Setting up shop: New business growth will spur demand for industry services

As the economy continues to improve, the Law Firms industry in New York will benefit from higher corporate profit margins and increased corporate activity. Increasing mergers and acquisitions (M&As) as well as strength in initial public offerings (IPOs) will continue to improve revenue for the industry's top firms, which receive the bulk of their revenue from major corporate clients. The overall performance of the economy, an anticipated increase in corporate profit and an influx of new laws and regulations will aid revenue growth over the next five years. Expected increases in consumer disposable income will also aid smaller industry participants by increasing demand for services like estate and trust planning...read more.

Industry Statistics & Market Size
Revenue
$58bn
Annual Growth 12-17
6.3%
Forecast Growth 17-22
Profit
Employment
124,150
Businesses
15,614
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Industry Threats & Opportunities

  • The number of businesses in the state is anticipated to grow more quickly, supporting demand for legal services
  • Lawyers in New York are among the highest-paid legal professionals in the country
  • The Law Firms industry in New York is anticipated to undergo further growth
  • Industry Report - Industry Analysis Chapter

    The Empire State is home to New York City, which is a global financial and cultural hub, as well as the most populous city in the country. The prominence of commerce, finance, technology, media, research and entertainment industries in the state is a significant driver of demand for a wide range of legal services. As such, law firms in the state are highly regarded in practice areas like securities litigation, private equity, intellectual property, financial restructuring and reorganization, antitrust law, executive compensation and benefits, tax law and merger and acquisition law.Industry performance is shaped by changes in macroeconomic factors, such as the number of businesses, initial public offerings (IPOs) and the state economy (as measured by the GDP of New York). As ...purchase to read more.

    Additional Insights for the Law Firms in New York Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in New York 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 New York in the Law Firms in New York industry impact industry performance..

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    What is the Law Firms in New York Industry?

    This industry comprises offices of legal practitioners (known as lawyers or attorneys) in New York, who primarily practice law. Establishments provide expertise on diverse 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
  • Civil negligence
  • Real estate law
  • Criminal law
  • Labor law and employment law
  • Family law
  • Arbitration, mediation and other services
  • 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
  • Initial public offerings
  • Number of Businesses in New York
  • Gross Domestic Product for New York
  • Crime rate

  • Current Performance
  • Wall Street building up industry growth
  • Emerging trends
  • Chart: Revenue Growth

  • Industry Outlook
  • Competitive pressures
  • Surging cybersecurity threats
  • Table: Law Firms in New York Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Oil Drilling & Gas Extraction
  • Coal Mining
  • Manufacturing
  • Commercial Banking
  • Intellectual Property Licensing
  • Consumers

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

  • Products & Services
  • Business law services
  • Environmental law, healthcare law and immigration law
  • Civil negligence
  • Real estate law
  • Criminal law
  • Labor law and employment law
  • Arbitration, mediation and other services
  • Family law
  • Chart: Law Firms in New York 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 York 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 New York

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Cleary Gottlieb Steen & Hamilton LLPCravath, Swaine & Moore LLPKirkland & EllisSullivan & Cromwell LLPSkadden, Arps, Slate, Meagher & Flom LLPWachtell, Lipton, Rosen & Katz
  • Table: Cleary Gottlieb Steen & Hamilton LLP - financial performance
  • Table: Cravath, Swaine & Moore LLP - financial performance
  • Table: Kirkland & Ellis - financial performance
  • Table: Sullivan & Cromwell LLP - financial performance
  • Table: Skadden, Arps, Slate, Meagher & Flom LLP - financial performance
  • Table: Wachtell, Lipton, Rosen & Katz - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in New York 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 York Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • No. of Businesses in New York (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 industry research report on Law Firms in New York contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

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

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