Overview
The 163,500 law firms in the US provide advocacy and advisory services to businesses, non-profit organizations, individuals, and government agencies. The practice of civil law accounts for just over 90% of the legal industry’s revenue, while criminal law accounts for only 5%.
Client Cost Cutting
Businesses have cut the budgets of their legal departments, forcing them to reduce spending on outside legal services.
Alternative Fee Arrangements
Driven by client demands for cost containment, firms are offering alternatives to the traditional billable hour model.
Industry Financial Benchmarks
Here are typical financial statements for law firms.
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