The work of the legal profession plays a significant role in the U.S. business economy. The “products” of the legal profession, through negotiations, litigations, court decisions, corporate machinations, and more generated have outsize effects on the lives we all lead.
How Big Is The Legal Profession?
Revenue is expected to increase from 313.1 billion U.S. dollars in 2018 to over 344 billion in 2023. For the nation’s 100 largest law firms, revenue grew by 5% in 2019. It exceeded $1 million per lawyer. Profits per equity partner approached $2 million.
According to the American Bar Association the total U.S. Lawyer Population is 1,328,692 as of 2020. There are approximately 297,000 firms in the United States. Practices include a wide array of highly educated and strictly accredited professionals working across a multitude of specializations.
Major practice areas include bankruptcy, business, contract, criminal, corporate, employment, environmental, family, immigration, intellectual property, labor, personal injury, real estate, and tax law. Explore further for a more granular list of law specialties.
What Are The Costs Of Running A Legal Practice?
Payroll – These include salaries and benefits for partners, associates and para-legals. The precision demanded by the practice of law raises the bar, and cost for each of these.
Who’s who, & what are their titles?
- Managing General Partner
- Contract Lawyers
- Of Counsel Attorneys
- Law Clerks
- Legal Assistants
- Administrative (Procurement, etc.)
Premises – Substantial firms require office space to conduct business. This means furniture, security, insurance, maintenance, communications services, office supplies, and utilities.
Support – Suppliers of materials, legal services, continuing education, research, legal publications, banking relationships, memberships, and marketing services enable them to serve their clients and grow.
How Might COVID-19 Affect Law Practices?
It remains to be seen what the net effects of the pandemic will be. Collection rates must be monitored closely to mitigate risks. Face to face proceedings are being conducted remotely. Documents can be submitted online. Arbitration, mediation, and depositions can be virtual, as can industry events. Practices and firms must ramp up if they haven’t already. This can mean growth for platform providers.
How Can Direct Marketers Reach Lawyers & Law Firms?
Direct marketers to the legal profession must demand the most accurate and comprehensive mailing lists of firmographic and demographic data available. Reach key decision makers at law offices and firms, by title, and even at home address. Law offices, (NAICS code 541110), qualify as small businesses if they have revenues of less than $12 million (p33). Enrich records and enhance personalization with lifestyle data elements.
The legal profession is broad and deep. Direct marketers need the data tools to segment campaigns smarter. From one-to-one marketing to enterprise solutions, choosing mailing list data that fits the facts of the case will produce favorable decisions. A data expert with extensive knowledge of the legal space is your best guide.