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Corporate Law Firms in the US Industry Data and Analysis
Corporate law firms have enjoyed revenue growth as strong corporate profit stimulated demand for almost all of the industry's services. The largest boon to corporate lawyers came in 2021 as the number of IPOs reached an all-time high. As drafting IPOs is one of the industry's largest revenue streams, this jump brought a surge in revenue. This revenue was especially helpful to make up for a dip the year before, as pandemic-related government assistance allowed struggling businesses to delay filing for bankruptcy, lessening demand for corporate lawyers. Since 2023, revenue growth in corporate law has accelerated further, driven by strong demand across a wide range of services, with the highest increases in areas like merger advice, transactional work and regulation. Thus, industry-wide revenue is forecast to grow at a CAGR of 3.9% through 2025 to total $193.6 billion, with revenue rising an estimated 5.3% during 2025 alone.Strong corporate profit is the most important factor to the industry's success. Corporate profit skyrocketed following the initial pandemic trough as prices, spending and production capacities all rose to meet pent-up demand. This new capital enabled major companies to acquire smaller competitors, leading to a surge in revenue for lawyers specializing in incorporation. With more flexibility in their margins, corporations were also able to invest more in research and development projects. This, in turn, increased demand for corporate law firms to help protect intellectual property. While wages have been on the rise, revenue growth has helped law firms absorb these costs and keep profit high, especially for the nation's top firms.Looking forward, corporate lawyers are expected to enjoy steady growth. Corporate profit is forecast to rise as interest rates decline, even as the effect of tariff policy shifts engenders economic uncertainty. Continued changes to corporate taxation, first under the Inflation Reduction Act of 2022 and now with the passage of the One Big Beautiful Bill Act in 2025, will encourage major companies to seek consulting services from corporate lawyers in order to comply with evolving corporate tax obligations and incentives. Much of this demand will be met by in-house legal departments, though, which experts anticipate to become more prevalent. Still, the range of corporate law firms' cyclical and countercyclical services will continue to make the industry especially resilient, and revenue is forecast to climb at a CAGR of 0.6% through 2030 to total $199.9 billion.
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What's included in this industry analysis
IBISWorld's research coverage on the Corporate Law Firms industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released August 2025.
About this industry
What's this industry report about?
The Corporate Law Firms industry in the United States operates under the NAICS industry code OD4805. Firms in this industry specialize in commercial law related to mergers and acquisitions, capital raisings involving debt and equity markets and activities surrounding initial public offerings, as well as 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. Related terms covered in the Corporate Law Firms industry in the United States include initial public offering (ipo), insolvency and pro bono.
What's included in this industry?
Products and services covered in Corporate Law Firms industry in the United States include General corporate law, Insurance law and Intellectual property law.
What companies are included in this industry?
The Corporate Law Firms industry in the United States is highly fragmented with no companies holding a market share greater than 5%.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Corporate Law Firms industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Corporate Law Firms industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Corporate Law Firms industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Corporate Law Firms industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Corporate Law Firms industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Corporate Law Firms industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Corporate Law Firms industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Corporate Law Firms industry in the United States.
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Frequently Asked Questions
What is the market size of the Corporate Law Firms industry in the United States in 2026?
The market size of the Corporate Law Firms industry in the United States is $193.6bn in 2026.
How many businesses are there in the Corporate Law Firms industry in the United States in 2025?
There are 198k businesses in the Corporate Law Firms industry in the United States, which has declined at a CAGR of 0.3 % between 2020 and 2025.
How may import tariffs affect the Corporate Law Firms industry in the United States?
The Corporate Law Firms industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Corporate Law Firms industry in the United States?
The Corporate Law Firms industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Corporate Law Firms industry in the United States grown or declined over the past 5 years?
The market size of the Corporate Law Firms industry in the United States has been growing at a CAGR of 3.9 % between 2020 and 2025.
What is the forecast growth of the Corporate Law Firms industry in the United States over the next 5 years?
Over the next five years, the Corporate Law Firms industry in the United States is expected to grow.
What does the Corporate Law Firms industry in the United States include?
Providing legal services for corporations and are part of the Corporate Law Firms industry in the United States.
How competitive is the Corporate Law Firms industry in the United States?
The level of competition is moderate and steady in the Corporate Law Firms industry in the United States.
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