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.
- Law Firm Bonus News: The Cravaths Bonuses Arrive At A Time of COVID ‘Thank You’ BonusesThe gold standard for law firm bonuses is generally whatever Cravaths decides to do and now, once again, they’ve delivered in […]
- The Power-Lifting, In-House Lawyer Who Dismisses a Harvey Specter Comparison & Rises To CEOIt was not difficult for in-house lawyer Patrick Gamble to shrug off a comparison made by a magazine article that the […]
- The Splendour & Sustainability of Chapman Tripp – Who Said The Law Office Was Dead?Chapman Tripp’s new digs in the Commercial Bay development spare little expense, as befits one of the country’s leading law firms […]
- Russell McVeagh Works with EQC On New Natural Disaster ApproachRussell McVeagh has been working alongside the Earthquake Commission (EQC) on a project that will see EQC work in partnership with private insurers […]
- The Stealthy Tactic To Choose The Right SEO Keywords That is Guaranteed To Boost Your Law Firm SEO In The Next 30 Days. . and yet hardly anyone is doing it How do you choose the right keywords for SEO as a law […]
- ‘Fake News’, Says Jones Day Over US Election Voter Fraud Challenge . . But The News RemainsThe chaotic US election has been enveloped in the ‘voter fraud’ controversy, which has also largely enveloped Big Law firm Jones […]
- Boies Schiller Continues to Make the News . . Some Not So GoodHigh flying and aggressive US-based law firm Boies Schiller continues to make the news, the latest interest being around the law […]