{"id":2608,"date":"2023-09-07T06:56:43","date_gmt":"2023-09-06T22:56:43","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.hk\/legal\/resources\/resource\/australian-legal-market-makes-a-remarkable-comeback-report"},"modified":"2025-08-20T00:13:31","modified_gmt":"2025-08-19T16:13:31","slug":"australian-legal-market-makes-a-remarkable-comeback-report","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.hk\/legal\/resources\/resource\/australian-legal-market-makes-a-remarkable-comeback-report","title":{"rendered":"Australian Legal Market Makes a “Remarkable Comeback”: Report"},"content":{"rendered":"\n

Australian law firms offset softening demand in the first half of the financial year of 2023 (FY 2023) with a remarkable comeback in the second, reveals the 2023 Australia: State of the Legal Market Report<\/em> issued today by the Thomson Reuters Institute. <\/p>\n\n\n\n

In the first six months of FY 2023, Australian law firms experienced weakened demand growth of 1.3%, year-on-year. However, they rebounded in the second half with a 6% surge in demand, offsetting the sluggish first half, down by 3.4%. The rates that clients agree to pay grew by 5.3% year-on-year, compounding record-holding growth from the previous year<\/a>. <\/p>\n\n\n\n

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\u201cThe 2023 financial year was a remarkable comeback story for Australian law firms, who managed to overcome a difficult first half and achieve positive growth in demand, ending the year near the profitability levels of last year.\u201d <\/p>\nJackie Rhodes, Managing Director – Asia & Emerging Markets for Thomson Reuters<\/cite><\/blockquote>\n\n\n\n

With economic recovery, inflation, and geopolitical uncertainties to contend with, law firms demonstrated resilience and adaptability, added the Managing Director.<\/p>\n\n\n\n

Matthew Harding, Dean of the Melbourne Law School, also commented on the overall message for law firms being positive.<\/p>\n\n\n\n

\u201cThe report paints a picture of robust recovery and resilience in the legal services sector, and this is to be celebrated after the dismal years of lockdowns, border closures and withdrawal from public, commercial and social life,\u201d he said.<\/p>\n\n\n\n

Data insights on the legal industry’s performance <\/h2>\n\n\n\n

The 2023 Australia: State of the Legal Market Report<\/em> utilises data from 20 participating Australian law firms. It covers their financial performance, productivity, pricing, staffing, and strategy. Participating firms include many of the largest Australian law firms by revenue.\u00a0<\/p>\n\n\n\n

The report includes data from Thomson Reuters Stellar Performance to add further depth. The data set comprises a regular survey of 2,400 standout lawyers (as nominated by clients) of which 79 were Australia based.  <\/p>\n\n\n\n

The report covers legal trends in Australia, including:  <\/p>\n\n\n\n