NAICS 541110

This industry comprises offices of legal practitioners known as lawyers or attorneys (i.e., counselors-at-law) primarily engaged in the practice of law.  Establishments in this industry may provide expertise in a range or in specific areas of law, such as criminal law, corporate law, family and estate law, patent law, real estate law, or tax law.

© Copyright, Outcalt & Johnson: Retail Strategists, LLC and Business Strata:G^® Financial Toolkits. Benchmark Trend Charts based on data from Risk Management Association Annual Statement Studies^® Financial Ratio Benchmarks, 2023–2024. 

• The Professional Firms verticals featured at the Business Strata:G^® site reflect the definitions and designations of the North American Industrial Classification System (NAICS).
• The top of each industry vertical page includes the NAICS code and the NAICS definition for that industry segment.
• The source data is Risk Management Association's Annual Statement Studies. As you may know, RMA collects financial statements from banks, and aggregates the findings for all industries.
• RMA presents their data in 3 sections: the Top Quartile, the Middle Quartiles, the Bottom Quartile. RMA data also is available by five different ranges of annual sales volume. 
• We have identified six key ratios (from the dozens of ratios available) that are particularly important for Owners of Professional Firms to monitor, project, and manage:
  • Pre-Tax PROFIT Percent
  • OPERATING EXPENSES Percent
  • CURRENT Ratio
  • DEBT-TO-WORTH Ratio
  • ACCOUNTS RECEIVABLE, Average Days Sales Outstanding
  • OFFICERS, OWNERS COMPENSATION Percent
• Our exclusive Benchmark Trend Charts show the median value reported by RMA for each of these key ratios each year.