Industry Analysis & Industry Trends
Personal injury claims are filed for incidents such as road traffic accidents, workplace accidents, assaults, accidents in the home, defective product-related accidents and medical malpractice. Demand for personal injury lawyers exists regardless of the economic climate, and the industry weathered the recession well. Over the five years to 2020, medical malpractice suits will likely become more common, as the US population ages. The increasing popularity of structured settlements, which enable the negligent party to pay over a period of time rather than in one lump sum, will stabilize revenue for personal injury lawyers.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Personal Injury Lawyers and Attorneys industry is in the mature stage of its life cycle. In the 10 years to 2020, the industry's contribution to the overall economy, which is measured by industry value added (IVA), is expected to grow an annualized 3.3%. During the same time, GDP is expected to grow an average annual 2.5%, indicating that the industry is growing roughly in line with the overall economy.
Legal industry services will always be needed because negligence and personal injury disputes require a legal framework. The industry also helps define and regulate important aspects of personal conduct. While these factors make the law dynamic and create new areas of growth, it is not likely that many new markets and customers will emerge... purchase to read more