Final Report - Professional Services Activities Environmental Scan Final Report - Professional Services Activities En | Page 30

Overview of the Professional Services Activities Sector
6.1 Market trends and demand for professional services
Overall, there is a positive outlook in the professional services industry with strong demand in
the accounting, engineering, market research and advertising industry. Within the next few
years, industry experts predict that 2 million jobs in computer, mathematics and engineering-
related fields will be generated across the globe. In recent years, there is also a soft demand for
legal practices such as criminal law and intellectual property in Malaysia. It is predicted that
the demand for architectural services will increase by 2020 due to rapid development and
urbanization. Based on the “Report on the Strengthening of the Accountancy Profession in
Malaysia 5 ”, it is envisioned that Malaysia will require 60,000 accountants by 2020 in order to
transform the country into a developed nation.
Based on data by the Malaysian Bar Council in 2018, there are 7,545 law firms and 21,069
lawyers in Peninsular Malaysia 6 . Currently, there are adequate work in the areas of commercial
and civil litigation, criminal law and conveyancing. New lawyers are still able to secure an
employment if there are not particular on the type of work and firm. However, lawyers seemed
to be keeping away from criminal law practice due to immense pressure. There is an acute
shortage of lawyers taking up criminal cases which includes drug trafficking and murder in
which both carry death sentence 7 . Another reason is due to unattractive monetary returns
compared to civil law practice. Besides, there is also a high demand for Intellectual Property
(IP) lawyers, but suitable candidates with the right experience is still limited. The demand is
driven by industries which require IP talent to work in R&D companies to protect
biotechnology and pharmaceutical companies. This includes registering IP and brand
protection.
Since 2017, the Bar Council has been working to develop and advocating for the Common Bar
Course as a common entry point for both local and foreign law graduates. This step is essential
due to globalisation and liberalisation of the legal sector. Thus, this move is important to enable
Malaysian lawyers to compete with their counterparts.
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Committee to Strengthen the Accountancy Profession (CSAP)
Bar Council Malaysia
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News articles
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Environmental Scan – Professional Services Activities
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