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2024 U.S. Industry Statistics & Market Forecast - Law Firms
Market Size & Industry Statistics
The total U.S. industry market size for Law Firms:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Law Firms industry include:- Increased reliance on technology and automation
- Greater emphasis on cybersecurity measures
- Expansion of remote work policies
- Rising demand for legal expertise in data privacy
- Growth in cross-border transactions and international law services
- Shift towards fixed-fee and alternative billing models
- Expansion of in-house legal departments reducing outside counsel needs
- Heightened focus on diversification and inclusion initiatives
- Growing importance of legal tech startups
- Emphasis on sustainability and ethical practices within law firms
- Increased specialization and niche practices
- Consolidation and mergers among law firms
- Integration of artificial intelligence in legal research and case management
Product & Services Breakdown
Research products and services in the Law Firms industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Legal Services, Civil Law - Real Estate Law |
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Legal Services, Civil Law - Wills, Estates, And Trusts |
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Legal Services, Civil Law - Family Law |
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Legal Services, Civil Law - Business And Commercial Law |
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Legal Services, Civil Law - Business And Commercial Law - Bankruptcy Law |
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Legal Services, Civil Law - Business And Commercial Law - Intellectual Property Law |
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Legal Services, Civil Law - Business And Commercial Law - Taxation Law |
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Legal Services, Civil Law - Other Business And Commercial Law, Including Antitrust, Incorporation, Banking, Securities, And Insu |
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Legal Services, Civil Law - Civil Negligence |
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Legal Services, Civil Law - Labor And Employment Law |
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Legal Services - Other Civil Law |
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Legal Services - Other Civil Law - Environmental Law |
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Legal Services - Other Civil Law - Public And International |
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Legal Services - Other Civil Law - Health Care Law |
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Legal Services - Other Civil Law, Including Immigration/Refugee, Consumer, And Other Non-Criminal Law |
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Legal Services, Criminal Law |
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Arbitration And Mediation Services |
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Arbitration And Mediation Services, International Commercial |
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Arbitration And Mediation Services, Excluding International Commercial |
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Legal Research And Document Services |
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Title, Abstract, And Settlement Services |
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Patent, Copyright, And Other Intellectual Property Document Filing And Search Services |
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Other Document Filing And Search Services |
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Distributions From Law Partnerships To Professional Corporations/Associations |
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All Other Receipts |
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All Other Operating Receipts |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
|
| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Law Firms company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Law Firms industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Law Firms measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 3% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 1% | |||
| Legal Occupations | 62% | |||
| Lawyers, Judges, and Related Workers | 37% | |||
| Lawyers and Judicial Law Clerks | 37% | |||
| Lawyers | 37% | |||
| Legal Support Workers | 25% | |||
| Paralegals and Legal Assistants | 22% | |||
| Paralegals and Legal Assistants | 22% | |||
| Office and Administrative Support Occupations | 27% | |||
| Secretaries and Administrative Assistants | 14% | |||
| Secretaries and Administrative Assistants | 14% | |||
| Legal Secretaries and Administrative Assistants | 11% | |||
Law Firms Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Law Firms industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Law Firms industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Law Firms industry. |
Source:
Innovation News
- Mar 19, 2024: Fiton raises $4 million in funding.
- Feb 15, 2024: Didier Law Firm P.a. patents Method Of Making Positive Drive Conveyor Belt
- Feb 08, 2024: Conceal patents Systems And Methods For Protecting An Identity In Network Communications
- Feb 08, 2024: Conceal patents Systems And Methods For Protecting An Identity In Network Communications
- Jan 31, 2024: Rubenstein Law P.a. trademarks "ANY COURT, ANY TIME" - Attorney services; Legal services; Litigation services
- Jan 30, 2024: Community Law Group PLLC trademarks "GUARDIANS OF JUSTICE" - Legal services; Providing legal services in the field of immigration law, civil law, criminal defense, family law, contracts, and personal injury.
- Jan 29, 2024: Tom D'amore trademarks "D'AMORE LAW GROUP" - Legal advisory services; Legal services
- Jan 18, 2024: E-Legal raises $7 million in funding.
- Jan 18, 2024: E-Legal raises $7 million in funding.
Recent Federal Contracts for Law Firms
- Apr 02, 2024: SOZO ENVIRONMENTAL LLC (Lake Forest Park, WA) awarded $110,998
- Apr 02, 2024: NIXON PEABODY LLP (New York, NY) awarded $137,540
- Apr 02, 2024: KLARQUIST SPARKMAN, LLP (Portland, OR) awarded $12,080
- Apr 01, 2024: BECKER & POLIAKOFF, P.A. (Fort Lauderdale, FL) awarded $10,000
- Apr 01, 2024: MORRISON & FOERSTER LLP (San Francisco, CA) awarded $125,250
- Mar 29, 2024: TRAVIS ADR SERVICES, LLC (Cookeville, TN) awarded $3,077
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