Bankruptcy Law Services Procurement Category Market Research Report from IBISWorld has Been Updated

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Buyers have few alternatives when declaring bankruptcy aside from trying to complete the process in-house or finding a lawyer to complete the process pro bono; consequently, the lack of substitutes limits buyer negotiating power. For these reasons and to help procurement professionals make better buying decisions faster, business intelligence firm IBISWorld has updated a report on the procurement of Bankruptcy Law Services in its growing collection of procurement category market research reports.

IBISWorld procurement market research
Prices are expected to continue to decline in the next three years as the recovering economy enables businesses to pay their debts and, thus, reduce bankruptcy rates

Bankruptcy law services have a buyer power score of 4.3 out of 5, indicating that buyers have a strong level of negotiating power due to the declining average price for this service, the high number of suppliers, the financial stability of vendors and low price volatility. “The average price has fallen in the three years to 2014 due to a combination of decreased demand and high competition among suppliers,” according to IBISWorld business research analyst Andrew Krabeepetcharat.

The number of business bankruptcies has declined in the past three years because the rebounding economy has helped drive revenue for businesses, allowing them to repay their financial obligations. With fewer businesses going bankrupt, lawyers are experiencing decreased demand for bankruptcy services. Additionally, there are a high number of law firms in the market, helping to create a high level of competition among suppliers. “The combination of decreased demand and high competition has forced suppliers to reduce their fees for bankruptcy law services to gain market share,” says Krabeepetcharat.

Prices are expected to continue falling during the next three years as the economy continues to recover and the number of business bankruptcies continues to fall. The expected decrease in demand will force suppliers to further lower their prices, helping to boost buyer power. Suppliers' financial stability also helps contribute to the strong level of buyer power. With the average supplier not at risk of bankruptcy, buyers can be more confident when choosing a supplier that the law firm will not go out of business during the service contract, which further boosts buyer power.

However, the low availability of substitutes hampers buyer power. Buyers have few alternatives when declaring bankruptcy aside from trying to complete the process in-house or finding a lawyer to complete the process pro bono. Even so, very few businesses qualify for pro bono work. Consequently, the lack of substitutes limits buyer negotiating power. Major vendors include Baker & McKenzie, Baker Botts LLP and DLA Piper. For more information, visit IBISWorld’s Bankruptcy 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 bankruptcy law services. Suppliers include legal practitioners, known as lawyers or attorneys, which are primarily engaged in the practice of bankruptcy law. Suppliers of bankruptcy law services provide businesses with legal consultation on issues related to foreclosure, repossession, debt collection and other bankruptcy related problems.

  • Executive Summary
  • Pricing Environment

-- Price Fundamentals
-- Benchmark Price
-- Pricing Model
-- Price Drivers
-- Recent Price Trend
-- Price Forecast

  • Product Characteristics

-- Product Life Cycle
-- Total Cost of Ownership
-- Product Specialization
-- Substitute Goods
-- Regulation
-- Quality Control

  • Supply Chain & Vendors

-- Supply Chain Dynamics
-- Supply Chain Risk
-- Imports
-- Competitive Environment
-- Market Share Concentration
-- Market Profitability
-- Switching Costs

  • Purchasing Process

-- Buying Basics
-- Buying Lead Time
-- Selection Process
-- Key RFP Elements

  • Negotiation Questions
  • Buyer Power Factors
  • Key Statistics

About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement 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.

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Gavin Smith
IBISWorld Inc.
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