Industrial Structure
To begin with it needs to be stated that consumer confidence could be stated as the economic indicator which enables in measuring the degree of optimism that consumer tends to posses in relevance to the overall state of country’s economic and also at the same time their own financial situations (Ahmed and Cassou 2016). Also, this regime that is being talked about primarily depends on the fact that whether the economy is in contraction or expansion (Lahiri, Monokroussos and Zhao 2016).
Industrial Structure
It could be seen that the federal court system could primarily divided into three particular levels and they are:
District courts (the trial court)
Circuit courts (the first level of appeal)
Supreme Court of the United States (the last level of appeal in the federal system).
Apart from that, it could be seen that the appellant does have the significantly the initial option of filing the action in either state or federal court.
To begin with, it needs to be stated that the life cycle model is one of the key concepts of systems engineering (SE). Here, in this case this will be relevant to get an understanding of the way in which this particular industry will be able to survive in this adverse condition. Apart from that, it also needs to be stated that a life cycle for a system generally consists of a series of stages and it could be seen that this stages are generally regulated by a set of management decisions which in turn gives the ability to confirm the system is mature enough to leave one stage and enter another.
Consumer Spending
The fact that needs to be state is that the price of legal services has significantly increased faster as compared to that CPI’s basket of goods along with their services. It helps in the understanding of the importance of the future of law practice, and this is in relevance to the People Law sector. Based on this observation, it could be said that there is a significant growth in the legal sector.
Based on the latest UK consumer confidence data, it could be seen that in the two weeks ending November 2021, around 84.8 per cent of the people who responded to the voluntary survey of business conducted by the ONS in order to understand the specific impact of the Covid-19 pandemic, significantly had high or moderate confidence their business would survive the next three months. Adding to that it could also be seen from the monthly and quarterly Industrial Trends surveys carried out by the CBI clearly states in November 2021, a significant number of manufacturers predicted that the relevant output would rise over the next three months than thought it would fall. The difference was +32% of manufacturers, down slightly from +33% in October (tradingeconomics 2021). This were the specific observation that was made from the economic indicator report of the United Kingdom.
Based on this and also at the same time based on the observation made in relevance to the current market condition of the United Kingdom, it could be easily stated that the most profitable industry in the United Kingdom current is the legal industry. It could be seen that the Solicitors, patent agents, barristers notaries and bailiffs this are the professions that generally carry out legal activities on behalf of corporate clients and also at the same time for the private clients. It has already been predicted that the industry revenue of this particular sector is generally expected to rise at compound annual rate of around 4 per cent and it has also been highlighted that this will reach to around 36.8 billion euros.
Life Cycle Model
Legal Sector in the United Kingdom is being highlighted in this particular case and the entire discussion will be revolving around the same. The primary reason behind selecting this particular sector is that recent data from multiple sources have already suggested that the legal sector in the UK has remained fairly stable throughout the pandemic. For better understanding of the same, the sector that has been selected from the law industry is Norton Rose Fulbright (nortonrosefulbright 2022).
Keeping in mind the current condition, this analysis has been made as there is widespread business uncertainty which are caused by the COVID-19 and EU referendum. This have seriously weighed down the industry growth. It would be beneficial for the investors to invest in this particular sector keeping in mind that the industry is countercyclical which implies that there is a significant demand of legal work in most of areas, specifically insolvency matters and litigations that has been in the phase of upsurge in relevance to times of economic downturn (Joyce, Lasaosa, Stevens and Tong 2020). It is also important to mention that, adding to the fact that has been mentioned, it could also be seen that the demand for advice on employment law, in relevance to that of the furlough and redundancies, and also at the same time personal law, and it could be also be seen that legal advices in regards to divorce has also significantly increased (Kavanagh 2021). For an amateur investor the best strategy that could be implemented based on the specific situation is buy and hold. This particular strategy has prove to be extremely useful over the years and also at the same time dollar cost averaging has also prove to be significantly useful in this particular case and once the amateur investors implements the following factors this will help them in making the right choice.
Post that, it is important to mention the industry that the investors really needs to stay away from as over the five years there has been no significant growth in this particular industry especially under the market condition of the United Kingdoms. Based on the news and the surveys, it could be easily identified that the nightclub industry has significantly faced major issues over the past five years to operate and there are multiple reasons behind the same. Based on all this observation, it could be seen that Norton Rose Fulbright has seen significant growth even in the phase of Covid-19 as it has already been mentioned that the legal sector has not been negatively impacted by the corona outbreak.
As a matter of fact, it could be seen that there has been a significant growth in the competition. It has also been identified that a large number of nightclubs have already been closed as the owners faced serious challenges with the regulations, business rates, policing and various other factors (Nofre, Garcia-Ruiz, Fuarros and Pires 2020). To be precise, it has also been identified, through the year 2021-2022, the revenue growth has been in negative, to be exact it was around -87.5 per cent (Grigg 2021). Based on this observation it could be easily stated that the investors should not currently invest as the returns will be under major doubt.
Consumer Spending
Hi <<Friend’s Name>>
Hope this email finds you in the pinkest of your health. We have received you email and this is in reply to the same. It is a fact that, currently we are facing the biggest challenge (COVID19) in spite of all the advanced technology in place. The unforeseen has enabled us with the realization of the importance of death and life. Most of ours outlook towards life has entered a moulding stage and we all are trying to make sure it shapes in a way covering broader perspective towards living, ultimately leading to satisfactory death. It is a brave decision that you have taken under the current situation and being you friend, we will try to enable you with the best possible information regarding all the queries.
It has been mentioned in the email that selecting the right legal structure for the business was quite a task for you and was not able to understand the appropriate option. Being a business school student, with the fact that each legal structure has their own pros and cons. However, the business idea that you have presented and also keeping in mind the current condition of the market, it would be wise of you to select sole proprietorship as the legal structure for the new business. It is important mention that there is not any kind of legal distinction that could be realized between the owner and the business. The reason behind this suggestion is that it is extremely easy to establish as it does not require any specific registration requirement and therefore it is easy to stat, however, trademark registration could be obtained optionally in order to create and also at the same time to protect the identity of the business.
The number of legal firms in the United Kingdom is little around 20,000. Incorporated corporations currently account for 50% of all law firm business models in England and Wales. So far, COVID-19 has not resulted in a large number of law firm closures, but 2021 is expected to see more when furlough ends in the autumn and restructuring in some industries picks up. Therefore, based on the market structure it could be seen that even after the pandemic this particular industry has been able to maintain it’s significant share in the market.
Adding to that, it has also been identified that it is easier to operate as compared to that of the other legal structures of business that are available. Another major factor that needs to be mentioned is that sole beneficiary of the profits. This aspect of the structure makes it significantly alluring as only this particular legal structure enable the owner with the sole beneficiary of the profits (Baik, Lee and Lee 2015). Being said that, there are certain issues or disadvantages relating to the same could be identified as this will help with the understanding that the areas of concern that might occur. It is significantly understandable in this particular legal structure of business the liabilities could be unlimited. The fact that needs to be stated is that, it needs to be considered as one of the most disturbing aspects of a sole proprietorship firm. If there is significant loss the sole owner is liable to meet all the liabilities at any cost, which implies that if the need occurs, his/her personal assets may have to be used for discharging the liabilities. However, you do not need to worry. There are ways in which the chances of loss could be minimized and that can be easily done by measuring the competitiveness of the market structure. It has also been specifically mentioned that in relevance to that of the expansion’s confidence is strongly connected to consumption, however on the other hand it is not connected to that of the contractions.
It is of utmost importance for any given company to analyze the competitiveness of the market before venturing into the proposed idea. Similarly, it this analysis helps with the better understanding of the present condition of the market. Implementation of the Porter’s Five Forces will be compulsory as this will help in getting a better knowledge of the market condition. Porter’s Five Forces identifies and also at the same time analyzes five competitive forces which actually helps in shaping up industry and also at the same time enables the understanding of the various strengths and weaknesses of the industry (Bruijl 2018). These are the basics that you need to follow to set up the new venture that you have already mentioned and keeping in mind the present condition I would also suggest you take any decision regarding the business keeping in mind the business’s long-term profitability.
References
Ahmed, M.I. and Cassou, S.P., 2016. Does consumer confidence affect durable goods spending during bad and good economic times equally?. Journal of Macroeconomics, 50, pp.86-97.
Baik, Y.S., Lee, S.H. and Lee, C., 2015. Entrepreneurial firms’ choice of ownership forms. International Entrepreneurship and Management Journal, 11(3), pp.453-471.
Bruijl, G.H.T., 2018. The relevance of Porter’s five forces in today’s innovative and changing business environment. Available at SSRN 3192207.
Grigg, A., 2021. Clubs in crisis: the UK’s declining night time industry – Cherwell. [online] Cherwell. Available at: <https://cherwell.org/2021/01/10/clubs-in-crisis-the-uks-declining-night-time-industry/> [Accessed 29 November 2021].
Joyce, M.A., Lasaosa, A., Stevens, I. and Tong, M., 2020. The financial market impact of quantitative easing in the United Kingdom. 26th issue (September 2011) of the International Journal of Central Banking.
Kavanagh, S., 2021. Legal threats in the United Kingdom. In Investigative Journalism (pp. 87-99). Routledge.
Lahiri, K., Monokroussos, G. and Zhao, Y., 2016. Forecasting consumption: The role of consumer confidence in real time with many predictors. Journal of Applied Econometrics, 31(7), pp.1254-1275.
Nofre, J., Garcia-Ruiz, M., Fuarros, I.S. and Pires, C.V., 2020. Hopes and uncertainties in the nightlife industry of post-Covid-19 Europe. Finisterra, 55(115), pp.249-254.
nortonrosefulbright, 2022. Beyond COVID-19. [online] Nortonrosefulbright.com. Available at: <https://www.nortonrosefulbright.com/en/knowledge/publications/f63695f4/beyond-covid-19> [Accessed 7 January 2022].
tradingeconomics, 2021. United Kingdom Consumer Confidence | 2021 Data | 2022 Forecast | 1981-2020 Historical. [online] Tradingeconomics.com. Available at: <https://tradingeconomics.com/united-kingdom/consumer-confidence> [Accessed 29 November 2021].
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