Due process: The diversity of buying markets has shaped industry revenue over the past five years

The Law Firms industry in California caters to the needs of diverse downstream clients. Industry incumbents provide their expertise on a wide range of topics such as immigration law, taxation law, employment and labor law, bankruptcy law and intellectual property law. As such, this diversity of buying markets has shaped the industry performance. Industry revenue has been growing moderately over the five years to 2017. Over the five years to 2022, revenue for the Law Firms industry in California is projected to continue growing. The same macroeconomic drivers will drive industry growth during the outlook period, including corporate profit and research and development expenditure...read more.

Industry Statistics & Market Size
Revenue
$44bn
Annual Growth 12-17
1.8%
Forecast Growth 17-22
Profit
Employment
160,541
Businesses
46,012

Industry Threats & Opportunities

  • The proliferation of online legal aid resources has hampered industry demand
  • The growth in labor force has increasingly allowed industry operators to expand their portfolio of service offerings
  • The performance of this industry is strongly contingent upon the growth of the overall economy
  • Industry Report - Industry Investment Chapter

    The Law Firms industry in California has a low level of capital intensity because of the highly labor-intensive nature of the services. Employees at law firms often specialize within a particular field of law, be that tax law, intellectual property law or securities law. Also, law firms require support staff for research, filing, documenting and other duties, further driving up wage costs. In the meantime, capital investment is negligible because most expenditure relates to maintenance and repairs of office and computer equipment. As such, IBISWorld estimates that for every dollar spent on wages, only $0.03 is spent on capital...purchase to read more.

    Additional Insights for the Law Firms in California Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in California Industry are

  • Ability to effectively communicate and negotiate
  • Experienced work force
  • Having a high prior success rate (including completed prior contracts)
  • IBISWorld analysts also discuss how external factors such as Corporate Profit in California and Number of Businesses in California in the Law Firms in California industry impact industry performance..

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    What's in this report

    What is the Law Firms in California Industry?

    This industry comprises offices of legal practitioners (known as lawyers or attorneys) in California, who primarily practice law. Establishments in this industry provide expertise on a range of areas or specific areas of law, such as criminal, corporate, family, patent, real estate or tax.

    Industry Products
  • Business law services
  • Other services
  • Criminal law, civil negligence and personal injury law
  • Labor and employment law
  • Family Law
  • Intellectual property law
  • Industry Activities
  • Providing criminal law services
  • Providing corporate law services
  • Providing family law services
  • Providing estate law services
  • Providing intellectual property law services
  • Providing real estate law services
  • Providing tax law services
  • Providing commercial law services
  • Providing personal injury law services
  • Providing property law services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Corporate Profit in California
  • Number of Businesses in California
  • Number of Employees in California
  • Crime rate
  • Research and development expenditure

  • Current Performance
  • Corporate profit driving industry growth
  • Key sectors underpinning demand
  • Chart: Revenue Growth

  • Industry Outlook
  • Research and development trends
  • Competitive environment
  • Table: Law Firms in California Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms in California Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Utilities
  • Manufacturing
  • Information
  • Finance and Insurance
  • Professional, Scientific and Technical Services
  • Public Administration
  • Consumers

  • Key Selling Industries
  • Commercial Leasing
  • Computer Stores
  • Office Furniture Manufacturing
  • Office Supply Stores

  • Products & Services
  • Business law services
  • Other services
  • Criminal law, civil negligence and personal injury law
  • Labor and employment law
  • Family Law
  • Intellectual property law
  • Chart: Law Firms in California Industry Products and Services Segmentation

  • Major Markets
  • Corporate clients
  • Households
  • Government and not-for-profit clients
  • Chart: Major Market Segmentation for the Law Firms in California Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesRent, utilities and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Law Firms in California

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Law Firms in California Industry

  • Baker & McKenzie, Jones Day, Latham & Watkins, Paul Hastings LLP, Skadden, Arps, Slate, Meagher & Flom LLP,
  • Table: Baker & McKenzie - financial performance
  • Table: Jones Day - financial performance
  • Table: Latham & Watkins - financial performance
  • Table: Paul Hastings LLP - financial performance
  • Table: Skadden, Arps, Slate, Meagher & Flom LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in California Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Law Firms in California Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Businesses in California (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Initial Public Offering (Ipo)
  • The issuing of a company's common stock to the public for the first time.
  • Mergers And Acquisition (M&A)
  • The buying, selling and combining of companies.
  • Pro Bono
  • Professional work that is undertaken voluntarily and without payment.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Industry Market Report on Law Firms in California is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Law Firms in California:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Law Firms in California market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Law Firms in California, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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