Income for the personal injury lawyers and attorneys industry are expected to grow to $ 26.7 billion annually, 1.9% in the five years to 2012. In this period, the industry has benefited from an increase in the average age of the u.s. population, which led to the number of visits to the doctor has to rise. According to IBISWorld industry analyst Kevin Culbert contributes "the aging of the u.s. population to growth of the industry because older individuals are more prone to accidents slip-and-fall, which can result in personal injury cases." Besides, the subsequent growth in the number of doctor visit results in a greater number of malpractice suits. This factor is expected to contribute to the sales growth in 2012.
Unlike many industries that has the industry declined during the recession, personal injury attorneys and lawyers a countercyclical nature to it. During the five years until 2012, the number of car accidents has dropped the United States is expected to reach 1.4% per year to 5.6 million. Also, the number of workplace deaths declined on a year basis of 3.2% to 4,801. "In spite of this," says Culbert, "the recession has created cash-strapped individuals are more likely to be a personal injury case in case of an injury." As such, make the decrease of potential customers not the poor performance of the industry during the recession.
In the five years until 2017, is 2.0% to 29.5 billion dollar industry annually grow revenue forecast. During that time, the industry operators will benefit from an increase in revenue generated by structured settlements, which have become more popular over the last five years. Structured settlements are a scheme in which damages be paid off over a period of time instead of all at once. During the recession was more popular structured settlements because many defendants were not able to pay damages in a lump sum. As such, the industry operators a large part of the revenue from past settlements generating in the years going forward. While structured settlements boost industry profit margins in the next five years, will help the growth of profits of the industry will be restrained by increasing price competition. An inflow of law students, who pursued degrees instead of the labour market, enter will lead to higher competition and a boost in the number of small businesses. The industry will remain very fragmented, with the average company with only three employees. For more information, visit personal injury lawyers & lawyers in the IBISWorld report of the U.S. in the U.S. industry page.
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IBISWorld industry report key topics
This industry includes practitioners of legal professions (i.e. lawyers or lawyers) that essentially the practice of personal injury law.
Industry performance
Executive Summary
Main external Drivers
Current performance
Industry-Outlook
Industry life cycle
Products & markets
Supply Chain
Products & services
Major markets
Globalisation & trade
Business Locations
Competitive landscape
Concentration in the market share
Key success factors
Cost structure Benchmarks
Entry Barriers
Large companies
Operating Conditions
Capital intensity
Key statistics
Industry data
Annual change
Important proportions
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