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Law Firms in the US - Industry Market Research Report

  • July 2017
  • 34 pages
  • Ibisworld
Report ID: 199070

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

Abstract

Law Firms in the US

Participants in the Law Firms industry range from sole practitioners to full-service legal firms mostly serving corporate clients. Industry growth has been modest in the five years to 2017 as businesses expand and corporate profit increases. As the economy continues to improve, the industry will benefit from higher corporate activity. Increasing mergers and acquisitions as well as strength in initial public offerings will continue to improve revenue for the industry’s top firms, which receive the bulk of their revenue from major corporate clients.

Additionally, a rise in business formation will expand the clientele for law firm services, and a rebounding real estate market will bolster revenue for firms specializing in real estate law. The overall performance of the economy, including expected growth in corporate profit and an influx of new laws and regulations will aid revenue growth in the next five years. Consumer disposable income is expected to increase as well, which will also aid smaller industry participants by increasing demand for services like estate and trust planning.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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