Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

COMMBANK-Law firms put adaptability on display.

Document Cited in Related
Vincent

ENPNewswire-November 16, 2021--COMMBANK-Law firms put adaptability on display

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 15112021 - CommBank's latest research reveals law firms' profits have far outpaced expectations, but some challenges are intensifying in a buoyant market.

Amid a sharp rebound in business conditions, Australian law firms have defied earlier projections and recorded a significant increase in profits over the 2021 financial year, according to the new CommBank Legal Market Pulse.

Despite the pandemic-induced disruption, the research found 85 per cent of law firms currently have a positive view of business conditions, matching the previous record confidence reading from mid-2018. Further, the vast majority of firms expect conditions to remain favourable over the next 12 to 24 months.

Firms hiring intentions have strengthened at all levels, for both legal and non-legal professionals, as the companies seek to keep pace with an increasing workload. The most in-demand roles are senior associates and junior lawyers.

Julienne Price, Executive Manager of Professional Services at CBA, said: 'The legal services firms' rebound and profit growth is a testament to adaptability and resilience during such a disruptive period.

'Firms are preparing for the return of many expenses curtailed by the pandemic and for the current rate of profit growth to settle which is prompting many to rethink their investment focus.

'Firms remain focused on keeping up with current demand and attracting and retaining talent. Most are increasing workplace flexibility, focusing on staff wellbeing, and luring in their competitor's top performers,' Ms Price said.

To maintain current momentum and service client demand, most firms are prioritising investment in marketing and business development (65 per cent), lateral hires from competing firms (58 per cent), and adopting new...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT