Amid a sharp rebound in business conditions, Australian law firms have defied earlier projections and recorded a significant increase in profits over the 2021 financial year, according to the new CommBank Legal Market Pulse.
Despite the pandemic-induced disruption, the research found 85 per cent of law firms currently have a positive view of business conditions, matching the previous record confidence reading from mid-2018. Further, the vast majority of firms expect conditions to remain favourable over the next 12 to 24 months.
Firms hiring intentions have strengthened at all levels, for both legal and non-legal professionals, as the companies seek to keep pace with an increasing workload. The most in-demand roles are senior associates and junior lawyers.
Julienne Price, Executive Manager of Professional Services at CBA, said: “The legal services firms’ rebound and profit growth is a testament to adaptability and resilience during such a disruptive period.