The turnover of legal services in Austria has shown consistent growth from 2013 to 2023, starting at 2.4 billion Euros in 2013 and reaching 3.37 billion Euros in 2023. Throughout this period, the year-on-year variation has been mostly positive, with notable increases in 2015 (6.15%) and 2018 (5.32%). There was a slight decline in 2020 (-0.9%), likely due to the pandemic, but the sector recovered with a 4.49% increase in 2021. The compound annual growth rate (CAGR) over the last five years has averaged 2.84% as of 2023.
Forecasted data from 2024 to 2028 shows a continued steady growth, with a 5-year CAGR of 1.96% and an overall growth rate of 10.18% by 2028. Economic resilience and a growing need for legal expertise in emerging fields such as digital law and environmental regulations are expected to drive this growth.
Future trends to watch for include:
- Increased demand for legal services in technology-related sectors.
- Growth in compliance and regulatory advisory due to evolving laws.
- Potential impacts of economic fluctuations on corporate legal spending.
