Thomson Reuters has released its "2021 Australia: State of the Legal Market" report, which offers an in-depth analysis of the Australian legal market’s harrowing year
Last year, it seemed that the Australian legal market was flying into a storm. The COVID-19 pandemic was wreaking havoc on the rest of the world’s legal system, felling high flying giants like the United States as an ominous warning for what was approaching Australia come summer.
You can download the full 2021 Australia: State of the Legal Market report here.
The Australian market braced itself for turbulence. Yet, come 2021, it seems that the legal market in Australia has so far managed to soar above the worst of the winds. In FY 2021, for example, the average law firm recorded 2.2% growth in demand while profits as a percentage of revenue climbed to a record 36.8%.
This is not to say that the legal market has fully escaped the threat. Australia is entering a new series of lockdowns and long-term headwinds loom on the horizon. As the rest of the continent’s economy struggles to power through, law firms are facing the reality that a post-pandemic world may well require a firm hand on the controls and an eye towards the future.
To more fully explore this market, Thomson Reuters has released its 2021 Australia: State of the Legal Market report, an in-depth analysis of the market’s harrowing year, including detailed performance metrics, a review of the market’s fluctuating expense reductions, and the latest assessments on the war for talent. The report also features thorough surveys on what legal clients in Australia say make the best law firms stand out from the flock.