Personal payback: Demand for personal injury lawyers will likely grow in line with the aging US population

Over the five years to 2017, the Personal Injury Lawyers and Attorneys industry is projected to grow. Throughout this period, industry operators have benefited from an increase in the average age of the US population; older individuals are more likely to have slip-and-fall accidents, which can yield personal injury cases. Further, growth in the number of car accidents over the period is expected boost the number of civil suits brought to court, which is also expected to support industry growth, as did the slight increase in the number of work-related deaths. However, amid an increase in competition from online legal consultancy, the industry was unable to grow at a more robust rate...read more.

Industry Statistics & Market Size
Revenue
$33bn
Annual Growth 12-17
0.9%
Forecast Growth 17-22
Profit
Employment
117,447
Businesses
56,605
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Personal injury law has been partially insulated from macroeconomic shocks given the nondiscretionary nature of its services
  • With more cars on the road, the number of vehicle accidents is projected to grow
  • Personal injury lawyers will benefit from the rising average age of the US population
  • Industry Report - Starting a New Business Chapter

    Personal injury lawyers are usually highly specialized because personal injury law is complex. A firm's reputation is important in obtaining work, and developing relationships with clients can take years. Only time and success can help overcome these barriers. Up-front spending on marketing can help attract clients; however, clients may be hesitant to work with an unseasoned personal injury lawyer. As a result, many lawyers in this field will initially partner with a more experienced lawyer or will agree to a much smaller pay cut to garner business.The system of payment in most personal injury cases is a barrier to entry into the industry. Sin...purchase to read more.

    Additional Insights for the Personal Injury Lawyers & Attorneys Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Personal Injury Lawyers & Attorneys Industry are

  • Ability to effectively communicate and negotiate
  • Having a high prior success rate
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as Crime rate and Number of adults aged 65 and older in the Personal Injury Lawyers & Attorneys industry impact industry performance..

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    What's in this report

    What is the Personal Injury Lawyers & Attorneys Industry?

    This industry comprises legal practitioners (i.e. lawyers or attorneys) that primarily practice personal injury law.

    Industry Products
  • Automobile accidents
  • Medical malpractice
  • Other personal injury cases
  • Personal injury - airline
  • Personal injury - marine
  • Industry Activities
  • Negligence law services
  • Tort law services
  • Workplace injury 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
  • Crime rate
  • Number of adults aged 65 and older
  • Number of physician visits
  • Number of vehicle accidents
  • Number of work-related deaths

  • Current Performance
  • Trends aiding growth
  • Work place and automobile injuries
  • Other trends in personal injury law
  • Chart: Revenue Growth

  • Industry Outlook
  • Growth factors
  • Industry structure
  • Table: Personal Injury Lawyers & Attorneys Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Personal Injury Lawyers & Attorneys Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

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

  • Products & Services
  • Automobile accidents
  • Other personal injury cases
  • Medical malpractice
  • Personal injury - marine
  • Personal injury - airline
  • Chart: Personal Injury Lawyers & Attorneys Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • People aged 25 to 64
  • People younger than 25
  • People 65 or older
  • Chart: Major Market Segmentation for the Personal Injury Lawyers & Attorneys Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Industry profit
  • Wages and purchases
  • Rent and utilities
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Personal Injury Lawyers & Attorneys

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Personal Injury Lawyers & Attorneys 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 Personal Injury Lawyers & Attorneys 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 Personal Injury Lawyers & Attorneys Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of vehicle accidents (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Litigation
  • A legal dispute between two or more parties that seek money damages or specific performance rather than criminal sanctions.
  • Medical Malpractice
  • Professional negligence by a health care provider in which the treatment provided falls below the accepted standard of practice in the medical community and causes injury or death to the patient.
  • Personal Injury
  • A legal term for an injury to the body, mind or emotional state, as opposed to an injury to property.
  • Structured Settlement
  • A settlement arrangement in which damages are paid out over a period of time rather than all at once as a lump sum.
  • What Our Customers Say

    Why buy this report?

    The Personal Injury Lawyers & Attorneys Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    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 Personal Injury Lawyers & Attorneys:
    • 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 Personal Injury Lawyers & Attorneys 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 Personal Injury Lawyers & Attorneys, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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