TAM - Verticals Within The Law Industry
To identify the total addressable market for various verticals in the law industry, specifically for personal injury, estate planning, civil litigation, family law, real estate, social security and disability, and IP for the purposes of understanding the various market sizes in the industry.
Preliminary research indicates that there is directly available information on the market size and CAGRs for most verticals; however, a breakdown by firm size and the average billable rate by vertical are not readily available.
PERSONAL INJURY LAW
- The U.S. market size for personal injury law in 2019 is $35 billion and it is growing at a CAGR of 1.4%.
- There are 56,605 total personal injury law firms in the U.S.
- The U.S. market size for trust & estates law (estate planning) in 2019 is $197 billion and is growing at a CAGR of 5.0%.
- There are 3,416,930 trust & estate law firms in the U.S.
CIVIL LITIGATION LAW
- Third-party litigation (civil litigation) is a $5 billion market in the U.S. as of 2018.
- The U.S. market size for family law in 2019 is $11 billion, and it is growing at a CAGR of 1.2%.
- There are 63,166 family law firms in the U.S.
INTELLECTUAL PROPERTY LAW
- The U. S. market size for trademark & patent law (IP) in 2019 is $19 billion and is declining at a CAGR of -3.9%.
- There are 12,582 trademark & patent law firms in the U.S.
REAL ESTATE LAW
- The real estate law market size for the U.S. is not directly available, but the top 50 real estate law firms in the U.S. for 2019 are available, which means the market size could be triangulated using their revenues.
SOCIAL SECURITY & DISABILITY LAW
- The social security and disability law market size for the U.S. is not directly available and will likely need to be triangulated using creative means.
BREAKDOWN BY EMPLOYEE NUMBERS
- It does not appear that a breakdown of law firms by employee size is directly available, so it will likely need to be triangulated using creative means. It may be possible to use the revenues generated by law firm size to approximate the number of small, medium, and large firms within each vertical.
MEAN, MODE, AND MEDIAN BILLABLE HOUR RATE
- It does not appear that a breakdown of the mean, mode, and median billable rates by vertical is available, so this will likely need to be triangulated using creative means.
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