In session: As corporate profit increases, industry demand will grow

Over the past five years to 2018, the industry has performed well. While the industry is generally independent of larger macroeconomic events, corporate profit does play a major role in performance. As corporate profit increases, industry clients have more discretionary income that could be outlaid, directly or indirectly, to corporate law firms. Over the next five years to 2023, the industry is expected to continue trending up. Furthermore, as deregulation continues to affect the economy, more clients may seek the advice of industry firms on how to navigate and take advantage of a new regulatory environment...purchase to read more.

Industry Statistics & Market Size
Revenue
$142bn
Annual Growth 13-18
2.3%
Forecast Growth 18-23
Profit
Employment
650,684
Businesses
212,242
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • As deregulation continues to affect the economy, more clients may seek the advice of industry firms
  • The largest and most successful firms engage in intense competition for recent graduates
  • While revenue is expected to decelerate, the number of industry firms is expected to accelerate
  • Industry Report - Industry Investment Chapter

    The Corporate Law Firms industry has a low level of capital intensity. IBISWorld estimates that for every dollar spent on wages, only $0.02 is spent on capital. The industry is highly labor intensive; wages represent 38.1% of revenue in 2018. As law is ever-changing and dynamic, lawyers must keep abreast of any changes implemented through new legislation. Finally, law firms rely on non-attorney employees, including support staff for research, filing, documenting and ad hoc duties, which contribute to higher industry wages...purchase to read more.

    Additional Insights for the Corporate Law Firms Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Corporate Law Firms Industry are

  • Ability to effectively communicate and negotiate
  • Experienced work force
  • Having a high prior success rate
  • IBISWorld analysts also discuss how external factors such as Corporate profit and Initial public offerings in the Corporate Law Firms industry impact industry performance..

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    What's in this report

    What is the Corporate Law Firms Industry?

    Firms in this industry specialize in commercial activities relating to merger and acquisition activity, capital raisings involving debt and equity markets, activities relating to initial public offering and legal services associated with private-equity transactions that include leveraged buyouts. Corporate law firms also provide services relating to commercial litigation, including intellectual property disputes.

    Industry Products
  • General corporate law
  • Insurance law
  • Intellectual property law
  • Bankruptcy law
  • Tax law
  • Industry Activities
  • Providing legal services for corporations
  • 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
  • External competition
  • Number of businesses

  • Current Performance
  • Wide-range of services offered
  • Competition for new employees
  • Consolidation
  • Chart: Revenue Growth

  • Industry Outlook
  • Policy implications
  • Industry constraints
  • Increasing competition
  • Table: Corporate Law Firms Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Utilities
  • Information
  • Finance and Insurance
  • Professional, Scientific and Technical Services

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

  • Products & Services
  • General corporate law
  • Insurance law
  • Intellectual property law
  • Tax law
  • Bankruptcy law
  • Chart: Corporate Law Firms Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Finance and insurance
  • Information and technology
  • Industrial
  • Other
  • Real estate
  • Chart: Major Market Segmentation for the Corporate Law Firms Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Wages
  • Profit
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Corporate Law Firms

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Corporate Law Firms Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Corporate Law Firms 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 Corporate Law Firms Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Corporate profit (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.
  • 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 Corporate Law Firms 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 Corporate Law Firms:
    • 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 Corporate Law Firms 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 Corporate Law Firms, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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