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

Personal injury claims are filed for incidents like road traffic accidents, workplace accidents, assaults, accidents in the home, defective product-related accidents and medical malpractice. Demand for personal injury lawyers exists regardless of the economic climate, and the industry weathered the recession well. Over the five years to 2021, medical malpractice suits will likely become more common, as the US population ages. The increasing popularity of structured settlements, which enable the negligent party to pay over a period of time rather than in one lump sum, will stabilize revenue for personal injury lawyers...read more.

Industry Statistics & Market Size
Revenue
$31bn
Annual Growth 11-16
0.2%
Forecast Growth 16-21
Profit
Employment
129,542
Businesses
56,973
Market Share of Companies
There are no companies with a dominant market share in this industry
What Our Customers Say

Industry Threats & Opportunities

  • Structured settlements will continue to create a steady flow of income for industry firms
  • Fewer auto accidents over the past five years has somewhat hampered industry demand
  • As the unemployment rate falls, work-related accidents will rise, helping industry revenue grow
  • Industry Report - Industry SWOT Analysis Chapter

    The Personal Injury Lawyers and Attorneys industry is in the mature stage of its life cycle. In the 10 years to 2021, the industry's contribution to the overall economy, which is measured by industry value added (IVA), is expected to grow an annualized 1.0%. During the same time, GDP is expected to grow an average annual 2.1%, indicating that the industry is growing roughly in line with the overall economy.Legal industry services will always be needed because negligence and personal injury disputes require a legal framework. The industry also helps define and regulate important aspects of personal conduct. While these factors make the law dynamic and create new areas of growth, it is not likely that many new markets and customers will emerge. How...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 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
  • Personal Injury - Automobile
  • 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 growthImportant industry trendsOther trends in personal injury law
  • Chart: Revenue Growth

  • Industry Outlook
    Growth factorsIndustry 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
  • Personal Injury - Automobile
  • 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 (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Number of vehicle accidents (2007-2021)

  • 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.
  • Why buy this report?

    IBISWorld’s industry research report on Personal Injury Lawyers & Attorneys 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 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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