{"id":5884,"date":"2021-08-30T09:59:31","date_gmt":"2021-08-29T22:59:31","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/legal\/?post_type=insight_resource&#038;p=5884"},"modified":"2022-08-29T12:02:46","modified_gmt":"2022-08-29T01:02:46","slug":"2021-australia-state-of-the-legal-market-report","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2021-australia-state-of-the-legal-market-report","title":{"rendered":"2021 Australia: State of the Legal Market Report"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Thomson Reuters presents&nbsp;<em>2021 Australia: State of the Legal Market<\/em>, a data-led report for leaders at law firms and legal departments.\u202f&nbsp;<\/h4>\n\n\n\n<p>The report has revealed that despite remarkable recovery in the past year, firms must now make \u201cbig strategic decisions\u201d on how to deploy technology to lock-in opportunities for future growth.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Australian firms a \u201cbeacon of innovation\u201d\u202f&nbsp;<\/h2>\n\n\n\n<p>Through a combination of demand growth, slight rate growth, and reduced expenses, firm profits grew to record highs in FY 2021, with average profit as a percent of revenue over the last 12 months rising to 36.8%.\u202f&nbsp;<\/p>\n\n\n\n<p>\u201cAustralian law firms have proven themselves extremely resilient in managing through the tremendous ups and downs encountered over the past year,\u201d said Jackie Rhodes, Managing Director of Asia &amp; Emerging Markets, Thomson Reuters.\u202f&nbsp;<\/p>\n\n\n\n<p>\u201cIn particular, the&nbsp;sudden shift to remote working can be considered a success for the Australian legal market, enabling firms to uncover new efficiencies while providing their legal talent the flexibility and balance they had craved.\u201d\u202f&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key features of report findings <\/h2>\n\n\n\n<p>The&nbsp;<em>2021 Australia: State of the Legal Market<\/em>&nbsp;report shows results for FY 2021, which ended June 30 \u2013 a period that covers both the downturn during the depths of the pandemic in 2020, and the emerging recovery in 2021.&nbsp;Access your copy for market insights covering:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Law firm performance:&nbsp;<\/strong>Learn how the market is performing through&nbsp;a number of&nbsp;metrics tracked by Thomson Reuters Peer Monitor.\u202f&nbsp;<\/li><li><strong>Law firm profitability:&nbsp;<\/strong>Technology and remote working may explain some of the financial results we are seeing in the legal market. Thomson Reuters Peer Monitor&nbsp;takes a look&nbsp;at expenses and revenue growth, and growth in worked rates.&nbsp;<\/li><li><strong>Talent trends in the legal profession:&nbsp;<\/strong>The report delves into lateral movement seen among partner titles at Australian-based law firms. Rigorous data analysis by Alpha Creates offers which practice areas are \u201ccompetitive hotspots\u201d for partner talent.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Client feedback:&nbsp;<\/strong>Firms who focus on key areas are likely to gain quick wins in client satisfaction. The report highlights the \u201cstand out\u201d advisory skills noted by corporate buyers of legal services.\u202f&nbsp;<\/li><li><strong>\u201cHeadwinds\u201d and \u201ctailwinds\u201d:<\/strong>&nbsp;What are the major forces at play impacting the legal sector? From the \u201cheadwinds\u201d, \u201ctailwinds\u201d to internal operations, the report addresses key areas of consideration.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Acknowledgements&nbsp;<\/h2>\n\n\n\n<p>Thomson Reuters gratefully acknowledges the participation of the following persons in the preparation of this report: from Alpha Creates \u2013 Eric Chin, Principal; from\u00a0Barolsky\u00a0Advisors \u2013 Joel\u00a0Barolsky, Managing Director; and from Thomson Reuters \u2013 William Josten, Manager\u00a0of\u202f Enterprise\u00a0Legal Content \u2013 Thought Leadership, Isaac Brooks, Analyst \u2013 Peer Monitor, Bryce\u00a0Engelland, Industry Analyst, and David Johnson, Senior Client Relations Manager.\u00a0<\/p>\n\n\n\n<p>Update on 29 August: The <em><a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-australia-state-of-the-legal-market-report\">2022 Australia: State of the Legal Market Report<\/a><\/em> has been issued today. Access your copy of the report here on <em>Legal Insight<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian firms have been hailed a \u201cbeacon of innovation\u201d fueled by technology, necessity and crisis. How are they maintaining resilience in 2021?<\/p>\n","protected":false},"author":5,"featured_media":5981,"template":"","categories":[641,602,1323,647,609,1326,1441,625,634],"tags":[66,70,117,1632,1633,1537,343,353,358,1631,412,440],"resource_type":[624],"insight_job_role":[604,607,1457,619],"insight_practice_area":[],"class_list":["entry","author-traus","has-excerpt","post-5884","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-benchmarking","category-innovation-and-technology","category-knowledge-solution","category-legal-research","category-legal-technology","category-legal-trends","category-research-and-commentary","category-research-and-know-how","category-trends-and-the-future-of-law","tag-benchmarking","tag-billable-hours","tag-client-service","tag-financial-insights","tag-law-firm-profitability","tag-legal-demand","tag-legal-market","tag-legal-service-delivery","tag-legal-trends","tag-market-insights","tag-peer-monitor","tag-profitability","resource_type-report","insight_job_role-knowledge-manager","insight_job_role-legal-operations-manager","insight_job_role-managing-partner","insight_job_role-practice-manager","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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