Talk it out: The industry will need to deal with alternative dispute resolution methods

Demand for the Law Firms industry in Texas has strengthened during the five-year period to 2017, supported by the robust increase in the value of initial public offerings. The steady increase in local and state government expenditure in Texas, combined with the growing number of businesses in the state, has further driven up demand. As a result, industry revenue has increased moderately. During the five-year period, the state economy has increasingly diversified. As the commercial makeup of the state has transitioned away from the traditional reliance on the oil and gas sector, the need for law services has become more obvious in the healthcare and renewable energy sectors, among others...read more.

Industry Statistics & Market Size
Revenue
$25bn
Annual Growth 12-17
3.3%
Forecast Growth 17-22
Profit
Employment
100,600
Businesses
35,947

Industry Threats & Opportunities

  • The steady increase in local and state government expenditure in Texas has further driven up demand
  • The industry's low barriers to entry have prompted an ongoing entry of sole proprietors
  • The further anticipated decline in the crime rate, combined with the slower increase in the value of IPOs, will somewhat curb demand
  • Industry Report - Industry Locations Chapter

    The distribution of law firms in Texas correlates with the concentration of business hubs and the population spread. Industry operators benefit from locating in proximity to downstream markets because this enables the timely provision of legal services. The North region, which is home to Dallas-Fort Worth, accounts for the largest share of law firms in the state at 31.0%. The Gulf accounts for another 26.4% of total industry establishments in the state, also in line with the share of the total state population...purchase to read more.

    Additional Insights for the Law Firms in Texas Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms in Texas 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 Number of businesses in Texas and Crime rate in the Law Firms in Texas industry impact industry performance..

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    What's in this report

    What is the Law Firms in Texas Industry?

    This industry comprises offices of legal practitioners (known as lawyers or attorneys) in Texas who primarily practice law. Establishments provide expertise on various 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
  • Family law
  • Labor law and employment law
  • Arbitration, mediation and other law 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
  • Number of businesses in Texas
  • Crime rate
  • Initial public offerings
  • Local and State Government Expenditure in Texas

  • Current Performance
  • Diversification of the state economy
  • Technological innovations
  • Chart: Revenue Growth

  • Industry Outlook
  • Competitive constraints
  • Cybersecurity perils
  • Table: Law Firms in Texas Industry Revenue Outlook

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

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Akin Gump Strauss Hauer & Feld LLP, Baker Botts LLP, Norton Rose Fulbright, Vinson & Elkins LLP,
  • Table: Akin Gump Strauss Hauer & Feld LLP - financial performance
  • Table: Baker Botts LLP - financial performance
  • Table: Norton Rose Fulbright - financial performance
  • Table: Vinson & Elkins LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms in Texas 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 Texas Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of businesses in Texas (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 Offering (Ipo)
  • The issuing of a company's common stock to the public for the first time.
  • Mediation
  • A confidential legal dispute-resolution method where a neutral third party (a mediator) facilitates a mutually acceptable settlement. This process is informal and nonbinding.
  • Mergers And Acquisitions
  • The buying, selling and combining of companies.
  • What Our Customers Say

    Why buy this report?

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

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