Final verdict: Industry demand is expected to be spurred by international investment and trade

The Law Firms industry in Canada has undergone strong growth over the five years to 2019. Demand for legal services has been facilitated by restructurings, secondary offerings and other capital market activity. This has benefited the industry's top firms, which receive the bulk of their revenue from corporate clientele. In addition, the industry's small- and medium-sized players benefited from a rise in Canadian business formation, which has expanded the overall pool of potential legal clientele. Developments in technology, especially the emergence of online legal databases and research and preparation tools, helped shift client more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Demand for legal services has been facilitated by restructurings, secondary offerings and other capital market activity
  • Steady revenue growth led to an increase in the number of establishments
  • Major foreign players are entering the Canadian legal market
  • Industry Report - Industry SWOT Analysis Chapter

    IBISWorld considers the Law Firms industry in Canada to be in the mature stage of its life cycle. Over the 10 years to 2024, industry value added (IVA), which measures an industry’s contribution to the overall economy, is expected to increase an annualized 1.5%. This growth is parallel with expected Canadian GDP growth at an annualized rate of 1.7% during the same period. Furthermore, the recent wave of mergers and acquisitions between Canadian firms and international firms, such as the merger of Ogilvy Renault LLP and Norton Rose, indicates saturation in the domestic market. IBISWorld expects a slow increase in the number of industry operators, with the number of enterprises rising at an annualized rate of 1.8% to 39,649 firms over the 10 years to 2024...purchase to read more.

    Additional Insights for the Law Firms Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Law Firms Industry are

  • Ability to effectively communicate and negotiate
  • Experienced work force
  • Having a high prior success rate (including completed prior contracts)
  • IBISWorld analysts also discuss how external factors such as Corporate profit and Number of businesses in the Law Firms industry impact industry performance..

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    What's in this report

    What is the Law Firms Industry?

    This industry comprises offices of legal practitioners, such as lawyers, barristers and solicitors, primarily engaged in the practice of law. The industry’s establishments provide expertise in a range of areas of law, such as criminal, corporate, family and estate, patent, real estate and tax.

    Industry Products
  • Commercial law services
  • Civil negligence, personal injury and criminal law services
  • Labour and employment law services
  • Real estate law services
  • Other services
  • Industry Activities
  • Corporate law services
  • Criminal law services
  • Family law services
  • Estate law services
  • Intellectual property law services
  • Real estate law services
  • Tax law services
  • Commercial law activities
  • Personal injury activities
  • Property law services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Corporate profit
  • Number of businesses
  • Demand from finance and insurance
  • Crime rate

  • Current Performance
  • Strained margins
  • Other obstacles
  • Chart: Revenue Growth

  • Industry Outlook
  • Consolidation and slowing industry participation
  • Revenue growth
  • Table: Law Firms Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Law Firms Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining In Canada
  • Utilities In Canada
  • Manufacturing In Canada
  • Information In Canada
  • Finance and Insurance In Canada
  • Professional, Scientific and Technical Services In Canada
  • Public Administration in Canada
  • Consumers in Canada

  • Key Selling Industries
  • Commercial Leasing in Canada
  • Consumer Electronics Stores in Canada
  • Office Furniture Manufacturing in Canada

  • Products & Services
  • Commercial law services
  • Other services
  • Civil negligence, personal injury and criminal law services
  • Real estate law services
  • Labour and employment law services
  • Chart: Law Firms Industry Products and Services Segmentation

  • Demand Determinants
  • Economic performance
  • Regulations
  • Criminal activity

  • Major Markets
  • Business and corporate clients
  • Households
  • Government and nonprofit clients
  • Chart: Major Market Segmentation for the Law Firms Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Law Firms

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Law Firms Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Law Firms Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Law Firms Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)
  • Wages (2010-2024)
  • Purchases (2010-2024)
  • Profit (2010-2024)
  • Depreciation (2010-2024)
  • Marketing (2010-2024)
  • Rent (2010-2024)
  • Utilities (2010-2024)
  • Other (2010-2024)
  • Crime rate (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Initial Public Offering (Ipo)
  • The issuing of a company's common stock to the public for the first time.
  • Insolvency
  • The inability to pay debts.
  • Mergers And Acquisitions (M&A)
  • The buying, selling and combining of companies.
  • Pro Bono
  • Professional work that is undertaken voluntarily and without payment.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Law Firms market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Law Firms:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Law Firms market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Law Firms, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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