Over the five years to 2016, the Law Firms industry experienced slow but steady growth. Increased corporate profit and greater financial deal-making activity have boosted demand from the corporate clientele that generate the bulk of revenue for the industry's top firms. For smaller firms too, greater business formation has increased demand for related legal services. However, the industry has also experienced heightened price competition, as cost-conscious clients increasingly choose legal representation on the basis of value rather than prestige. Furthermore, many businesses have addressed legal issues in-house, instead of outsourcing work to industry firms. Nevertheless, the industry will experience steady demand in the years ahead, and revenue is expected to grow moderately through 2021.
This industry comprises offices of legal practitioners, such as lawyers, barristers and solicitors, primarily engaged in the practice of law. The industry’s establishments provide expertise in a range of areas of law, such as criminal, corporate, family and estate, patent, real estate and 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.