Law Firms in Texas - Industry Market Research Report

Law Firms in Texas - Industry Market Research Report

  • April 2019 •
  • 20 pages •
  • Report ID: 5470354 •
  • Format: PDF

Up for debate: The need for law services has become more obvious in the healthcare, boosting industry demand

Abstract

Law Firms in Texas
Demand for the Law Firms industry in Texas has strengthened during the five-year period to 2017, supported by the robust increase in the value of initial public offerings. The steady increase in local and state government expenditure in Texas, combined with the growing number of businesses in the state, has further driven up demand. As a result, industry revenue has increased moderately. During the five-year period, the state economy has increasingly diversified. As the commercial makeup of the state has transitioned away from the traditional reliance on the oil and gas sector, the need for law services has become more obvious in the healthcare and renewable energy sectors, among others. Over the next five years, the Law Firms industry in Texas will be strongly characterized by mounting competitive constraints. Low barriers to entry will continue enabling the entry of new operators into the industry, augmenting quality- and price-based competition. Furthermore, the increased adoption of mediation and arbitration clauses in business and consumer contracts will divert some demand away from traditional law services.

This industry comprises offices of legal practitioners (known as lawyers or attorneys) who primarily practice law. Establishments provide expertise on various or specific areas of law, such as criminal, corporate, family and estate, patent, real estate or tax.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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