Legal and economic services monitor: second quarter of 2007

In the second quarter of 2007 turnover of legal and economic service providers greatly increased in comparison with the same period of 2006. The economic service providers realised an especially great increase in turnover, just like they did in the previous four quarters. The sentiment among companies remained extremely positive and the expectations for the third quarter of 2007 are very optimistic.

Turnover much higher again

The turnover of legal and economic service providers in the second quarter of this year was almost 11 percent higher. The turnover of legal and economic service providers has increased every quarter since the second quarter of 2005. However, the increases in those nine quarters were never as high as in the second quarter of this year. Now the increase in turnover has reached the same level as business services.

Year-on-year turnover changes

Economic services growing fast

The greatest increase in turnover in the second quarter came from the economic service providers, like accountants. Their turnover increased by 12 percent on the second quarter of 2006. The increase is higher than the average in business services. The legal service providers did less well with an increase in turnover of almost 5 percent. However, last five quarters the increase of turnover of legal service providers has been stable between 4 and 5 percent. 

Year-on-year turnover changes

Further increase in orders received

Results from the Business Sentiment Survey show that the sentiment among economic services companies has improved again. Companies reported more orders in the second quarter of 2007 than in the first quarter. Consequently their opinions on orders received are positive, however, not as positive as in the previous quarter. Selling prices increased in the second quarter. Opinions on the current economic climate are very positive. 

Opinions on orders received and economic climate

Higher prices and more turnover expected

For the third quarter of 2007 companies are very optimistic in their expectations. They foresee a further increase in orders. However fewer companies are expecting this than the previous quarter. They also expect a strong increase of turnover and selling prices. Furthermore a majority of companies, on balance, expect to hire more personnel. 

Expectations for the third quarter of 2007