find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Market-share-shake-up-in-the-top-tier

Market-share-shake-up-in-the-top-tier

The mid-tier segment of the legal services industry is hot on the heels of the six largest law firms in Australia, according to the latest Legal Services in Australia report from IBISWorld.…

The mid-tier segment of the legal services industry is hot on the heels of the six largest law firms in Australia, according to the latest Legal Services in Australia report from IBISWorld.

Overall, IBISWorld found that the legal services industry is expected to make a combined profit of $6.1 billion this financial year and total revenue of $21 billion.

In the top-tier, the six largest firms collectively account for 13.1 per cent of industry revenue this financial year, with Mallesons Stephen Jaques leading the pack making up 2.5 per cent of market share, followed closely by Freehills on 2.4 per cent, Clayton Utz on 2.3 per cent, Minter Ellison on 2.2 per cent, Allens Arthur Robinson on 2.1 per cent and Blake Dawson on 1.8 per cent.

But mid-tier firms appear to be catching up to their top-tier counterparts with IBISWorld finding that firms like Maddocks, DibbsBarker, and Gilbert + Tobin are outperforming the largest six firms in terms of revenue growth.

Such strong growth may come down to a realisation from clients that complex legal work does not necessarily have to be undertaken by top-tier firms, according to the report.

However, a spokesperson for Mallesons told Lawyers Weekly today that the firm has not experienced any drop in work to indicate that the mid-tier is acquiring portions of their client base. She said that while mid-tier firms can eat into the top-tier market on individual transactions, they will still find it hard to compete on the large complex work - such as the more difficult aspects of the Telstra broadband network separation.

IBISWorld also found that a drop in M&A and IPOs has negatively affected revenue at the top end of town, but that countercyclical work like insolvency and restructuring have provided some relief.

Check back with Lawyers Weekly for further analysis of the IBISWorld Report

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

Market-share-shake-up-in-the-top-tier
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 24 2017
Demand lifts in 2017/18 for short-term finance to cover crises
Promoted by NWC Finance. The first five months of the 2017-18 financial year have seen unpreceden...
LCA welcomes religious freedom panel
Nov 24 2017
LCA welcomes religious freedom panel
The Law Council of Australia says the establishment of a panel which will examine the human right to...
Law Society launched a new website, legal politics and lawmaking
Nov 24 2017
Law Society launches project to engage young Aussies
The Law Society of NSW has launched a new website to engage young Australians in legal politics and ...
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 & ...