Law Firms in Canada - Industry Market Research Report

Final verdict: Demand for legal services will likely be spurred by broader economic recovery

The Law Firms industry in Canada has experienced growth, with revenue expected to increase at a CAGR of 1.8% to $18.7 billion over the five years to 2023, including an increase of 0.6% in 2023 alone. Demand for industry legal services has been facilitated by restructurings, secondary offerings and other capital market activity. This has benefited the industry's top firms, which receive the bulk of their revenue from corporate clientele. In addition, the industry's small- and medium-sized players benefited from a rise in Canadian business formation, which has expanded the overall pool of potential legal clientele. Also, strong growth in Canada's real estate market for much of the five-year period has bolstered demand for firms specializing in real estate law. The Law Firms industry in Canada comprises offices of legal practitioners, such as lawyers, barristers and solicitors, primarily engaged in the practice of law. The industry’s establishments provide expertise in a range of areas of law, such as criminal, corporate, family and estate, patent, real estate and tax. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.