Job market sucks

According to statistical analysis conducted by Legal Practice Intelligence, the job market sucks. It sucks for everyone in the country looking for a job and it doubly sucks if you are a lawyer looking for a job. Unexpectedly, it is no worse in Victoria for lawyers than it is in NSW. The headline, seasonally adjusted number of jobs advertised on the internet in August 2020 is 19.5% fewer than in August 2019. This is for all occupations covering the entire country. The unadjusted numbers show a decline of 24%. It has been the pattern over the years that the demand […]

Buying and selling property is a necessity like supermarket shopping

Before Covid, NSW sales volumes were trending up by around 13% compared to 2019. The worst effect of Covid on property sales was revealed in transfer statistics at LPI. In May 2020, transfers lodged was down in volume by 23% compared to transfers lodged in May 2019. Had we skipped Covid, sales volumes would have probably continued to be higher than 2019 levels by between 10% to 20%. The strength in sales volumes continued when the market adapted to the Covid environment. By July and August 2020, transfers lodged was only 1.6% below the same months of last year. While […]

Buy a law firm partner for $6.6 million

It is still going on behind the scenes but the AFR is onto it – the possible ASX listing of HWL Ebsworth. If the float achieves a valuation of $1.2 billion then that is the equivalent of $6.6 million per equity partner, based on 182 equity partners. The AFR has a tone of scepticism about the float. By the way, the managing partner of HWL Ebsworth, Juan Martinez apparently filed a Human Rights complaint against the AFR for racially vilifying him in an article.    How about some respect! The firm generates $350 million per year. It has been a […]

Are you finding it hard to get more clients? Are you spending too much time on admin? Here is why

If you are are finding it hard to acquire more clients and you are spending too much time on admin, there is a simple explanation. It is because you are a small law firm. Says who? Says survey data from Thomson Reuters 2020 report on the State of U.S. Small Law Firms. Yes, this is a report about small law firms in the USA but the experience in Australia is most likely to be identical.  There is another reason why we in Australia should be taking the results of this survey seriously. It is the fourth such report from Thomson […]

Is this the new standard in the legal sector – work from office 60 per cent and home 40 per cent?

Herbert Smith Freehills (HSF) is setting the standard for its own staff but it might be inadvertently setting the standard for the industry as well.  From AFR report “By setting this [40 per cent] figure now, we are signalling to our people that the way we work will change for good after the pandemic,” said HSF executive partner, east, Andrew Pike. The 60 per cent figure is an average, and Mr Pike anticipated it would go up or down depending on the work, team and clients that employees were involved with. CEO and managing partner Annette Kimmitt expected about a […]

Important property update

Key Points from Macquarie Group: 1. Before Covid: strong growth in house prices – particularly Sydney and Melbourne 2. After Covid: listing numbers fell sharply but now back to average levels of last year 3. Rising unemployment and reduced migration – affecting demand for rental properties 4. Mortgage rates down and affordability up 5. Macquarie predicts current interest rates should continue for two to three years 6. Dwelling prices have fallen only 2% – 4% depending on area of Australia. This is a mild fall under the circumstances 7. Macquarie predicts that the government would intervene if dwelling values were […]

Solved: how a law firm can get paid and retain the client at the same time

Lawyers: end conflict in getting paid for your services. There is a better way than debtors collections. Peter Frankl (editor of Legal Practice Intelligence) interviews Richard Hugo-Hamman of LEAP Legal Software about instalment plans set up through RapidPay. Predictable revenue and cashflow is achievable. Learn more here

Skier, Triathlete, Lawyer and Legal Practice Innovator – Justin Betar

Lawyer Justin Betar shares his experience as a recognised innovator in using technology in legal practice. Justin is also a triathlete and skier. He talks to Jane Oxley (Smokeball Software) and Peter Frankl (Editor – Legal Practice Intelligence) about the interplay between sporting activity, great software and success in legal practice. Smokeball Software https://www.smokeball.com.au Betar Lawyers https://www.betarlawyers.com.au

Creating a Law Firm with Predictable Revenue

By Richard Hugo-Hamman* Instalment Plans with regular affordable payments In the past most established law firms were able to predict cashflow based largely on an assessment of past performance combined with an assessment of incoming work. That approach has worked for a long time. Covid19 has changed that forever. Future income has never been more uncertain making forward planning extremely difficult. The drastic impact of the shutdown of society for health reasons is a risk few businesses had considered. Court closures, the property market slowdowns, rent payments in arrears and evictions under moratoria and even commercial and personal solvency itself […]

7 per cent fall in GDP in one quarter – something to get excited about?

Economic  activity declined in the June 2020 quarter by 7 per cent compared to the March quarter. For the 12 months to June 2020, GDP was down by 6.3 per cent and GDP per capita down by 7.4 per cent.  Unfortunately, the economic and financial pain over that quarter was not felt evenly across the economy. Some businesses were down by 100 per cent (if they were shut down) and for others it was hardly different to usual. Overall, even after the government stimulus, economic activity fell by 7 per cent.  The household saving ratio increased to 19.8% from 6.0%. […]