Law Firms in Canada - Industry Market Research Report

Law Firms in Canada

The Law Firms industry in Canada has undergone strong growth over the five years to 2019. Demand for legal services has been facilitated by restructurings, secondary offerings and other capital market activity. This has benefited the industry's top firms, which receive the bulk of their revenue from corporate clientele. In addition, the industry's small- and medium-sized players benefited from a rise in Canadian business formation, which has expanded the overall pool of potential legal clientele. Developments in technology, especially the emergence of online legal databases and research and preparation tools, helped shift client preferences. Over the past five years, large corporations have also increasingly opted to pursue legal matters through in-house attorneys rather than consulting industry firms. Overall, these trends are expected to continue over the five years to 2024.

The Law Firms industry in Canada 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.