During the three years to 2017, the average price paid for immigration law services is projected to grow more rapidly on the back of expected growth in corporate profit and the rising number of immigrants
Los Angeles, CA (PRWEB) June 11, 2014
Immigration law services have a buyer power score of 2.6 out of 5, reflective of low to moderate buyer power in the market. On one hand, the market is characterized by low market share concentration and low vendor financial risk, which facilitate price-based competition and boost buyer power. At the same time, there is a low availability of substitutes, high product specialization and significant switching costs, which offset the beneficial effect of high competition in the market. “Demand for immigration law services has strengthened since the recession, encouraged by rising demand for foreign-born talent and the growing complexity of immigration law,” says IBISWorld procurement analyst Agiimaa Kruchkin. “As immigration law becomes increasingly more challenging to navigate, employers hire immigration attorneys to perform the services for them.” On the back of expanding demand, service prices have trended upward, undermining buyer power. At the same time, the intensifying competition among small and medium-size suppliers prevents suppliers from raising prices for their services more rapidly, providing some relief to buyers.
Over the past three years, immigration law service prices have increased as demand rose alongside the recovering economy. Economic recovery also facilitated the ongoing expansion of the immigrant population, maintaining demand for visa petitions. “Prices for immigration law services recovered particularly quickly among the largest law firms, as downstream demand was further enhanced by these suppliers' expertise and reputation,” adds Kruchkin. “Consequently, buyer power declined slightly over the past three years.”
Demand for immigration law services is anticipated to remain stable over the next three years, favoring suppliers and hurting buyers. Prices are expected to rise slightly faster in the three-year period through 2017, despite price-based competition in the market. Key strategies for buyers include containing costs by negotiating volume discounts, as multiyear contracts are uncommon among suppliers. For more information, visit IBISWorld’s Immigration Law Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of immigration law services. Immigration law governs whether a person is a resident or an alien, and their associated legal rights, duties and obligations. Immigration law firms provide legal counsel and guidance in business immigration, namely in preparing a variety of US nonimmigrant visa petitions and applications for employment-based permanent residence. Suppliers of immigration law services counsel on immigration compliance issues, advise clients on documentary requirements and prepare the paperwork for the petitions. In addition, immigration law groups also provide representation for antidiscrimination provisions of the law. Immigration law firms do not provide employment law services.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Buying Lead Time
Key RFP Elements
Buyer Power Factors
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