{"id":8347,"date":"2022-09-27T13:02:57","date_gmt":"2022-09-27T02:02:57","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/legal\/?post_type=insight_resource&#038;p=8347"},"modified":"2022-09-27T13:07:34","modified_gmt":"2022-09-27T02:07:34","slug":"legal-market-infographic-revenue-growth-despite-drop-in-demand-utilisation","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/legal-market-infographic-revenue-growth-despite-drop-in-demand-utilisation","title":{"rendered":"Legal Market Infographic: Revenue Growth Despite Drop in Demand, Utilisation"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Our latest infographic shows how the Australian legal market managed to lift its law firm revenue despite a slowdown in demand and utilisation.<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">In FY 2022, the Australian legal industry rode out a roller coaster of demand growth and contraction, finishing with strong revenue growth. To end its fiscal year so strongly speaks to the solid foundations upon which Australian law firms stand; and entering FY 2023, Australian law firms have reason to be optimistic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through a combination of qualitative and quantitative analysis, the Thomson Reuters Institute\u2019s <em><a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/2022-australia-state-of-the-legal-market-report\" data-type=\"insight_resource\" data-id=\"8106\">2022 Australia: State of the Legal Market Report<\/a><\/em> shines a light on the reasons for this optimism. Among these reasons, one stood out: The growth in worked rates gave a record-breaking performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike previous years where Australian law firms\u2019 relied on demand growth to be the primary driver of success, this year, firms were driven more by rate growth. A combination of higher-priced partners billing more hours than usual, and more expensive practice areas growing substantially led to this exceptional growth in worked rates. Indeed, this growth even overcame slower demand growth and contracting utilisation, leading to fees worked (a proxy for revenue) flourishing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To further illustrate this year\u2019s analysis, this infographic highlights how the combination of the aforementioned factors helped propel Australia\u2019s legal industry toward healthy revenue growth.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"http:\/\/app.connect.thomsonreuters.com.au\/e\/er?s=2141361505&amp;lid=9618&amp;elq=~~eloqua..type--emailfield..syntax--recipientid..encodeFor--url~~\"><img loading=\"lazy\" decoding=\"async\" width=\"565\" height=\"1024\" src=\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-565x1024.jpg\" alt=\"\" class=\"wp-image-8348\" srcset=\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-565x1024.jpg 565w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-165x300.jpg 165w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-768x1393.jpg 768w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-847x1536.jpg 847w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-1129x2048.jpg 1129w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-740x1342.jpg 740w, https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2022\/09\/AU-2022-SOLM-Infographic-FINAL-scaled.jpg 1411w\" sizes=\"auto, (max-width: 565px) 100vw, 565px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><em>This article and infographic originally featured on <a href=\"https:\/\/www.thomsonreuters.com\/en-us\/posts\/legal\/australia-legal-market-infographic\/\">Thomson Reuters Institute<\/a> and was republished with permission.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest infographic shows how the Australian legal market managed to lift its law firm revenue despite a slowdown in demand and utilisation.<\/p>\n","protected":false},"author":318,"featured_media":8352,"template":"","categories":[641,576,646,1735],"tags":[70,117,353,440],"resource_type":[],"insight_job_role":[],"insight_practice_area":[],"class_list":["entry","author-marcusbelanger","has-excerpt","post-8347","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-benchmarking","category-business-management","category-legal-commentary-and-opinion","category-legal-data-metrics","tag-billable-hours","tag-client-service","tag-legal-service-delivery","tag-profitability","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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