2019 Australia State of the Legal Market
Download the Report
Thomson Reuters Peer Monitor® , Acritas, Alpha Creates, and Barolsky Advisors are proud to present Australian State of the Legal Market, laying out the major trends impacting the legal market in 2019 and investigating what is going to drive innovation for 2020.
At the end of fiscal year 2018, a year of unprecedented growth in the Australian legal market, the overall feeling after was one of optimism, but also tempered with caution. Many legal market observers believed that this level of growth was not entirely sustainable, yet the common warning signs of impending contraction were notably absent. 2019 was still largely positive, 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.
The report details how such massive levels of growth seen in 2018 compares to 2019 in wake of the boom conditions. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry issued its Final Report in February, which lead to a contraction in demand in Q4, and leaves the door wide open for what 2020 has in store for Australia.
Overall: Demand increased on average by 3.9%, and revenue was up by 7.0% by year’s end. This was in part due to the above average rate increases experienced of 2.2%, which was relatively flat in 2018.
Other key findings included:
- Qualified fee earners (QFE) showed significant growth of 5.7%
- Utilisation, or the average amount of hours worked per QFE, decreased by 1.6%
- Corporate (General) was the fastest growing practice area (10.2% growth YoY)
- The Sydney Market experienced the greatest increase in demand of 6.0%
Simply complete the form on the right to download your copy of the full report.
Download the report by completing the form on the right.