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Attorneys & Law Firms – Industry Research, Analysis, Statistics, and Forecasts

SIC 8111  |  NAICS 541110

This free online guide to industry research and analysis provides sources for industry statistics, trends, and forecasts, financial ratios, salary surveys, and more.

See the following sections listed below to view available resources by category:

For guides to other industries, see our index of over 400 industries.

Industry Analysis, Statistics, Trends, and Forecasts

Industry Research Reports
Law Firms  (view report)
Attorneys by Specialty  (view reports)
Comprehensive industry research reports provide in-depth industry analysis and five-year forecasts, with special focus on the underlying structure and external forces and relationships that affect industries and their performance. Topics addressed in the reports include:
Sample report and selected industry statistics including market size, five-year average growth rate, number of businesses, and total employment are available free online.

ALM Media Properties, LLC
The American Lawyer

Monthly professional journal features news and analysis for legal executives and professionals, with special features including the "Am Law 100" report (May issue) which ranks the top 100 law firms by revenue, the "Am Law 200" report (June issue) which ranks the top 200 firms by revenue, and the "A-List" report (July issue) which ranks the top 20 firms based on data from four other ALM surveys.

American Bar Association

Publications section provides an extensive selection of books, periodicals, and other publications covering a wide range of topics, with topics covered in the practice management and professional interests sections including practice management and administration, billing and finance, marketing, technology, multijurisdictional practice, professional liability, legal education, and career guidance.

IRS Audit Technique Guides

IRS audit guide includes an overview of the legal services industry and its business practices, with topics covered in the guide including accounting records, bank accounts (e.g., operating account, general trust account, segregated trust account), client-related expenses, attorney-client privilege, gross income and payment arrangements, advanced client costs, and promotional expenses.

BizMiner Market Analysis Reports
General and Specialty Law Practices  Search for "541110" to see available reports

Market analysis reports provide industry statistics for a user-defined area on a national, state, county, metro area, or zip code level, with data provided including number of companies, market volume and sales trends, average company sales, sales per employee, staffing and employment trends, average employee wage, and business start up activity and failure rates. Sample report can be viewed online.

More industry research reports »

Financial Statements and Financial Ratios

BizMiner Industry Financial Ratios
General and Specialty Law Practices  Search for "541110" to see available reports
Five-year financial statement analysis reports provide income statements, balance sheets, and key industry financial ratios for companies of all sizes, with financial data available by sales size range on a national, state, and metropolitan area level including:
Sample financial statement and ratio analysis report is available free online.

Industry Research Reports
Law Firms / Attorneys by Specialty
(see links for individual reports)  (sample spreadsheet)

Key statistics section of these reports provides detailed income statements and balance sheets on a common-size basis and over twenty-five industry financial ratios, with financial ratios provided for the each of the four most recent calendar years and on a historical average basis for 3-year, 5-year, and 10-year time periods. Sample spreadsheet with breakdowns by asset size can be viewed free online.

ALM Legal Intelligence
Publications available from this organization include:

Survey of Law Firm Economics
Annual survey allows users to compare their firm's performance with other similar firms based on firm size, practice area, market area population, and geographic region (e.g., national, census region, and metro area), with data analyzed in the survey including income and expenses, billable hours, unbilled time, billing rates, realization, fees receivable, partner and staff compensation, and personnel ratios.

Small Law Firm Economics Survey
Annual survey allows users to measure their firm's performance against other firms with 20 or fewer attorneys based on firm practice area, market area population, and geographic region (e.g., national, census region), with data analyzed in the survey including income and expenses, hourly billing rates, billable hours worked, unbilled time, receivables, partner and staff compensation, and staffing ratios.

More financial benchmarking data »

Compensation and Salary Surveys

National Association for Law Placement
Associate Salary Survey

Comprehensive annual survey provides compensation data for associates by firm size, geographic region, and metro area population, with detailed salary analyses available for 29 major metropolitan markets. Other compensation surveys available from this source include the biennial "Law School Career Services Survey" and the biennial "Public Sector & Public Interest Attorney Salary Survey".

ALM Legal Intelligence
Publications available from this organization include:

Survey of Law Firm Economics
Annual survey provides information on billing rates, billable hours, realization, and other factors which affect law firm compensation, with job positions analyzed in the survey including equity partners, non-equity partners, associates, and of counsel personnel, and compensation data included in the survey broken out by region, firm size, practice area, years admitted to the bar, and years of experience.

ALM/IPMA Compensation Survey for Paralegals and Managers
Annual compensation survey provides salary, bonus, and benefits information for paralegals, legal assistants, and case managers, with compensation information reported by practice area, years in profession, size of firm or department, company revenue, type of industry, and geographic region (e.g., national, census region, and metropolitan area). Detailed table of contents is available online.

More compensation surveys »

BV Guides and Databases

Private Company Sales Transaction Databases
Free "Visitor Search" allows users to search the DealStats, BIZCOMPS, and FactSet/BVR databases for public and private company sales transactions by SIC or NAICS Code. These databases provide detailed information for sales transactions including sales price and terms, purchase price allocation, target financial data, and deal-derived valuation multiples. Sample reports can be viewed free online.

Valuing Professional Practices and Licenses: A Guide for the Matrimonial Practitioner
Part B: Valuing Law Practices
Ronald L. Brown (Editor), Wolters Kluwer, supplemented annually

Comprehensive valuation guide contains over 45 chapters focused on valuing professional practices, degrees, and licenses for divorce purposes, with topics addressed in the guide specific to attorneys including the difficulties of representing attorneys in divorces, legal issues in valuing a law practice, and various factors included in the sale of a legal practice relevant to valuation for divorce litigation.

BVR Guides & Books
What It's Worth: Law Firm Value

Comprehensive resource addresses key considerations to take into account when valuing a law firm, with topics covered including value drivers and valuation considerations, current market for law firms, selling and succession planning for owners, financial and valuation data, and cases of note involving law firm valuations. Selected excerpts including detailed table of contents can be viewed free online.

More valuation data »

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