Thomson Reuters is pleased to present 2019 Australia: State of the Legal Market, providing an expert analysis of market trends shaping the profession. Launched in collaboration with Thomson Reuters Peer Monitor, Acritas, Alpha Creates, and Barolsky Advisors, the report outlines the major trends impacting the legal market in 2019 and investigates what is going to drive innovation for 2020.
The report shows that 2019 was still largely positive, and the market continues to outperform the majority of global legal markets in terms of growth — but in the back of some observers’ minds, the fear of reaching the ceiling persists.
Jackie Rhodes, Head of Legal Professionals Thomson Reuters – Asia and Emerging Markets, encouraged firms to pay close attention to the 2019 Australia: State of the Legal Market’s trends, particularly as the data suggests that overall resourcing among firms may have been misaligned at times.
“Take the time to use the report as a key resource for your strategic decision-making and I suspect your firm or organisation will continue to grow with the upward curve,” she added.
Financial Year 2019 highlights
- Growth: The market saw a contraction in demand for the first time since 2016, with quarter four of the financial year to 30 June 2019 (FY19) on June 30, declining by 2.2% relative to the previous year’s fourth quarter. This comes after the Australian legal market saw 7.8% growth in FY2018, with the Banking Royal Commission likely contributing to the increase in business.
- Demand drivers: There are ten demand drivers affecting large law firms in Australia, with infrastructure and major construction creating the biggest net impact, partly due to major construction projects underway in the country.
- Productivity: In FY19, the average lawyer billed 27 hours less than a year ago, at 1,180 hours from 1,217.
- Expenditure: Law firms ramped up their investment in Market and Business Development spending by about 5% to 7% in the financial years of 2017, 2018, and 2019.
2019 Australia: State of the Legal Market is built on expert Thomson Reuters Peer Monitor data analysis, primarily generated from the financials of 16 Australian-only based firms, the global legal market intelligence of research body, Acritas, in addition to Alpha Creates, Barolsky Advisors, and the insight of the Legal Executive Institute, a Thomson Reuters publication.
For extensive insight into how the Australian legal market is performing in 2019, simply download your copy of the report!
