Legal and economic services monitor: third quarter 2007
In the third quarter of 2007, turnover of legal and economic services was again considerably higher than in the same period last year. Once more, the economic services left their mark on this growth. The sentiment among the firms is still extremely positive. This emerges from the positive opinions on the orders received and the current economic climate. The expectations for the fourth quarter are also very optimistic.
High turnover figures continued
In legal and economic services, the third quarter produced 10 percent more turnover than in the previous year. The pace of growth has already been very high for 7 quarters. In the third quarter, turnover growth of legal and economic services was equal to growth level of business services as a whole.
Year-on-year turnover changes
Highest growth in economic services
Of all legal and economic services, including accountants, economic services once again contributed most to turnover growth. For the second consecutive quarter, turnover growth was 11 percent compared to the same period of the previous year. This growth exceeds the average growth rate of business services by almost 1 percent. Legal services can also look back on a prosperous quarter. Compared to the third quarter of 2006, turnover increased by 6 percent. During the first half of 2007, turnover growth was limited to 3.5 percent. Due to this, the overall turnover growth results in 4 percent over the first 3 quarters of 2007.
Year-on-year turnover changes
Further increase in orders received
Results from the Business sentiment survey show that the sentiment among the companies is positive. Companies reported more orders in the third quarter of 2007 than in the second quarter. Consequently, their opinions on orders received are positive. Selling prices increased in the third quarter. The number of persons employed also increased considerably. Opinions on the current economic climate are less positive than in the previous quarter, but they can still be considered positive.
Opinion on orders received and economic climate
Higher prices and turnover expected
Companies are very optimistic in their expectations for the fourth quarter of 2007. They foresee a robust increase in orders. The companies also expect a very strong increase in turnover and selling prices. On balance 60 percent expects an increase in turnover. Furthermore a majority of companies expect, on balance, a further increase in the future number of staff.
Expectations for the third quarter of 2007
