The industry will be hurt by a continually slowing crime rate, but benefit from rising legal fees
New York, NY (PRWEB) March 27, 2014
The criminal lawyers and attorneys industry specializes in the provision of defense to individuals and companies that have been charged with criminal conduct. The industry does not include public defenders, which are permanently employed by various jurisdictions for individuals who cannot afford private attorneys. Over the past five years, the industry has recorded slow growth as the US crime rate has slowed. Stronger police enforcement and an improving economy that deters individuals from a life of crime have mitigated industry growth because there are fewer clients available to represent. However, rising legal costs and the continued existence of crime have enabled the industry to grow over the five-year period.
Over the past five years, the criminal lawyers and attorneys industry was surprised by a reduction in the crime rate during the recession. Typically, crime rates escalate when unemployment rises and individuals are forced to find other ways to make money. However, the most recent recession deviated from this trend, and the crime rate actually fell at a relatively faster rate, causing demand for criminal lawyers and attorneys to fall. This is most likely the result of a declining market for drugs and stolen goods, as individuals allocated spending toward necessary goods. Following the recession, the crime rate returned to its usual rate of decline, but increasing legal costs have driven industry growth. According to IBISWorld Industry Analyst Jeremy Edwards, “Overall, industry revenue is projected to grow at an average annual rate of 0.5% over the five years to 2014.” Growth is expected to be stronger in 2014, when the industry is forecast to grow 1.9% to $10.7 billion.
Over the next five years, industry growth is expected to accelerate. “More expensive legal fees and prioritization of national security and violent crimes by the Department of Justice are expected to fuel demand for criminal lawyers,” says Edwards. Furthermore, technology such as improved forensics, as well as new resources, will increase the value criminal lawyers provide to clients. However, conditions for lawyers will become more difficult as an already-saturated market receives an increasing number of industry employees. Industry revenue is projected to during the five years to 2019.
For more information, visit IBISWorld’s criminal lawyers and attorneys in the US industry report page.
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IBISWorld Industry Report Key Topics
Firms in the criminal lawyers and attorneys industry specialize in the defense of individuals and companies that have been charged with criminal conduct. This industry does not include public defenders, which are permanently employed by various jurisdictions.
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
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