As the financial year ended, we saw the demand for commercial and property lawyers at all levels remain strong, while the demand for senior employment and junior construction lawyers increased.
We have also seen the appetite for lateral hires and law firm acquisitions increase as firms seek revenue growth and expansion of their capability. This, combined with the aggressive entry into the legal market from the Big 4 Accounting Firms, including PWC Legal, which has quickly grown its capability to 60 lawyers in Australia, has seen an increase in competition in the legal market.
As a result, firms are focusing on niche markets with higher profitability, investing in technology to commoditise lower level tasks and creating online offerings, all of which means that this new financial year will prove to be one to watch!