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Legal services firms are increasingly balancing high-volume core services, such as property and commercial law, with specialised capabilities, including employment, disputes and restructuring, to capture more complex client needs across the business and wealth life cycle, according to a NAB report.
NAB has just launched its Performance Era 2026 report, which surveyed professional services providers such as law practices. It highlights the key drivers of growth and operational challenges coming into focus for the year ahead.
A notable insight regarding the legal profession reveals that practices are pivoting away from mere transactional fulfilment towards more profound advisory partnerships, with the commercial sector identified as a primary avenue for expansion.
Similarly, accounting firms are increasingly shifting from traditional compliance services towards strategic advisory, analytics, and forward-looking insights to strengthen client relationships and drive future growth.
Regarding legal services, out of the 100 firms surveyed, it was found that 86 per cent already offer property law services, reflecting how embedded legal advisers are in clients’ commercial and personal affairs.
Furthermore, commercial law was cited as the clearest growth opportunity, nominated by half of the firms that were surveyed.
Additionally, more than a third of the firms polled identified family law, along with estate planning and wealth protection, as robust expansion sectors, fuelled by the rising complexities of family arrangements and the ongoing transfer of intergenerational assets.
On the other end of the scale, the areas of law with the least industry opportunities were financial services, taxation, government, insurance, property development, intellectual property law, and employment law – all of which polled 7 per cent.
NAB business banking manager Toni Barwick noted that shifting client needs are reshaping the legal services landscape, with several practice areas emerging as particularly strong opportunities for growth.
“Clients are increasingly looking to their legal advisers for more than technical legal expertise,” Barwick said.
“Whether they’re growing a business, planning for succession, navigating family transitions, restructuring ownership arrangements, or managing personal wealth, they are seeking trusted advisers who can help them make informed decisions in an increasingly complex environment.
“Commercial law continues to present one of the most significant growth opportunities for legal firms and remains consistent with the broader trends we are seeing across the sector.
“Family law, estate planning and succession advisory are also emerging as key areas of growth, driven by demographic shifts, the significant intergenerational transfer of wealth, increasingly complex family structures, and demand for specialist legal expertise.”
Barwick also highlighted that the federal budget changes to trusts, professional structures, taxation, and wealth transfer are expected to increase client demand for advice on restructuring, ownership vehicles, and succession plans.
“Clients are seeking advice on the implications of these changes, including potential restructuring of businesses, trust arrangements, ownership vehicles and succession plans,” Barwick said.
“Firms that can provide practical, strategic guidance alongside legal expertise will be well positioned to deepen client relationships and capture additional advisory opportunities.”
In addition to evolving service offerings, the report indicated that technological integration is fast becoming a core differentiator for modern legal practices.
“At the same time, many leading firms are leveraging artificial intelligence and technology-enabled solutions to drive efficiency, enhance client service and improve the delivery of legal advice,” Barwick said.
“While the adoption of AI brings governance, compliance and risk considerations, firms that effectively integrate these capabilities are likely to improve productivity and create capacity for higher-value client engagement.”
