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Law Firms in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Law Firms Market Research Report | NAICS 54111 | Mar 2013

Above the law: Firms will cut costs and change business models to boost demand

IBISWorld’s Law Firms market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Market Size
Revenue
$297bn
Annual Growth 08-13
1.1%
Annual Growth 13-18
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Profit
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Employment
1,433,850
Businesses
429,000
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

 


Industry ProductsRelated ReportsTable of Contents

What is the Law Firms Industry?

This industry comprises offices of legal practitioners, known as lawyers or attorneys, which are primarily engaged in the practice of law. Establishments in the Law Firms industry provide expertise on a range of areas or in specific areas of law, such as criminal, corporate, family and estate, patent, real estate or tax.

Industry Products
Commercial law servicesPersonal injury law servicesProperty law servicesIntellectual property and trademark law servicesOther services
 
Industry Activities
Providing criminal law servicesProviding corporate law servicesProviding family law servicesProviding estate law servicesProviding intellectual property law servicesProviding real estate law servicesProviding tax law servicesProviding commercial law servicesProviding personal injury servicesProviding property law services


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