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The legal services industry is encompassed by the immense and varied professional and business services supervector. Operating at all levels of the judicial system, occupations in this industry range from lawyers, paralegals, and judges to arbitrators, court reporters, and legal assistants.
In 2020, the number of establishments in the legal industry increased significantly in the combined public and private sectors, continuing its status as one of the most competitive and high-ranking fields in the U.S. Firms and organizations that employ these legal professionals need to offer the best insurance and benefits coverage in order to compete for the top talent.
High education and training costs to become medical professionals are incurred and usually result in above average income. To supplement that, employers often need a short and/or long term disability plan that pays above rates, which is usually $15K or higher, and is typically not standard and will take specialized resources such as incredible benefits packages. Competitive benefit packages can help to attract talented employees, lower turnover rates, and lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Additionally, student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSA's, HSA's and similar products are likely to be used.
There are approximately 186,000 insurance carrier businesses across the country, employing over 1.15 million employees. Companies in this industry are small, with each one only having an average of 6 employees. 55% of employees in this industry identify as female, and the median employee age is 45 years old.
60% of legal service firms offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.
75% of legal service firms offer access to life insurance coverage. This is well above the national average of 56%.
Overall, the legal services industry stands in-line of the national average when it comes to providing employee benefits for legal services. The only metrics that can be increased to meet national standards is the monthly premiums employers pay for both family and individual coverage. Once this happens, employers will be able to attract, retain, and incentivize top-talent to join their team.
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