Law Firms in Illinois
Although the number of businesses in Illinois has been rising at a slower rate than the national average over the five years to 2017, the robust increase in the number of initial public offerings (IPOs) has fueled demand for legal services. As a result, revenue for the Law Firms industry in Illinois has been increasing over the five years to 2017 at an estimated annualized rate of 2.6%. Over the five years to 2022, industry revenue is forecast to grow at an annualized rate of 1.5% to $20.7 billion. The GDP of Illinois is anticipated to grow more rapidly during the five-year period, strengthening demand for legal services. However, the slower increase in the value of IPOs will temper demand, contributing to subdued revenue growth.
This industry comprises offices of legal practitioners (known as lawyers or attorneys) in Illinois, 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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