2019 and the first few months of 2020 read very differently to the months that followed. The advent of COVID-19 and subsequent lockdown measures in March 2020 brought the economy to an abrupt halt. Despite the initial fear and uncertainty surrounding the virus, law firms across Australia and the globe acted quickly and adapted swiftly from daily life at the office to a remote workforce confined to their homes.
“As the business impacts of COVID-19 grew, managing those impacts were prioritised by law firms and we inevitably saw many firms pause recruitment”
Conversations with lawyers shifted from vacancy focused to career focused. Countless discussions were had around how to progress their career, what trajectory looks like at firms outside of their own, and the importance of self-branding. For many lawyers it was the first such advisory discussion they had ever had.
As we start the second half of 2020, Australia’s success at slowing and containing the virus has seen a cautiously optimistic viewpoint return to the legal profession, with deal flow perhaps not being as impacted as badly as law firms had anticipated. We therefore remain hopeful that, as Australia returns to the office and the economy begins to recover, levels of recruitment will increase in 2020 and return to pre COVID-19 levels in 2021.
Despite the uncertainty, retaining top talent during turbulent times is a key component of success. We hope that our salary benchmarking assists both law firms and lawyers as we all work together to ensure the success of the legal profession during and post COVID-19.
We invite you to download the complete Taylor Root Australia Private Practice Salary Guide & Market Report for 2020-2021 by clicking on the link below, or for an in-depth discussion on any of the material in the report please contact one of our consultants today.