Industry Analysis & Industry Trends
Hit hard by the financial crisis and the dismal economy, many major firms will look to international expansion and M&A activity to boost profitability. Despite an increase in demand, clients will be hesitant to spend for overpriced services; instead, they will increasingly demand alternative-pricing plans to bring the cost of service further in line with the value it provides. Over the next five years, the cost reductions firms implemented during the recession and M&A activity among participants will help escalate the industry's recovery and raise profitability... purchase to read more
Industry Report - Industry Key Buyers Chapter
The Law Firms industry is highly fragmented, with the majority of operators being small practices or medium-size firms. IBISWorld estimates that the top four industry participants account for 2.9% of revenue in 2013. Only domestically generated revenue contributes to industry market share, so firms that generate the majority of their revenue from abroad, such as Baker & McKenzie, have a lower market share relative to their total revenue. In 2013, IBISWorld estimates that about 59.0% of enterprises are nonemployers and that about 92.0% of industry establishments have fewer than 20 employees. These attributes of the industry indicate a low level of concentration... purchase to read more