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2024 U.S. Industry Statistics & Market Forecast - Legal Services


Market Size & Industry Statistics

The total U.S. industry market size for Legal Services: 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.

Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics        2019        2020        2021        2022        2023
Market Size
(Total Sales/Revenue)


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Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Average Revenue Per Employee
Statistics Source: U.S. Census, AnythingResearch Analysis of Federal Data



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 (%)
Source: AnythingResearch Economic Analysis

Industry Insights

Major trends affect the Legal Services industry include:
  1. Increased use of technology and automation
  2. Growth in AI and machine learning applications
  3. Rise in cybersecurity concerns and data protection regulations
  4. Demand for more flexible and remote working arrangements
  5. Shift towards fixed-fee and alternative billing models
  6. Greater emphasis on diversity and inclusion initiatives
  7. Expansion of multidisciplinary practices
  8. Growth in pro bono and legal aid services due to social justice movements
  9. Pressure from clients for greater transparency and value
  10. Expansion of online legal services and virtual law firms
  11. Increasing importance of global legal compliance for multinational corporations
  12. Growth in the role of legal process outsourcing
  13. Adoption of blockchain technology in certain legal practices
  14. Impact of economic fluctuations on demand for legal services
  15. Increasing competition from non-traditional legal service providers


Product & Services Breakdown

Research products and services in the Legal Services industry generating sales. Note that products are broken into categories with different levels of classification.

Product DescriptionNumber of Companies Sales ($ millions) Percent of Total Sales

Industry Total

Legal Services, Civil Law - Real Estate Law

Legal Services, Civil Law - Business And Commercial Law

Arbitration And Mediation Services

Arbitration And Mediation Services, Excluding International Commercial

Legal Research And Document Services

Title, Abstract, And Settlement Services

Patent, Copyright, And Other Intellectual Property Document Filing And Search Services

Other Document Filing And Search Services

Process Server Services

Notarization And Certification Services

All Other Receipts

All Other Operating Receipts



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.

U.S. map by state

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)
Total Revenue

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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
 
Source: AnythingResearch Analysis of U.S. federal statistics




Financial Ratio Analysis

Financial ratio information can be used to benchmark how a Legal Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.

Profitability & Valuation RatiosIndustry 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 Legal Services 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).
Return on Assets (ROA)
Return on Assets (ROA) is net income relative to total assets. The market research on Legal Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets.


Liquidity RatiosIndustry 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.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.


Efficiency Ratios - Key Performance IndicatorsIndustry 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.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
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.



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.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 3%

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Chief Executives0%
General and Operations Managers1%
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%
Source: Bureau of Labor Statistics


Legal Services Competitor Landscape & Key Companies [PREMIUM]

The most influential companies in the Legal Services 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 Legal Services 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 Legal Services industry.
Source:
IncFact


Recent Federal Contracts for Legal Services

  • Apr 02, 2024: BODE CELLMARK FORENSICS, INC. (Lorton, VA) awarded $14,988
  • Apr 02, 2024: PAE LABAT-ANDERSON LLC (Falls Church, VA) awarded $244,403
  • Apr 02, 2024: GAVILANEZ, ANTONIO (Alpharetta, GA) awarded $15,653
  • Apr 02, 2024: LITCON GROUP LLC (Alexandria, VA) awarded $18,041
  • Apr 02, 2024: SECRETARIAT ECONOMISTS LLC (Washington, DC) awarded $71,526
  • Apr 02, 2024: SIGNATURE SCIENCE LLC (Austin, TX) awarded $15,125




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