AppId is over the quota
Los Angeles, CA (PRWEB) March 13, 2012
Revenue for the Personal Injury Lawyers and Attorneys industry is expected to grow 1.9% annually to $26.7 billion in the five years to 2012. Over this period, the industry has benefitted from an increase in the average age of the US population, which has caused the number of physician visits to rise. According to IBISWorld industry analyst Kevin Culbert, “The aging of the US population contributes to the industry's growth because older individuals are more likely to have slip-and-fall accidents, which can yield personal injury cases.” Furthermore, the subsequent growth in the number of physician's visit results in a greater number of malpractice suits. This factor is expected to contribute to revenue growth in 2012.
Unlike many industries that declined during the recession, the Personal Injury Lawyers and Attorneys industry has a countercyclical nature to it. During the five years to 2012, the number of auto accidents has declined in the United States is expected to fall 1.4% annually to 5.6 million. Similarly, the number of workplace deaths has declined at an annualized rate of 3.2% to 4,801. “In spite of this,” says Culbert, “the recession has made cash-strapped individuals more likely to pursue a personal injury case in the event of an injury.” As such, the decline in potential clients did not create industry poor performance during the recession.
In the five years to 2017, industry revenue is forecast to grow 2.0% annually to $29.5 billion. During that time, industry operators will benefit from an increase of revenue streams generated by structured settlements, which have become more popular during the past five years. Structured settlements are an arrangement in which damages are paid out over a period of time rather than all at once. During the recession, structured settlements became increasingly popular because many defendants were unable to pay damages in one lump sum. As such, industry operators will generate a great proportion of revenue from past settlements in the years going forward. While structured settlements will help boost industry profit margins over the next five years, industry profit growth will be restrained by increasing price competition. An influx of law students, who pursued degrees rather than enter the job market, will lead to higher competition and a boost in the number of small firms. The industry will remain highly fragmented, with the average firm having only three employees. For more information, visit IBISWorld’s Personal Injury Lawyers & Attorneys in the US report in the US industry page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
This industry comprises legal practitioners (i.e. lawyers or attorneys) that primarily practice personal injury law.
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
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld 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.
Eagle’s trip from tracks to repository
Prince William and Duchess Catherine’s royal...
Your pick of cherry blossom clicks
On Capitol Hill, sopressata and a shaveReport: Lawyer of convicted Nazi death camp guard says client hoped to be buried in US
Text SizePrintE-mailReprints By Associated Press, AP
Featured Advertiser Links
for L U N G C A N C E R V I C T I M S>>
HIP REPLACEMENT -- did you get one after '03?>>Help Barack stand up for working Americans. Join our campaign now.>>The only candidate fighting for the middle class: Pres. Obama. Join us.>>Sign up for email updates from President Obama's 2012 campaign.>>Sign up for official email updates from Barack Obama's campaign.>>Looking to buy a home? Visit TWP Real Estate section for the latest open houses.>>Make Your Vanguard Investing More Profitable - Free Research Report Reveals Best & Worst Funds>>Top world Stories People Also ReadMost Popular Videos
U.S. automakers in race for Indian marketSimon Denyer?
Mexico’s middle class is becoming its majorityWilliam Booth; Nick Miroff?
Pope Shenouda III, leader of Coptic Christians, dies at 88Lee Keath; Maggie Michael?
Solar industry faces subsidy cuts in EuropeMichael Birnbaum; Anthony Faiola?
Invisible Children co-founder Jason Russell hospitalized after public breakdownElizabeth Flock?
Afghan rampage suspect Robert Bales was a soldier strained by deploymentsJoby Warrick; Carol Morello; Krissah Thompson?
Tonga’s King George Tupou V dies at Hong Kong hospital; introduced democracy to island nationAssociated Press?
In Israel, prospect of war with Iran raises questions about home-front defenseKarin Brulliard?
Russian TV program draws protests from Putin criticsWill Englund?
China’s modern economy belies secretive and opaque politicsKeith B. Richburg?
Bo Xilai’s ouster seen as victory for Chinese reformersKeith B. Richburg; andrew Higgins?
U.S. and others condemn North Korea’s planned rocket launchChico Harlan; William Wan?
Yemen says more than 2,000 killed in uprisingAhmed Al-haj?
Syrian troops clash with gunmen in upscale Damascus neighborhoodAssociated Press?
Thai state media: Thai billionaire who created Red Bull energy drink dies at 89Associated Press?
Soldier accused in Afghan shooting spree identified as Staff Sgt. Robert BalesChristian Davenport; Carol D. Leonnig; Mary Pat Flaherty?
U.S. accelerating cyberweapon researchEllen Nakashima?
India’s former Mr. Universe turns 100, says happiness, stress-free life key to his longevityAssociated Press?
Mexican drug cartel hangs banners promising no violence during pope’s visit to GuanajuatoAssociated Press?
Marseille clears port to remove 1-ton World War II-era bomb left by GermansAssociated Press?