find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Firms upbeat – but not revenue expectations

Firms upbeat – but not revenue expectations

Firms expect revenue to decline in coming months despite claims that confidence has returned to the legal market.

The Commonwealth Bank’s Legal Market Pulse report has revealed that firm confidence continues to climb. This optimism is buoyed by a brighter economic outlook among managing partners, an anticipated rise in realised rates along with stable margins over the next six months, according to Marc Totaro (pictured), national manager of professional services at Commonwealth Bank.

However, these upbeat forecasts are not reflected in firm revenue expectations, which are down for the next six months in every jurisdiction except for Melbourne, the report found.

From a practice area perspective, OH&S has the most positive revenue forecasts for Q2 and Q3, while taxation has forecast the largest increase in revenue for that period. Banking & Finance has also shown signs of improvement.

Meanwhile, M&A and corporate advisory, Government and Insurance have remained relatively flat.

Diana Mousina, associate director of economics at Commonwealth Bank, commented that while overall revenue expectations are subdued, the income side of the economy is improving – a positive sign for business profits and sentiment.

Fiscal settings are moving in an expansionary direction in the short term, she explained, and the CBA expects the unemployment rate to peak at 6.25 per cent mid-year and then trend down over 2015.

Mousina said NSW and Victoria, in particular, will see an increase in business activity in coming months.

“After an extended period of disparity between the mining and non-mining states, there has been an evening out in economic conditions across the states.”

The report also found that mid-tier firms are seeking to increase all fee-earning roles with an expected growth in the number of equity and salary partners. Conversely, larger firms indicate a decrease in equity and salary partner numbers to increase their leverage ratios.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Firms upbeat – but not revenue expectations
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...