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Bankruptcy Lawyers & Attorneys in the US - Market Research Report (2014-2029)

IBISWorld IBISWorld New York, United States Last Updated: January 2024 NAICS OD6235 Spotlight Report

Revenue

$6.1bn

2024

$6.1bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

51,448

Businesses

54,335

Wages

$X.Xbn

Bankruptcy Lawyers & Attorneys in the US industry analysis

The industry performed more or less as expected from 2020 through 2024. As a rule, bankruptcy lawyers share an inverse relationship with the economy's overall health. Revenue has consistently declined since its peak in 2017, except for a slight growth in 2019 just before the pandemic.

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    • Reliable market estimates from 2014-2029
    • Competitive analysis, industry segmentation, financial benchmarks
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    • Market estimates from 2014-2029
    • Critical performance data and rankings
    • Detailed analysis of competitive forces and the external environment
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    Industry Statistics and Trends

    Market size and recent performance (2014-2029)

    Industry revenue has declined at a CAGR of 4.1 % over the past five years, to reach an estimated $6.1bn in 2024.

    Trends and Insights

    Chapter 11 bankruptcies drive industry revenue growth

    • Chapter 11 bankruptcy, also known as reorganization bankruptcy, generates the most revenue for bankruptcy lawyers and accounts for the vast majority of litigation.
    • Additional trends and insights available with purchase
    Bankruptcy Lawyers & Attorneys in the US
    Revenue (2014-2029)
    IBISWorld Logo Source: IBISWorld

    Industry outlook (2024-2029)

    Market size is projected to decline over the next five years.

    Trends and Insights

    Industry revenue performance tied to recovery rate of the economy

    • The industry will continue to share an inverse relationship with the economy's overall health. As post-COVID expansion cools, the industry will perform more favorably.

    Biggest companies in the Bankruptcy Lawyers & Attorneys in the US

    There are no companies that hold a large enough market share in the Bankruptcy Lawyers & Attorneys in the US industry for IBISWorld to include in this product.

    Products & Services Segmentation

    Bankruptcy Lawyers & Attorneys in the US
    Products & Services
    IBISWorld Logo Source: IBISWorld

    Industry revenue is measured across several distinct product and services lines, including Chapter 7 Bankruptcy, Chapter 11 Bankruptcy: businesses and Chapter 11 Bankruptcy: nonbusinesses. Chapter 7 Bankruptcy is the largest segment of the Bankruptcy Lawyers & Attorneys in the US.

    Trends and Insights

    Chapter 7 bankruptcy

    • Chapter 7 bankruptcy allows individuals or businesses to discharge most of their unsecured debts by selling non-exempt assets to pay creditors.
    • More insights available in the full report

    Table of Contents

    About this industry

    Industry definition

    The Bankruptcy Lawyers and Attorneys industry comprises legal practitioners, known as lawyers and attorneys, who engage in bankruptcy due diligence, filing and litigation. Operators provide expertise on the six chapters of bankruptcy for consumers, businesses and municipalities.

    What's included in this industry?

    Providing consumer bankruptcy services, on behalf of individuals or creditors Providing commercial bankruptcy services, on behalf of debtor or creditor corporationsProviding bankruptcy application, litigation and due diligence services

    Companies

    Purchase this report to view all major companies in this industry.

    Related Terms

    INSOLVENCYBANKRUPTCHAPTER 7 BANKRUPTCYCHAPTER 9 BANKRUPTCYCHAPTER 11 BANKRUPTCYCHAPTER 12 BANKRUPTCYCHAPTER 13 BANKRUPTCYCHAPTER 15 BANKRUPTCY

    Industry Code

    NAICS 2017

    NAICS 541110 - Bankruptcy Lawyers & Attorneys in the US

    Performance

    Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

    Analyst insights

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    In this chapter (4)

    • Current Performance
    • Outlook
    • Volatility
    • Life Cycle

    Key metrics

    • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
    • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
    • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
    • Total Profit, Profit Margin, Profit per Business

    Charts

    • Revenue, including historical (2014-2023) and forecast (2024-2029)
    • Employees, including historical (2014-2023) and forecast (2024-2029)
    • Businesses, including historical (2014-2023) and forecast (2024-2029)
    • Profit, including historical (2014-2024)
    • Industry Volatility vs. Revenue Growth
    • Industry Life Cycle

    Detailed analysis

    • Trends in supply, demand and current events that are driving current industry performance
    • Expected trends, economic factors and ongoing events that drive the industry's outlook
    • Factors that influence volatility in the industry
    • Key success factors for businesses to overcome volatility

    Products and Markets

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    Analyst insight

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    In this chapter

    • Products & Services
    • Major Markets

    Key metrics

    • Largest market segment and value in 2024
    • Product innovation level

    Charts

    • Products & services segmentation in 2024
    • Major market segmentation in 2024

    Detailed analysis

    • Trends impacting the recent performance of the industry's various segments
    • Innovations in the industry's product or service offering, specialization or delivery method
    • Key factors that successful businesses consider in their offerings
    • Buying segments and key trends influencing demand for industry products and services

    Geographic Breakdown

    Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

    Analyst insights

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    In this chapter (1)

    • Business Locations

    Charts

    • Share of revenue, establishment, wages and employment in each state
    • Share of population compared to establishments in each region in 2024

    Tables

    • Number and share of establishments in each state in 2024
    • Number and share of revenue each state accounts for in 2024
    • Number and share of wages each state accounts for in 2024
    • Number and share of employees in each state in 2024

    Detailed analysis

    • Key success factors for businesses to use location to their advantage

    Competitive Forces

    Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

    Analyst insights

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    In this chapter (4)

    • Concentration
    • Barriers to Entry
    • Substitutes
    • Buyer & Supplier Analysis

    Key metrics

    • Industry concentration level
    • Industry competition level and trend
    • Barriers to entry level and trend
    • Substitutes level and trend
    • Buyer power level and trend
    • Supplier power level and trend

    Charts

    • Market share concentration among the top 4 suppliers from 2019-2024
    • Supply chain including upstream supplying industries and downstream buying industries, flow chart

    External Environment

    Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

    Analyst insights

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    In this chapter

    • External Drivers
    • Regulation & Policy
    • Assistance

    Key metrics

    • Regulation & policy level and trend
    • Assistance level and trend

    Detailed analysis

    • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance

    Financial Benchmarks

    View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

    Analyst insights

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    In this chapter

    • Cost Structure
    • Financial Ratios
    • Key Ratios

    Key metrics

    • Profit margin, and how it compares to the sector-wide margin
    • Average wages, and how it compares to the sector-wide average wage
    • Largest cost component as a percentage of revenue
    • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

    Charts

    • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
    • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
    • Investment vs. share of economy

    Data tables

    • Industry Multiples (2017-2022)
    • Industry Tax Structure (2017-2022)
    • Income Statement (2017-2022)
    • Balance Sheet (2017-2022)
    • Liquidity Ratios (2017-2022)
    • Coverage Ratios (2017-2022)
    • Leverage Ratios  (2017-2022)
    • Operating Ratios (2017-2022)
    • Cash Flow & Debt Service Ratios (2014-2029)
    • Revenue per Employee (2014-2029)
    • Revenue per Enterprise (2014-2029)
    • Employees per Establishment (2014-2029)
    • Employees per Enterprise (2014-2029)
    • Average Wage (2014-2029)
    • Wages/Revenue (2014-2029)
    • Establishments per Enterprise (2014-2029)
    • IVA/Revenue (2014-2029)
    • Imports/Demand (2014-2029)
    • Exports/Revenue (2014-2029)

    Detailed analysis

    • Trends in the cost component for industry operators and their impact on industry costs and profitability 

    Key Statistics

    Industry Data

    Data Tables

    Including values and annual change:

    • Revenue (2014-2029)
    • IVA (2014-2029)
    • Establishments (2014-2029)
    • Enterprises (2014-2029)
    • Employment (2014-2029)
    • Exports (2014-2029)
    • Imports (2014-2029)
    • Wages (2014-2029)

    Top Questions Answered

    Unlock comprehensive answers and precise data upon purchase. View purchase options.

    What is the market size of the Bankruptcy Lawyers & Attorneys in the US industry in United States in 2024?

    The market size of the Bankruptcy Lawyers & Attorneys in the US industry in United States is $6.1bn in 2024.

    How many businesses are there in the Bankruptcy Lawyers & Attorneys in the US industry in 2024?

    There are 54,335 businesses in the Bankruptcy Lawyers & Attorneys in the US industry in United States, which has declined at a CAGR of 2.5 % between 2019 and 2024.

    Has the Bankruptcy Lawyers & Attorneys in the US industry in United States grown or declined over the past 5 years?

    The market size of the Bankruptcy Lawyers & Attorneys in the US industry in United States has been declining at a CAGR of 4.1 % between 2019 and 2024.

    What is the forecast growth of the Bankruptcy Lawyers & Attorneys in the US industry in United States over the next 5 years?

    Over the next five years, the Bankruptcy Lawyers & Attorneys in the US industry in United States is expected to decline.

    What does the Bankruptcy Lawyers & Attorneys in the US in United States include?

    Providing consumer bankruptcy services, on behalf of individuals or creditors and Providing commercial bankruptcy services, on behalf of debtor or creditor corporations are part of the Bankruptcy Lawyers & Attorneys in the US industry.

    How competitive is the Bankruptcy Lawyers & Attorneys in the US industry in United States?

    The level of competition is moderate and steady in the Bankruptcy Lawyers & Attorneys in the US industry in United States.

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    Competitors

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    Methodology

    How are IBISWorld reports created?

    IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

    Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

    IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

    What data sources do IBISWorld analysts use?

    Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

    Key data sources in the US include: 

    • US Census Bureau
    • US Bureau of Labor Statistics
    • US International Trade Commission

    Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

    These sources include:

    • Industry and trade associations
    • Industry federations or regulators
    • Major industry players annual or quarterly filings

    Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

    How does IBISWorld forecast its data?

    IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

    IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

    Learn more about our methodology and data sourcing on the Help Center.