Law Firms industry growth has been modest in the past five years, as cost-weary businesses declined to pursue outside legal counsel. However, industry revenue in the next five years is expected to grow at a more robust pace, particularly for large firms, as higher corporate profit margins and increased corporate activity increase demand for legal services. Additionally, an anticipated increase in new businesses, alongside an influx of new laws and regulations, will expand industry operators' potential clientele. Furthermore, an expected increase in consumer disposable income will aid smaller industry participants by increasing demand for services like estate and trust planning, although these firms will face rising external competition from online services.
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.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.