Total Revenue for Legal Services, Establishments Subject to Federal Income Tax
This dataset tracks total revenue for legal services, establishments subject to federal income tax over time.
Latest Value
94562.00
Year-over-Year Change
14.46%
Date Range
10/1/2003 - 1/1/2025
Summary
This economic indicator tracks the total quarterly revenue generated by legal services establishments subject to federal income tax in the United States. It provides insights into the financial health and activity levels of the legal industry.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Total Revenue for Legal Services, Establishments Subject to Federal Income Tax data series measures the total revenue earned by law firms, attorneys, and other legal service providers that are required to pay federal income taxes. This metric is an important barometer of economic conditions and demand for legal services.
Methodology
The data is collected and calculated by the U.S. Census Bureau through quarterly surveys of businesses.
Historical Context
This trend is closely watched by economists, policymakers, and legal industry analysts to assess the commercial performance and economic impact of the legal services sector.
Key Facts
- Legal services accounted for over $300 billion in annual revenue in the U.S. as of 2021.
- The legal industry employs more than 1.3 million people in the United States.
- Law firm revenue tends to be correlated with broader economic conditions and business activity.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total quarterly revenue generated by legal services establishments subject to federal income tax in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the financial health and activity levels of the legal industry, which is an important sector of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau through quarterly surveys of businesses.
Q: How is this trend used in economic policy?
A: This trend is closely watched by economists, policymakers, and legal industry analysts to assess the commercial performance and economic impact of the legal services sector.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, with a typical delay of several months between the end of the quarter and the data release.
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Citation
U.S. Federal Reserve, Total Revenue for Legal Services, Establishments Subject to Federal Income Tax (REV5411TAXABL144QNSA), retrieved from FRED.