preview

Industry Research Paper

Decent Essays

Industry Research Corporate law governs the creation and operations of corporations and is closely associated with commercial and contract law. Corporate attorneys are experts in the various laws that regulate the formation, configuration, and termination of corporations. They also construct joint ventures, licensing arrangements, mergers, acquisitions, and all of the other legal dealings of corporations (Corporate Law, 2017). There are many corporate law firms throughout the United States of America and all over the world. Some of the top U.S. legal firms dealing in corporate law include Cravath, Swain, & Moore LLP; Wachtell, Lipton, Rosen, & Katz; and Sullivan & Cromwell LLP (Sterbenz, 2013). The industry research section of this paper …show more content…

On the other hand, major threats to the law industry may include the appearance of various websites offering legal advice online. In order to gain an accurate understanding of the legal industry’s market position at any given time, this analysis must be constantly conducted. Challenging Forces Each individual firm within the industry has to consider a few other challenges as well. Competitive rivalry is an intimidating force for almost all law firms across the world, primarily because there are just so many firms involved in the industry. Of course, these firms have varying levels of skill and quality of services. For a firm like Cravath, Swain, & Moore, this is likely not as concerning as it is for others. Because they hire only the best attorneys, the firm provides some of the highest quality services in the industry. This generates customer loyalty and strengthens their position in the legal services market. Existing firms with strong positions are also relatively well protected against the threat of new entry. In order to enter the market, a new competitor would have to spend years and a small fortune attending law school before even being allowed to take the exam that would grant him or her eligibility to do so. Even after graduating law school, there is no guarantee that the individual will pass the bar exam. If he or she is indeed lucky enough to pass, it will still take large quantities of time, money, and resources to bring

Get Access