Although the number of businesses in Illinois has been rising at a slower rate than the national average over the five years to 2017, the robust increase in the number of initial public offerings (IPOs) has fueled demand for legal services. As a result, revenue for the Law Firms industry in Illinois has been increasing over the five years to 2017 at an estimated annualized rate of 2.6%. Over the five years to 2022, industry revenue is forecast to grow at an annualized rate of 1.5% to $20.7 billion. The GDP of Illinois is anticipated to grow more rapidly during the five-year period, strengthening demand for legal services. However, the slower increase in the value of IPOs will temper demand, contributing to subdued revenue growth...read more.

Industry Statistics & Market Size
Revenue
$19bn
Annual Growth 12-17
2.6%
Forecast Growth 17-22
Profit
Employment
56,782
Businesses
8,778
What Our Customers Say

Industry Threats & Opportunities

  • Growing adoption of tools like apps and document assembly software streamlines the delivery of legal services
  • Local and state government expenditure has been growing modestly
  • The subdued anticipated increase in the number of businesses will moderate industry revenue growth
  • Industry Report - Industry Investment Chapter

    The Law Firms industry in Illinois is highly labor-intensive, which results in a low capital intensity level. Employees at law firms specialize in a particular field of law, be that bankruptcy law, real estate law or intellectual property law. Law firms also require support staff for research, documenting, filing and other low-skill duties, further driving up wage costs. By comparison, capital investment is negligible in this industry. Therefore, IBISWorld estimates that for every dollar spent on wages, only $0.01 is spent on capital in 2017...purchase to read more.

    Additional Insights for the Law Firms in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in Illinois 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 Illinois and Number of Businesses in Illinois in the Law Firms in Illinois industry impact industry performance..

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    What is the Law Firms in Illinois Industry?

    This industry comprises offices of legal practitioners (known as lawyers or attorneys) in Illinois, 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
  • Environmental law, healthcare law and immigration law
  • Real estate law
  • Civil negligence
  • Criminal law
  • Labor law and employment law
  • Arbitration, mediation and other
  • Family 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 Illinois
  • Number of Businesses in Illinois
  • Local and State Government Expenditure in Illinois
  • Initial public offerings

  • Current Performance
  • Corporations drive growth
  • Winds of change
  • Chart: Revenue Growth

  • Industry Outlook
  • Competitive pressures
  • Cybersecurity threats
  • Table: Law Firms in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms in Illinois 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
  • Real estate law
  • Civil negligence
  • Environmental law, healthcare law and immigration law
  • Labor law and employment law
  • Arbitration, mediation and other
  • Family law
  • Criminal law
  • Chart: Law Firms in Illinois 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 Illinois 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 Illinois

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Jenner & BlockKirkland & EllisMayer BrownMcDermott Will & EmerySidley Austin LLPWinston & Strawn LLP
  • Table: Jenner & Block - financial performance
  • Table: Kirkland & Ellis - financial performance
  • Table: Mayer Brown - financial performance
  • Table: McDermott Will & Emery - financial performance
  • Table: Sidley Austin LLP - financial performance
  • Table: Winston & Strawn LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in Illinois 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 Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • No. of Businesses in Illinois (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.
  • Why buy this report?

    IBISWorld’s Law Firms in Illinois Industry Research Report offers insight into the market at the national level. Our analysis highlights macro trends in the overall sector and the micro trends faced by companies that do business in the Law Firms in Illinois industry. Our five-year outlook forecasts explain how the market is set to change and the product segments that will drive growth.

    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 Illinois:
    • 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 Illinois 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 Illinois, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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