In FY 2021, the Australian legal industry flew through a turbulent storm of economic conditions that included intense shifts in customer demand and an ever-evolving public health environment. Through it all, Australian law firms have had to maintain an unusually intense command of their operations.
The 2021 Australia: State of the Legal Market thoroughly explored the adverse conditions that have defined the latest fiscal year. Using in-depth metric analysis and client satisfaction surveys, the report closely examines how the market has not only survived the storm but emerged from the clouds flying high even as it faces new challenges such as the ongoing war for talent.
Today, the Thomson Reuters Institute adds its Australian legal market infographic to this analysis which provides a brief overview of the state of the market, the forces pushing it forward, and what may be holding it back from reaching even greater heights.
For example, we see how after a rough FY 2020, law firms’ regulatory practice sprung back into action, further powering growth seen in mergers & acquisitions, banking & finance, and general corporate work. The results showed an overall 2.2% increase in legal demand that combined with expense reductions, resulted in a dramatic increase in profitability.
The infographic offers a quick snapshot of the Australian legal market’s conditions and the story which defined the past fiscal year, as well as the perfect launch point to begin to understand the country’s 2021 legal environment.
This article and infographic was originally featured on the Thomson Reuters Institute and has been republished here with full permission.