Confidence returns to the legal industry
Law firms share an optimistic outlook for their long-term business conditions.
I’m pleased to announce the release of the March quarter CommBank Legal Market Pulse conducted by Beaton Research + Consulting. This latest report has revealed that long-term optimism is returning to the industry. This turnaround in industry sentiment has been fuelled by expectations of revenue growth,
While the majority of these factors are beyond a firm’s control, sources of revenue growth are certainly one element that can be
Every top-tier firm surveyed in the Report has predicted higher revenues over the next six months in Europe, Asia and Sydney, with most also anticipating growth in Brisbane and Canberra.
While sentiment has improved markedly among top-tier firms, the mid-tier firms are less optimistic in their outlook. These firms are relatively less exposed to global economic growth and fewer large transactions. As a
From a staffing perspective, we have seen intense competition reflected by the continued lateral hiring of partners and lawyers. Firms are continuing to entice lawyers and partners from their
Both top and mid-tier firms are planning to decrease secretarial and shared service staff, with almost a quarter of all firms having outsourced office functions to lower cost locations. A key driver behind this trend may be that half of firms believe there is growing pressure from their clients to use outsourcing to deliver a competitive price.
I hope you find this latest issue of the CommBank Legal Market Pulse useful and informative. I look forward to continuing to monitor the legal industry’s sentiment and
What is the CommBank Legal Market Pulse?
The CommBank Legal Market Pulse is an in-depth survey of 31 law firms across Australia, Asia, Europe and the UK, commissioned by the Commonwealth Bank and conducted for us by Beaton Research + Consulting. It aims to provide law firms with reliable industry forecasting, business
For more insights on mid and top-tier firms, view the full Report. For more information, contact Marc Totaro, National Manager, Professional Services, on 02 9303 1940 or via email at email@example.com.