The need for the services in the Professional Services industry is dependent on the current state of the economy and corporate profits. During the economic downturn, many companies decided that these services were not vital to the success of their businesses. The lack of regular incoming projects was a blow to many firms. Small firms in particular struggled to survive.
Currently, there is a place for both large and small firms in the market because larger firms offer more services but smaller firms are able to offer more specialized services. Technological advancements have also proven to be a significant contributor to the post-recession recuperation of lawyers, accountants, consultants, advertising agencies, public relations firms and the like.