By the book: Increases in corporate profit will boost industry demand

The Law Firms industry in Massachusetts has been growing steadily over the five years to 2018. The diversity of demand and the necessity of services provided by operators has contributed to the industry's steady performance. However, growth has been mitigated by the proliferation of less expensive, oftentimes free, online legal aid and resources, as well as large corporations switching to in-house lawyers rather than outsourcing. Over the five years to 2023, revenue is forecast to increase. The number of businesses in Massachusetts is anticipated to grow at a faster rate than the previous five-year period. Additionally, overall increases in corporate profit and initial public offerings at the national level are expected to propel demand...purchase to read more.

Industry Statistics & Market Size
Revenue
$9bn
Annual Growth 13-18
0.6%
Forecast Growth 18-23
Profit
Employment
37,741
Businesses
14,056

Industry Threats & Opportunities

  • Overall increases in corporate profit and initial public offerings at the national level are expected to propel demand
  • Additional Insights for the Law Firms in Massachusetts Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in Massachusetts 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 Initial public offerings and Number of businesses in Massachusetts in the Law Firms in Massachusetts industry impact industry performance..

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    What's in this report

    What is the Law Firms in Massachusetts Industry?

    This industry comprises offices of legal practitioners, known as lawyers or attorneys, who primarily practice law in Massachusetts. 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
  • Commercial law services
  • Other law services
  • Criminal law, civil negligence and personal injury
  • Real Estate Law
  • Labor and Employment 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 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
  • Initial public offerings
  • Number of businesses in Massachusetts
  • GDP for Massachusetts
  • Crime rate

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms in Massachusetts 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
  • Commercial law services
  • Other law services
  • Criminal law, civil negligence and personal injury
  • Real Estate Law
  • Labor and Employment Law
  • Chart: Law Firms in Massachusetts Industry Products and Services Segmentation

  • Major Markets
  • Businesses
  • Households
  • Government
  • Chart: Major Market Segmentation for the Law Firms in Massachusetts Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Law Firms in Massachusetts

  • Basis of Competition
    Barriers to Entry
    Goodwin Procter LLP, Mintz Levin Cohn Ferris Glovsky and Popeo PC, Ropes & Gray LLP, Wilmer Cutler Pickering Hale and Dorr LLP,
  • Table: Goodwin Procter LLP - financial performance
  • Table: Mintz Levin Cohn Ferris Glovsky and Popeo PC - financial performance
  • Table: Ropes & Gray LLP - financial performance
  • Table: Wilmer Cutler Pickering Hale and Dorr LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in Massachusetts 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 Massachusetts Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of businesses (2009-2023)

  • 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.
  • Insolvency
  • The inability to pay debts.
  • 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 research report on Law Firms in Massachusetts provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

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

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