5 Most Profitable Businesses in 2021

4. Legal Services Business

The legal industry is indispensable across many personal and professional sectors. Similar to accountants and accounting firms, lawyers, attorneys, and law firms are significant for both business and individuals. The range of services they offer, however, are much wider than that of accounting firms. Firms may deal with services such as constitutional law, corporate law, criminal law, family law, property and intellectual property law, employment and union law, and personal injury law. It is hence no secret that lawyers are some of the most sought-after people in the United States. Therefore, lawyers and law firms are employed by all kinds of individuals, corporations, and institutions in the United States.

The market size in terms of revenue for legal services in the United States for the year 2021 is $319.7 billion, making it the most profitable business in the US. The growth rate for law firms annually has been 0.8% on average. Although lucrative, the legal services industry has extremely high barriers to entry, as attorneys must have an undergraduate degree, attend law school, and then pass the bar exam of one of the states. Moreover, attorneys usually specialize in a specific field of the law, hence law firms must hire different specialists to cater to different customers.