find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Adelaide CBD · Join a leading Adelaide commercial law firm
View details
Freelance Project Finance Lawyers
Category: Other | Location: All Australia
· Vario are looking for freelance lawyers with experience in project finance ideally within the renewable energy sector
View details
Vario Freelance Lawyers
Category: Construction Law | Location: All Australia
· We are looking for lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Freelance Construction Lawyers
Category: Construction Law | Location: All Melbourne VIC
· We are looking for construction lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Top-tier outlook brighter than for mid-tier rivals

Top-tier outlook brighter than for mid-tier rivals

Top-tier firms have more positive prospects for the coming year than mid-tier firms do, according to a new market report from the Commonwealth Bank of Australia.

The Legal Market Pulse, produced by CBA and Beaton Consulting, revealed mid-tier firms are more concerned about overall economic performance, competition from non-traditional law firms and the effect of international law firm entrants on local firms than top-tier firms.

CBA professional services national manager Marc Totaro suggested the 2014-15 financial year saw "optimism generally increase amongst law firms across Australia”.

“The results have been driven by a more bullish outlook amongst the top-tier compared to the mid-tier firms,” he said.

When looking at the Australian economy over the next 12 months, a greater proportion of mid-tier firms forecast negative performance than top-tier firms.

Mid-tier firms have a net percentage outlook of -14 per cent, with 36 per cent predicting negative economic performance, 23 per cent predicting positive performance and the other 41 per cent of firms forecasting performance to be neutral.

Top-tier firms on the other hand have a net percentage outlook of 13 per cent, with 26 per cent forecasting positive economic performance, 13 per cent forecasting negative economic performance and the other 61 per cent of firms forecasting it to be neutral.

The report revealed that mid-tier firms see non-traditional law firms with alternative business models as more of a threat than top-tier firms.

For mid-tier firms, 24 per cent saw non-traditional law firms becoming stronger competition in Q1 FY15 and 30 per cent by Q4 FY15.

Top-tier firms seemed less concerned, with 20 per cent believing non-traditional law firms would become stronger competition in Q1 FY15 and 29 per cent in Q4 FY15.

The entry of international law firms into Australia is not seen as a threat to top-tier firms at all, with 50 per cent believing it will have a positive impact and 50 per cent seeing it as neutral.

On the other hand, almost one in five mid-tier firms see international law firm entrants as a threat, with 18 per cent seeing their entry to the Australian market as a negative, 46 per cent seeing is as neutral and 36 per cent believing it will have a positive impact.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

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

NSW proposes big justice reforms to target risk of reoffending

Top-tier outlook brighter than for mid-tier rivals
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Debate rises over Victorian judiciary attack
06:04
Debate rises over Victorian judiciary attack
The Victorian Bar has become the latest to go on record condemning recent political attacks on the V...
Michelle Quigley QC
06:00
Vic Barrister who helped stop major heritage redevelopment joins Supreme Court
Michelle Quigley QC, who assisted a coalition to oppose the redevelopment of St Heliers villa estate...
Building, construction
06:00
Building for NSW coroner’s complex slated for early 2019
Efforts to relocate the state coroner’s facilities from Glebe to Lidcombe are on track, according ...
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 & ...