Franchise Spotlight: Legal
The five-year forecast for Australia’s legal services market looks bright
Favourable trading conditions suggest a bright future for Australia’s legal services sector, according to IBISWorld.
The industry growth rate will benefit, predicts the market research firm, from strong and strengthening demand from property owners and developers, and banking, finance and insurance firms over the next five years.
It also forecasts that larger firms will continue to develop and broaden their range of advisory services as they try to compete with major accountancy brands.
Franchise industry analysis
As well as this overlap in services rendered, legal and accountancy, as well as other professional advisory fields, have other commonalities from the perspective of an aspiring franchisee.
For one, capital investment and ongoing overheads are usually comparatively low because there is no need for inventory or prime high street premises (or perhaps any premises at all). The skillset required of franchisees – where direct industry experience is often less important than business acumen and interpersonal, sales and marketing skills – is often similar too.
This is good news for aspiring franchisees interested in legal services because at present, purely legal franchises in Australia are few and far between.
One franchised legal services provider is Homevisitwills, which aims to educate prospective customers about the benefits of drafting a will, provide will-writing services at reasonable prices, and disrupt the industry through technology such as automated instruction-taking software and an e-learning platform for new estate planning consultants.
The franchisor says demand for will-writing is potentially huge, given that only 35% of Australian adults have a will and many are not even up to date. Probates are among franchisees’ other income streams.
Tax, accountancy, and finance franchises with a legal dimension include pedigree-rich mortgage brokerages Aussie and AMS Financial Group, and thriving accountancy and tax preparation powerhouses TaxAssist Accountants, H&R Block, ITP (Income Tax Professionals), and STP (Success Tax Professionals).