In the 2017 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 2017 and the key issues to influence the market in 2018 and beyond.
The report, based on financial data provided by the Big 8 and the next 10 largest law firms in Australia, shows that technology and innovation are now a crucial part of a firm’s strategy – and if they’re not, they should be.
Technology is affecting both the business and practice of law. However, despite a flat market, a number of firms are still making healthy profits. This makes the decision to invest in new technology, while core business is still successful, a more difficult one.
This infographic highlights the key findings from the report.