Legal services pricing flat in 3Q2016

by Sol Dolor25 Nov 2016
There was no change in legal pricing in New Zealand in the three months ending 30 September.
 
According to data from Statistics New Zealand’s Producers Price Index for the most recent quarter, legal services pricing changed 0% quarter-over-quarter, in line with a 0.8% increase QoQ in the same quarter last year.
 
In fact, legal services pricing in the country has stayed roughly the same over the past nine consecutive quarters.
 
Though the sector has not registered a decline over the said period, growth in pricing has not breached 1%, with the highest QoQ growth registered in the July to September quarter last year.
 
Here’s the QoQ growth data from Statistics New Zealand for the legal sector:
 
Percentage change from previous quarter
  Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Legal services 0.3 0.5 0.7 0.6 0.8 0.3 0.3 0.5 0.0
 
On a year-over-year basis, percentage increases are slightly higher, though not by much. Here’s the data from Statistics New Zealand:
 
Percentage change from same quarter of previous year
  Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Legal services 3.7 3.6 3.5 2.2 2.6 2.4 2.0 1.9 1.1
 
In comparison, accounting services tallied a 3.1% QoQ increase and 5.6% YoY increase from July to September.
 

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Law firms expect easing pressure on prices
 

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