|SIC Codes:||6541 7389 8111|
|NAICS Codes:||541199 541191 541120 541110|
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, Latham & Watkins, and Pillsbury Winthrop Shaw Pittman (all based in the US), as well as Allen & Overy, Clifford Chance, DLA Piper International, and Freshfields Bruckhaus Deringer (all based in the UK).
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 20% of revenue.
Civil law practices account for about 90% of industry revenue; criminal law practices account for about 5%. Of civil practices, services to businesses account for 44% of industry revenue; other civil law, 14%; civil negligence, 12%, real estate law, 8%; and labor and employment law, 5%.Buy Now