Legal services (NAICS 541110) industry trends
The legal services industry comprises the offices of lawyers, notaries and other legal services. Lawyers or attorneys provide legal advice and representation in areas of law such as criminal, corporate, family, estate, patent, real estate and tax. Notaries draft, approve and execute legal documents including real estate transactions, wills and contracts. Notaries also receive, index and store such legal documents. Additionally, the legal services industry also includes paralegal services, real estate settlement offices and real estate title abstract companies.
The Census Bureau’s most recent data indicates that there are approximately 191,102 firms within this industry. The majority of firms within this industry are offices of lawyers.
According to Sageworks’ industry data, the industry’s net profit margin during the last 12 months was 19.67 percent. During this same time, the average gross profit margin was 98.18 percent.
The graph below shows business statistics for the average company in the legal services industry.