A new report examines historical data on the markets' largest law firms; finds an attractive business landscape with thriving economic growth and robust talent pools
New York, NY - June 23, 2022 - ALM released a new report today detailing the promising business landscape for law firms in Charlotte & Raleigh-Durham. The Charlotte & Raleigh-Durham Legal Market Report found that both markets are experiencing high demand for legal services and that law firms considering the market tend to benefit from impressive talent pools and low barriers to entry.
Key Takeaways from this report include:
- Charlotte's emergence as an essential technology hub and its growing venture capital scene drive strong demand for legal services. This, combined with its established banking and healthcare industries, continues to attract many non-headquartered firms into the market.
- Raleigh-Durham's proximity to leading research universities and large talent pools has made the location an appealing destination for leading corporations while also adding to the growing legal demand in nearby Charlotte.
- Despite several recent law firm entrants, Charlotte and Raleigh-Durham still benefit from relatively low levels of law firm saturation and low barriers to entry.
"The North Carolina market is compelling partly because of the sector and practice area diversity it offers", said Patrick Fuller, Vice President & General Manager of ALM Intelligence. "Charlotte's finance sector and the Research Triangle's science and technology sectors and lower operating costs make North Carolina a desirable option for large and mid-market law firms."
The report contains data, insight, and analysis about each market's legal landscape, business climate, and attractiveness to law firms. Law firm analysis includes insights on law firm entry, headcount expansion, and competitor overview.
The report also examines Charlotte and Raleigh-Durham's respective business and economic climates, including investment, cost of living, infrastructure, client base, and key industries. The study concludes with a comparison of w the Charlotte and Raleigh-Durham markets to other similar markets collectively, ranking the strengths and weaknesses of general business as well as the business of law climates across various scoring categories.
"North Carolina is currently experiencing sizable economic growth aided by a favorable business environment, including tax breaks, highly-educated talent pools, venture capital funding, and infrastructure investment," said James Willer, Director, ALM Intelligence. "Charlotte and nearby Raleigh-Durham are at the forefront of this growth. Both markets have formed into a key US legal hub, providing ample opportunities for law firm expansion, entry, and growth."
These reports, along with Law.com Compass, power the new Market Hub Pages, and are part of the recently released Law.com Pro Mid-Market platform. Law.com Pro Mid-Market integrates news and insights from Law.com with data and analytics, providing actionable information for mid-size law firm leadership focused on formulating and executing strategic priorities for their firms in a highly competitive environment.
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