The Legal Executive Institute recently published this infographic titled “How Big is the U.S. Legal Services Market?” The infographic presented several important data points on the legal industry:
- According to the LEI, the size of the legal market is about $437 billion. Out of this figure, law firms’ total revenue combined account for $276 billion, about 63% of the total legal market. Corporate Legal Departments share the other 37% with $160 billion.
- The law firm market is split: 39.2% are Small Law Firm (1 – 20 attorneys), 26.4% are Mid Size Firms (30 to 175 attorneys) and 34.4% are Large Firms (175+ attorneys).
- Law firm business from Corporate Legal Departments is almost an even split, with 53% of the business going to the Top 200 AM LAW firms, and 47% to firms outside the AM LAW 200. Corporate legal departments are doing more in-house work.
- US is the largest distributor of legal services.