III. Industry Analysis
The market size of the law firm industry in the U.S. is expected to increase 5.3% to reach $330 billion. The law firm industry in the US is the 2nd ranked professional services industry by market size in the US.
Growth in the historic period resulted from strong economic growth in emerging markets, increased mergers and acquisitions (M&A), a rise in consumer spending/increase in disposable income, and deregulation of the legal industry. Moreover, increasing demand for transactional practice areas, the growing legal tech industry, and globalization will drive the growth.
The increasing number of transactional practices in the upcoming period is expected to drive the legal services market. Transactional practice includes research, preparations, and review of documents for individuals and companies for corporate, tax, and real estate work and mergers and acquisitions.