The conclusion is in: Innovation and disruption are not passing fads, they’re here to stay.
In the 2016 Australia: State of the Legal Market report, Melbourne Law School and Thomson Reuters Peer Monitor® have set out the dominant trends impacting the legal market in 2016 and the key issues to influence the market in 2017 and beyond.
The report, based on financial data provided by the Big 8 and the remaining 13 large firms in Australia, shows that disruption is the new norm in the legal industry, and firms are struggling to predict how the digital era will impact the way they operate and compete in the market.
While some firms continue to do well in difficult conditions, the overall results show challenging market conditions with slow growth in demand, and a decline in revenue and lawyer numbers in Australia and other major legal markets.
Don’t miss out on the key facts, shown in the infographic below.