Law Firm Moderate Industry Sales Growth Law firms’ sales are expected to notch moderate growth over the next several years. The industry’s year-over-year sales rose 3.2% in 2022 before rising to 4.5% growth in 2023, according to Inforum and the Interindustry Economic Research Fund, Inc. Sales are projected to moderate to 2.4% growth in 2024 and 3.5% in 2025, then see average annual growth of about 3.5% through 2028, according to Inforum and the Interindustry Economic Research Fund, Inc.
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Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.32% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy.
By the Numbers
Employment by law firms increases Overall employment by law firms changed 1.8% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at law firms rise Average wages for nonsupervisory employees at law firms were $45.74 per hour in December, a 3.6% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Law Firms Q2-2024
Law Firm Moderate Industry Sales Growth
Law firms’ sales are expected to notch moderate growth over the next several years. The industry’s year-over-year sales rose 3.2% in 2022 before rising to 4.5% growth in 2023, according to Inforum and the Interindustry Economic Research Fund, Inc. Sales are projected to moderate to 2.4% growth in 2024 and 3.5% in 2025, then see average annual growth of about 3.5% through 2028, according to Inforum and the Interindustry Economic Research Fund, Inc.
News Spotlight:
Generative AI for legal professionals: Its growing potential and top use cases
Financial Thomson Reuters: Full Article »
Industry Forecast
Sales for the US law firms industry are forecast to grow at a 3.32% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy.
By the Numbers
Employment by law firms increases
Overall employment by law firms changed 1.8% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at law firms rise
Average wages for nonsupervisory employees at law firms were $45.74 per hour in December, a 3.6% change compared to a year ago.
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