LexisNexis' insights blogs, the Future of Law and the In-house blog.
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