Australia’s legal market is experiencing a period of unprecedented dynamism, according to the Thomson Reuters Institute’s “2024 Australia: State of the Legal Market Report”.
“The 2024 financial year (FY 2024), which ended 30 June, has seen demand for legal services across the practice spectrum rising at a stunning 7.5% average pace even as rates continue to grow at an historically high speed,” says the annualised report, now in its tenth year of publication.
The report’s insights are generated from the financial metrics of 20 participating firms in Australia and include some of the largest firms (by qualified-fee-earner count) in the region.
A range of performance metrics fill the pages of the analysis, from demand growth by practice area, to the rate of growth in demand for legal services across the states of Australia.
Melbourne Law School’s Interim Dean reflects on the data
Professor Alison Duxbury, Interim Dean of Melbourne Law School, was invited to contribute this year’s foreword. The professor observes two significant reflections:
The nature of law firm partnerships is changing
“First, the report highlights that there has been a change in the nature of partnerships, with a growth in non-equity partners in many law firms. While this change has advantages for individuals, the report notes that it could potentially result in a lack of diversity in the critical decision-making processes of law firms which may limit innovative thinking in the future.”
Good lawyering is comprised of human qualities
“Second, as Professor Harding highlighted in 2023, while technology will continue to drive legal innovation, we must remember that good lawyering is comprised of a range of very human qualities. It is important that, while we continue to integrate technological innovation into the curriculum, we also teach skills that emphasise the role of empathy, critical reflection, and teamwork.
How to access “2024 Australia: State of the Legal Market Report”?
The 2024 edition of the “State of the Legal Market” report is available to download here on Legal Insight. Simply complete the form on the page for immediate access to Australia’s leading legal market trends.
