High corporate profit and the enforcement of stricter immigration laws will benefit attorneys
New York, NY (PRWEB) December 31, 2013
Immigration lawyers and attorneys assist individuals in obtaining visas and gaining US citizenship, defend the rights of immigrants, navigate the issues of illegal immigration and assist businesses in understanding immigration issues in a global marketplace. Although the Immigration Lawyers and Attorneys industry suffered during the recession, it rebounded strongly after 2010. According to IBISWorld Industry Analyst Sarah Kahn, “In the five years to 2013, revenue for this industry increased at an average annual rate of 2.5% to $20.4 billion.”
Despite high levels of immigration, industry growth was stifled in 2009 due to falling per capita disposable income and corporate profit, causing individuals and corporations to find alternatives to industry services. Individuals seeking legal permanent resident (LPR) status and naturalizations may have postponed applications or turned to the new e-filing system that the US Citizenship and Immigration Services offers. Corporations that tend to sponsor foreign nationals turned to domestic employees who do not require sponsorship. Immigrants sponsored by close family members provided a stable revenue stream throughout the period. As corporate profit and disposable income rebounded in 2010, so did employer-sponsored visas and LPR and naturalization requests. Additionally, turmoil in the Middle East has increased the number of refugees and asylees, with the number of Egyptians granted asylum tripling from 2011 to 2012. These immigrants are required to apply for LPR status within one year of arrival. In 2013 alone, industry revenue is expected to grow about 2.9%.
High corporate profit and the enforcement of stricter federal and state immigration laws should provide additional opportunities for industry attorneys. “US employers are expected to once again turn to foreign workers, increasing requests for employer-sponsored visas, and pending legislation to substantially raise the H-1B visa cap is expected to pass,” says Kahn. State laws, such as those allowing police investigating other crimes to demand proof of immigration status, are expected to increase demand for the defense of illegal immigrants. The industry is also well positioned to benefit from the hundreds of thousands of children of illegal immigrants likely to apply for legal status through the Deferred Action for Childhood Arrivals Program. In the five years to 2018, industry revenue is expected to increase.
For more information, visit IBISWorld’s Immigration Lawyers and Attorneys in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
Firms in the Immigration Lawyers and Attorneys industry offer services relating to the legal status of individuals, including citizenship and visa services.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.