The global pandemic has affected Australian law firms less than many others globally, although it is seeing partners everywhere working harder.
The Thomson-Reuters State of the Legal Market: 2020 report showed higher demand from clients and revenue for the Australian firms with legal services rising by over 6 per cent for the final quarter of 2019-20 compared to the final quarter of the previous year.
However, demand fell 5.9 per cent in the United States, 3.8 per cent in the United Kingdom and 14 per cent in Asia.
The report looked at the four key performance measures, demand, revenue, hourly fees and lawyer growth, showed that Australian law firms outperformed those in Asia, the US and the UK from April to June 2020.
Most of the global response to the virus outbreak occurred in the final three months of the financial year, and demand contractions were the norm at law firms the world over – everywhere, that is, except Australia.”
Peer Monitor draws data from 16 leading firms, eight of which have an average of 700 and eight with an average 250 lawyers. Worldwide there are 200 firms involved, most of them being major law firms in their respective markets.
The report shows that fees worked, a proxy for revenue, grew by 8.4 per cent year on year in the fourth quarter amid the pandemic when the Australian economy went into recession.
But the average hourly charge grew by 2.3 per cent, lower in Australia than elsewhere. And Australia lead the growth in lawyer-number growth, with 5.5 per cent on the same three months in 2019.
Australian law firms also took pole position with productivity as well, with a rise of 0.2 per cent when most law firms were adopting a remote-working model.
There were big falls in the other regions – US and UK down by over 7 per cent and Asia by almost 20 per cent.
- Racehorse Doping Charges: Defendants On “the supply side of a market of greed that continues to endanger racehorses through the sale of performance-enhancing drugs”.TWO PLEAD GUILTY TO RACEHORSE DOPING CHARGES Audrey Strauss, the Acting United States Attorney for the Southern District of New York, […]
- Kramon & Graham boosts senior administrative team with new appointmentsPowered by LawFuel – Baltimore, MD (September 16, 2020) — Kramon & Graham, a leading law firm providing litigation, real estate, […]
- Buchalter Expands Its Tax and Estate Planning Practices with the Addition of Two New Shareholders in Los Angeles and San DiegoPowered by LawFuel – Buchalter is pleased to announce the welcome additions of Joseph K. Fletcher III and Laura Lamb Nichols […]
- 3 Strategies Lawyers Are Using Successfully to Prosper With Remote Working ConditionsJen Dezso* Remote working has proven to be largely a success — at least from the perspective of lawyer wellbeing. The […]
- Big Law Belt Tightening Hits Both Younger & Older Lawyers as The Pandemic Bites Law FirmsIn the new era of COVID-invoked recession law firms are developing new strategies to cope with a downturn in work and […]
- Prestigious UK Law Firm Investigated Over Money Laundering IssuesMischcon de Reya is one of the more prestigious law firms in the UK, gaining prominence for its 1995 representation of […]
- *According to a leading legal journalist who has gossiped and drunk with many Drinking with managing partners can be a challenging […]