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Australia’s legal firms have navigated rapid shifts in the economic, regulatory and social landscape, demonstrating value to clients in a dynamic environment. Now there is opportunity to leverage the strength fortified over the past few years, defining a clear strategy for future success and committing the resources required for ongoing growth.
Since our 2019 benchmarking study, the legal sector has performed with strength, buoyed by heightened demand from clients. Legal firms have been increasingly central to their clients’ decision-making and risk management strategies, helping to maximise returns. Firms have reported strong financial results and reduced levels of competition, suggesting there is currently sufficient client work for most to thrive.
Our 2024 study highlights the importance for firms to develop a well-defined strategy in order to sustain their profitable growth trajectory, backed by sufficient resources. The steps taken now can help to ensure that your firm remains competitive as economic conditions soften, creating the key differentiators that will underpin success in the years ahead.
Many firms are investing in ways to boost productivity and drive growth. With technological innovation as a key area for amplifying potential, artificial intelligence (AI) is seen as an accelerant for research, due diligence, and business development. Others see opportunities in key practice areas – including technology and innovation, restructuring and insolvency, mergers and acquisitions, and environmental, social and corporate governance (ESG). Alongside stable client demand, the industry outlook is positive.
Read the 2024 Legal benchmarking report by Macquarie Business Banking here.
