Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.2 % over the past five years, to reach an estimated $191.8bn in 2024.
Trends and Insights
After a brief downturn, the need for business legal services has trended upward
- Corporate profit skyrocketed in 2021, giving businesses across many industries the resources to expand services. This necessitated spending on a range of services associated with business law, including employment law, contract law, tax law and business litigation. Likewise, corporate law, generally seen as a subset of business law, experienced growth.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
In addition to an expanding economy, complex tax changes will necessitate legal services
- Strong business growth will create a consistent need for business law. Corporate profit is forecast to swell as the Federal Reserve likely continues lowering interest rates, reducing the cost of credit and making it easier for businesses to expand operations.
Biggest companies in the Business Lawyers & Attorneys in the US
There are no companies that hold a large enough market share in the Business Lawyers & Attorneys in the US industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including General business law, Labor and Insurance. General business law is the largest segment of the Business Lawyers & Attorneys in the US.
Trends and Insights
The nature of business law services is expansive
- Business law services encompass a wide range of areas essential to running a business. These services include managing employment matters, addressing customer relations, creating and reviewing partnership agreements, handling lawsuits that impact operations and developing and assessing business plans.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Firms in this industry practice commercial law, assessing the rights and relations of persons and businesses engaged in commerce.
What's included in this industry?
General business lawLabor lawInsurance lawIntellectual property lawBankruptcy lawTax lawCompanies
Purchase this report to view all major companies in this industry.
Related Terms
INITIAL PUBLIC OFFERING (IPO)MERGERS AND ACQUISITION (M&A)PRO BONOIndustry Code
NAICS 541110 - Business Lawyers & Attorneys in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The need for business law parallels economic expansion, fueled by rising corporate profit. Economic growth has enabled businesses to expand, necessitating more resources for ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Factors that influence volatility in the industry
- Key success factors for businesses to overcome volatility
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Business law services cover multiple critical areas necessary for effective business operations. New laws and social movements have created additional legal avenues to challe...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Purchase this report to unlock analyst insights.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Large firms stand out in cross-border law by using their extensive resources to handle needs in diverse jurisdictions. Their broad capabilities allow them to meet complex leg...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Business law registration requirements differ significantly across states, with each jurisdiction establishing its own legal system rules. Typically, lawyers must complete la...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Business lawyers generally enjoy high profitability. However, profit can differ significantly depending on a firm's size and area of specialization.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Business Lawyers & Attorneys in the US industry in United States in 2024?
The market size of the Business Lawyers & Attorneys in the US industry in United States is $191.8bn in 2024.
How many businesses are there in the Business Lawyers & Attorneys in the US industry in 2024?
There are 277k businesses in the Business Lawyers & Attorneys in the US industry in United States, which has grown at a CAGR of 0.2 % between 2019 and 2024.
Has the Business Lawyers & Attorneys in the US industry in United States grown or declined over the past 5 years?
The market size of the Business Lawyers & Attorneys in the US industry in United States has been growing at a CAGR of 1.2 % between 2019 and 2024.
What is the forecast growth of the Business Lawyers & Attorneys in the US industry in United States over the next 5 years?
Over the next five years, the Business Lawyers & Attorneys in the US industry in United States is expected to grow.
What does the Business Lawyers & Attorneys in the US in United States include?
General business law and Labor law are part of the Business Lawyers & Attorneys in the US industry.
How competitive is the Business Lawyers & Attorneys in the US industry in United States?
The level of competition is moderate and steady in the Business Lawyers & Attorneys in the US industry in United States.
Related Industries
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Competitors
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Complementors
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International industries
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Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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