Top 10 facts you need to know about biglaw and in-house employment trends

This is Legal Practice Intelligence’s analysis of the highly regarded Mahlab Reports, 2019 Edition: Law Firms 1) Major law firms are becoming comprised of high-perfoming and low-performing (revenue and profit) practice groups. The challenge will be to minimise the conflict within firms or else risk losing core service areas. 2) Law firm lawyers are being relocated around Australia – following the work. 3) Law firms are offering clients contract-hire lawyers. If you can’t beat the contract hire companies then copy them.  4) There is an increased use of contract-hire staff inside law firms, particularly at senior associate level.  5) Increasingly, […]

Supply and Demand for Lawyers: Gloom and Boom

There are few things more steady and predictable than the ever-increasing number of practising lawyers. Using NSW as an example, the increase was 4% between 2015 and 2016. Since then it has been close to 5% per annum. Is that sustainable? Is it adding to competitive pressures for jobs, for partnership openings and for practice owners?  The gloom First the gloomy facts. As the diagram below shows, annual economic growth in NSW over the past few years has mostly been in the range of 2% to 4%. During the property boom it popped out to 4.8%. If we use 3% […]

The Dark Side of Law Firm Partner Appointments

AFR has published its June/July annual partnership survey. The survey lists the largest and best known law firms in Australia. Our analysis of the statistics published in the survey confirms our expectation that 2018/19 financial year was a good year for these types of law firms. Some firms did better than others. Some merged ‘out of existence’. Some did badly but on the whole it was a year of growth.  We don’t have the final figures for the growth rate in 2018/19 GDP but it was likely to be around 2%. For the group of 53 firms listed in the […]

Starting in a new firm is like arriving in a new country

[Image: Greg Weiss with his new book, So You Got The Job!] A new job in a new firm can be like arriving in a new country. There is new language to learn, a new culture, an explicit hierarchy as well as a hidden one. Somehow, in this foreign land, you are supposed to sit down and hit expected levels of performance while someone has their finger on the probationary-period eject button.  Starting in a new firm is such a daunting experience that (economy-wide) one in five people fail in their probationary period and many others leave in the first 45 […]

In a law firm career the way to the top is sideways

The idea of going lateral – or in normal language, switching firms – is not new. However, there might have been a time when switching from one firm to another, especially as a partner, raised eyebrows. Moving from one firm to another is now so normal that it has become the most common appointment to partnership. Here is the data to prove it The January 2019 AFR Law Partnership survey provided startling statistics. In the survey, 35 law firms reported appointing new partners. Of the 146 new partners, 90 were lateral hires and 55 were internal promotions. 62% of new […]

The most stressed out law firm in America or maybe the most realistic

A psychologist is in attendance at Hogan Lovells, two days a week in its Washington office and one day in its Baltimore office, reports Bloomberg Law. The role of the psychologist is to provide counselling and advice to the law firm’s staff. The psychologist, Dr George Wheeler has been working with law firms since 2006. He says that he has never seen a law firm where stress wasn’t high. If Dr Wheeler’s perception is correct, then that would make Hogan Lovells resident psychology service to staff is a case of accepting reality rather than being marked as America’s most stressed out […]

The Practical Guide to Finding Your Next Legal Job

By Jason Elias. No doubt you have worked hard to get where you are today. Achieving the required education and qualifications takes years of dedication and late nights. Life’s too short to be in a job you don’t enjoy. This holiday season is a great time to take stock of your career. Without the pressure of doing the work, you can make a considered strategic decision on your next career move. Taking the time to properly plan your legal career will have a significant impact on your long term career trajectory. The good news is that in Australia the legal […]

Legal Practices for Sale

Presented by Peter Frankl Pty Ltd LEGAL PRACTICES FOR SALE RECEIVE EMAIL UPDATES  Link to add email address  [confidentiality and privacy protected] SYDNEY PRACTICES FOR SALE General Practices Outer-West broad general practice (details soon) South-East Sydney – small family law practice Bankstown Council Area Conveyancing Practice Canterbury Bankstown General practice Blue Mountains Macarthur Region Southern Highlands Specialist Practices Employment Law practice Estate Planning practice Criminal Law (expressions of interest) SYDNEY PRACTICES AVAILABLE EARLY 2019 Eastern Suburbs general practice Family law practice in Hills District Outer-West broad general practice REGIONAL NSW PRACTICES FOR SALE Byron Bay Hinterland North West Major Town Regional Criminal […]

Are we about to experience a 2012 employment market for lawyers?

Between June 2012 and June 2014 the number of solicitor jobs advertised on the internet fell by 32%. For the economy as a whole, the unemployment rate rose to 6.4% during 2014. During those years there were plenty of headlines about law firms shedding staff and the oversupply of law graduates. But then, things took a turn for the better. From June 2014 to June 2018 the number of jobs for solicitors advertised on the internet increased by 31%. The unemployment rate for the whole economy fell to 5.4% – as at June 2018. The experience of the past decade, […]

Regulation driving growth in legal market with clients seeking every possible means to cope

Companies are setting up in-house legal functions for first time Mahlab research shows the in-house market is flourishing with existing in-house corporate functions growing 10 per cent, ahead of most law firm growth. An increased regulatory burden and pressure to reduce spending on external advisors have seen many Australian companies expand their legal teams or go to market for the first time to establish a legal function. The Mahlab Report 2018 is based on first-hand market intelligence gathered from clients and candidates of Mahlab executive search firm. Law firms reported strong financial performance, although revenue growth remained modest amid challenging […]