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Legal Services Report Summary

SIC Codes: 6541 7389 8111
NAICS Codes: 541110 541120 541191 541199

Chapters Include

  • Industry Overview
  • Quarterly Industry Update
  • Business Challenges
  • Trends and Opportunities
  • Call Preparation Questions
  • Financial Information
  • Industry Forecast
  • Website and Media Links
  • Glossary of Acronyms
 

Legal Services Industry Overview

Excerpt from Legal Services Report

Firms in this industry provide the services of lawyers and other legal practitioners to individuals, businesses, government agencies, and nonprofits. Major firms include Baker & McKenzie, Covington & Burling, DLA Piper, and Pillsbury Winthrop Shaw Pittman (all based in the US), as well as Clifford Chance and Freshfields Bruckhaus Deringer (both based in the UK).

Competitive Landscape

Demand depends primarily on the volume of commercial transactions, which is influenced by the level of corporate profits. The profitability of individual firms depends on the partners' reputation and ability, as well as effective case management. Large firms have advantages in serving corporate customers with a wide range of needs. Small firms, which rely on individuals and small business clients, can compete successfully providing specialized expertise or superior outcomes and operating in a local market. The US industry is highly fragmented: the 50 largest firms generate about 15 percent of revenue.

Products, Operations & Technology

Civil law practices account for nearly 90 percent of industry revenue; criminal law practices account for about 4 percent. Of civil practices, services to businesses account for 40 percent of industry revenue; other civil law, 15 percent; civil negligence, 12 percent, real estate law, 9 percent; and labor and employment law, 5 percent.

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