Guilty as charged: Due to low market share concentration, the industry is highly competitive

The Law Firms industry in New Jersey serves the needs of a variety of downstream clients, ranging from businesses, government agencies and households and individuals. Industry firms provide their expertise on a wide range of topics including environmental law, employment and labor law, family law and corporate law. Additionally, the services provided by law firms in New Jersey cannot be replicated or replaced by other industries and as a result, industry revenue has grown steadily. The number of businesses in New Jersey has grown an annualized 0.8% over the five years to 2018, boosting industry revenue primarily through corporate law services. Furthermore, disposable income in New Jersey has increased at an annualized 2.2%...purchase to read more.

Industry Statistics & Market Size
Revenue
$9bn
Annual Growth 13-18
1.0%
Forecast Growth 18-23
Profit
Employment
46,069
Businesses
15,151

Industry Threats & Opportunities

  • As income levels rise, consumers are more willing to spend money on expensive lawyer fees
  • Industry Report - Industry Locations Chapter

    For the most part, law firm concentration is proportional to a region's population, as well as corporate concentration. Establishments in the Law Firm industry in New Jersey are primarily located in the surrounding tri-state region. For example, the Metro/Newark and Northeast/Paterson regions account for 21.7% and 18.9% of industry establishments, respectively. Furthermore, businesses, which account for 57.3% of industry revenue, are primarily concentrated in this area, specifically in Newark, making it a prime location for law firms. Additionally, the Metro/Newark area accounts for the majority of population of New Jersey, at 22.2%. Households account for 36.1% of industry revenue and therefore, law firms locate themselves near major markets to ensure close proximity to clients. The...purchase to read more.

    Additional Insights for the Law Firms in New Jersey Industry

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

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    What's in this report

    What is the Law Firms in New Jersey Industry?

    This industry comprises offices of legal practitioners, known as lawyers or attorneys, 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
  • 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
  • Corporate profit
  • Initial public offerings
  • Number of Businesses in New Jersey
  • Crime rate

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms in New Jersey 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 New Jersey 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 New Jersey 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 New Jersey

  • Basis of Competition
    Barriers to Entry
    Gibbons, Lowenstein Sandler, McCarter & English Attorneys at Law, Sills Cummis & Gross PC,
  • Table: Gibbons - financial performance
  • Table: Lowenstein Sandler - financial performance
  • Table: McCarter & English Attorneys at Law - financial performance
  • Table: Sills Cummis & Gross PC - financial performance

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

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Big Law
  • The largest firms in the Law Firms industry.
  • 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?

    The Law Firms in New Jersey industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

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

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