On December 13, 2011, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) updated its “GDP-by-Industry” page.This means it published data on what happened to the legal sector of the U.S. economy which employs the vast majority of America’s lawyers-in 2010. Despite being more than a full calendar year behind, this information is still useful for those interested in long-term trends in the industry, particularly because the BEA also changed its methodology and revised the last several years of industry output data.
Cutting to the chase, we find that in 2010, the legal sector grew 2.34 percent in real terms, amounting to $3.9 billion. To put this in context, that’s the highest growth rate it has seen since 2004, and the first serious growth the legal sector has enjoyed since it started contracting after peaking in 2005.
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