Law Firms in the US - Industry Market Research Report

Not guilty: Smaller law firms are set to benefit from increased per capita disposable income

Operators in the Law Firms industry range from sole practitioners to large, full-service legal firms mostly serving corporate clients. Industry revenue growth has been modest over the past five years. The industry benefited from economic growth through most of the period but was negatively affected by the coronavirus. Overall, industry revenue increased at a CAGR of 1.6% to $397.1 billion over the past five years, including an increase of 0.7% in 2023 alone.

This industry comprises offices of legal practitioners, known as lawyers or attorneys, who primarily practice law. Operators 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.