Guilty as charged: Increasing IPOs in the state will aid industry revenue growth

The Sunshine State is the fourth-largest in terms of its economy because of its reliance on service-based industries, as well as the strong tourism sector and attractive retirement communities. Over the past five years, the population boom in Florida has contributed to a strong growth in state GDP, thereby fueling demand for a diverse mix of legal services. The number of businesses in Florida has been growing steadily as well, in turn necessitating business and corporate law services. As a result, revenue for the Law Firms industry in Florida has been rising robustly over the past five years...purchase to read more.

Industry Statistics & Market Size
Revenue
$21bn
Annual Growth 12-17
3.7%
Forecast Growth 17-22
Profit
Employment
94,590
Businesses
19,232

Industry Threats & Opportunities

  • The Law Firms industry is characterized by low market share concentration, which has fueled competitive pressures
  • Technological innovation has been increasingly shaping industry performance
  • The number of IPOs will grow at a slower annualized rate over the next five years
  • Industry Report - Industry Key Buyers Chapter

    Market share concentration for the Law Firms industry in Florida is low, whereby the top four companies account for less than 40.0% of industry revenue. Over the five years to 2017, market share concentration has remained steady. According to data from the US Census, more than 95.0% of law firms in the Sunshine State employ fewer than 20 people. The small size and scope of these legal practices restricts their ability to expand their presence in the market, in turn maintaining low market share concentration...purchase to read more.

    Additional Insights for the Law Firms in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in Florida 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 Gross Domestic Product for Florida and Number of businesses in Florida in the Law Firms in Florida industry impact industry performance..

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    What's in this report

    What is the Law Firms in Florida Industry?

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

    Industry Products
  • Business law services
  • Civil negligence
  • Real estate law
  • Criminal law
  • Family law
  • Labor law and employment law
  • Arbitration, mediation and other law services
  • Environmental law, healthcare law and immigration 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
  • Gross Domestic Product for Florida
  • Number of businesses in Florida
  • Crime rate
  • Initial public offerings

  • Current Performance
  • Key demand drivers
  • Innovative practices
  • Chart: Revenue Growth

  • Industry Outlook
  • Mounting competition
  • Cybersecurity threats
  • Table: Law Firms in Florida Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • 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
  • Civil negligence
  • Environmental law, healthcare law and immigration law
  • Real estate law
  • Criminal law
  • Arbitration, mediation and other law services
  • Family law
  • Labor law and employment law
  • Chart: Law Firms in Florida Industry Products and Services Segmentation

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

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

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Akerman LLP, Greenberg Traurig LLP, Holland & Knight LLP, Jones Day, White & Case LLP,
  • Table: Akerman LLP - financial performance
  • Table: Greenberg Traurig LLP - financial performance
  • Table: Holland & Knight LLP - financial performance
  • Table: Jones Day - financial performance
  • Table: White & Case LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in Florida 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 Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • No. of businesses in Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Arbitration
  • A confidential legal dispute-resolution process, in which a disagreement is settled through the aid of a neutral third party. The arbitrator's decision is usually binding and cannot be appealed.
  • Initial Public Offerings (Ipos)
  • The issuing of a company's common stock to the public for the first time.
  • Mergers And Acquisitions (M&A)
  • The buying, selling and combining of companies.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Industry Market Report on Law Firms in Florida 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 Florida:
    • 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 Florida 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 Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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