Professional Services Industry Overview

Legal Services Market Characteristics

Legal services companies advise clients (either individuals or corporations) about their legal rights and responsibilities, and further represent clients in civil or criminal cases, business transactions, and other matters. Establishments providing legal services include offices of lawyers, title abstract and settlement offices and offices of notaries. Historically, law firms used traditional by-the-hour billing models, but the downward pressure on pricing has forced law firms to move to alternative billing models. The new alternative billing models include fixed, flat blended and capped fees. Many law firms are switching to alternative billing models to build long term relationships with clients and to maximize the value they are offering to clients.

Environmental Consulting Services Market Characteristics

The environmental consulting services industry comprises establishments that provide advice, assistance, and action plans to organizations and governments to manage their environment. It includes services on environmental issues such as environmental contamination prevention, emission of toxic substances prevention, waste management and pollution control. In the last five years, the environmental consulting services market has seen a rise in the number of specialist consulting firms that focus on specific environmental concerns such as organic recycling, renewable energy and carbon footprints. Growth of such firms is independent and organic as organizations seek solutions to specific problems. The Global Environmental Consultancy predicts a rise in specialist firms in the field of climate change and energy services, predicted to grow by more than 30% in the next five-years, and in Latin America, and Africa and the Middle East, growing by nearly 33.6% and 26.7%, respectively.

Design, Research, Promotional And Consulting Services Market Characteristics

The design, research, promotional and consulting services (also referred to as general professional services) market consists of the sales of design, research, promotional and consulting services and related goods by entities that offer expertize and services to a wide range of industries, and in some cases to households and individuals. Activities include architectural, engineering, specialized design services, research services, advertising services, photographic services, translation, interpretation and other design, research, promotional and consulting services. Design, research, promotional and consulting establishments undertake processes where human capital is the major input. These establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Accounting Services Market Characteristics

The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis of financial transactions and other financial values pertaining to businesses and other organizations. The service involves summarizing, analysing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Photographic Services Market Characteristics

The photographic services market consists of the sales of photographic services and related goods by entities (organizations, sole traders and partnerships) that offer services for planning, developing, creating and managing the processes for creating durable images by recording light or through electromagnetic radiation by means of an image sensor or chemically by means of a light sensitive photographic film. It includes editing, processing and presenting pictures. Photographic services include school portraits, wedding photography, special occasions and event photography. Photographic services establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Market Research Services Market Characteristics

The market research services market consists of the sales of market research services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage activities for studying and analysing markets according to client specifications. The market research services market does not include legal services, accounting, and other major general professional services. Market research establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Advertising, Public Relations And Related Services Market Characteristics

The advertising, public relations and related services market consists of the sales of advertising, public relations and related services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities. Advertising, public relations and related services establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.