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Law Firms in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Law Firms Market Research Report | NAICS 54111 | Sep 2016

Due process: Rising business activity and disposable income will bolster industry growth

The Law Firms market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Market Size
Revenue
$292bn
Annual Growth 11-16
0.8%
Annual Growth 16-21
Annual Growth
Profit
Profit
Employment
1,342,799
Businesses
447,964
Industry Threats & Opportunities
  • An increase in IPOs and M&A activity will improve revenue for the industry’s top firms
  • Consolidation dissuaded law firms from bringing on new attorneys
  • Downstream improvements will lead to industry growth, though price competition will persist
  • ... purchase to read more

Industry Analysis & Industry Trends

As the economy continues to improve, the Law Firms industry 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 in 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... ... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

In the 10 years to 2021, the Law Firms industry's contribution to the overall economy, measured by industry value-added, is projected to grow an average 1.0% per year, compared with annualized GDP growth of 2.1%. While industry revenue growth was stalled by the recession and subsequent slow economic growth, many factors pointed to the industry's maturity even before the recession.

Law firm mergers have increased since the mid-1990s, and firms have increasingly followed other businesses overseas, indicating signs of saturation in the domestic market. These consolidations have dissuaded law firms from hiring new employees, as newly merged firms generally lay off excess workers and operate with greater labor efficiency. In addition, IBISWorld forecasts only a marginal, 0.8% a.. ... purchase to read more

Additional Insights for the Law Firms Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms 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 Corporate profit and Initial public offerings in the Law Firms industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Law Firms Industry?

    This industry comprises offices of legal practitioners, known as lawyers or attorneys, who primarily practice law. Establishments provide expertise on a range of areas or specific areas of law, such as criminal, corporate, family and estate, patent, real estate or tax.

    Industry Products
    Commercial law servicesCriminal law, civil negligence and personal injuryReal estate lawLabor and employmentOther services
     
    Industry Activities
    Providing criminal law servicesProviding corporate law servicesProviding family law servicesProviding estate law servicesProviding intellectual property law servicesProviding real estate law servicesProviding tax law servicesProviding commercial law servicesProviding personal injury servicesProviding property law services


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Corporate profit
  • Initial public offerings
  • Number of businesses
  • Crime rate
  • Current Performance
  • Cutbacks improve profit margins
  • Postrecessionary consolidation
  • Chart: Revenue Growth
  • Industry Outlook
  • Industry mergers
  • Industry constraints
  • Table: Law Firms Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms Industry Lifecycle vs The Economy
  • Products & Markets
    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
  • Commercial law services
  • Other services
  • Criminal law, civil negligence and personal injury
  • Real estate law
  • Labor and employment
  • Chart: Law Firms Industry Products and Services Segmentation
  • Demand Determinants
  • Litigation activities
  • Regulations
  • Criminal activity
  • Real estate market
  • Major Markets
  • Business and corporate clients
  • Households
  • Government and not-for-profit clients
  • Chart: Major Market Segmentation for the Law Firms Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Wages
  • Profit
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Law Firms
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Law Firms Industry
  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the 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
    Key Statistics
  • Table: Industry Data for the Law Firms 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 businesses (2007-2021)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
    Big Law
  • The largest firms in the Law Firms industry.
  • 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.
  • Mergers And Acquisition (M&A)
  • The buying, selling and combining of companies.
  • Pro Bono
  • Professional work that is undertaken voluntarily and without payment.

  • Why Buy this Report?
    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:
    • 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 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 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, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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