The 2019 Global In-House Report is an overview of hiring trends from a variety of sources, from the local knowledge of experienced consultants to our regional salary guides through to general market sentiment derived from interviews with senior contacts.
Below is an extract from the Australian section. The full report contains market insights for Italy, the Middle East, Turkey, South Africa, China, Hong Kong, Singapore, the United Kingdom and North America.
The Australia Legal Market
The Australia legal services industry is a $23 billion market, with 76,500 lawyers servicing 25 million people and 2.2 million businesses. The Australia legal market is a mature market, 15% of solicitors work in the corporate legal sector and 12% within government. It is also driven by a sophisticated client market, 38% of foreign multinationals have legal needs in Australia and 71% of Australian organisations require advice outside of the country.
Last year we commented on the growth of the legal sector from The Royal Commission into Misconduct in the banking, superannuation and financial services industry and the infrastructure and real estate development booms in the States of New South Wales and Victoria. The aftermath of the Royal Commission continues to advance self-regulation with the need for robust compliance and risk management processes. The corresponding demand for lawyers with regulatory, compliance, governance and data privacy experience continues to exceed supply. The higher volume of infrastructure projects concentrated in Sydney and Melbourne has also contributed to an acute skills shortage in lawyers as work starts and disputes ensue.