Custom Essays On The Legal Industry In Australia

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This is the Custom Essays on the Legal Industry in Australia. Please only use it for educational purposes. If you need essay help, dissertation help, please contact our custom essays service for more assistance.
The Australian Legal Services industry is predominantly comprised of small firms. Approximately half of all firms are sole practitioners or partnerships not employing any additional non partner staff. Also indicative of a low level of industry concentration, the four largest firms are estimated to account for less than 10% of industry revenue.The key to significant market share in a saturated market environment is niche practice and marketing, or simply, specialisation. Our custom essays research suggest that there is evidence representing an inclination for clients to engage with a locally based practitioner; but given such high competitive levels within regions, specialisation is still key to strong business performance. In effect, this comes down to combining two essential quantitative values of law firms, being a ‘face’ and reputation.

Top tier firms have been said to focus too largely on ...
... higher value business, like international mergers, and have lost business from the everyday client as a result. Moreover, competing against the top tier firms is still possible by the average firm, given the level of new legislation being put out and tried. Disputes resulting from new legislation can very quickly become a matter of high importance if there is no precedents set. There are a number of examples of small firms, we note in this custom essays, that the average in the industry wide context, that have emerged to very notable status by finding an area for specialisation. Perth-based Cochrane Lishman and Sydney-based Chang, Pistilli& Simmons were both founded within the last five years with fewer than four partners. They focused on high end end clients. The two firms made such an impact in the Australian industry that international legal giant Clifford Chance successfully acquired both firms in 2011.

As is typical with a service industry, labour represents the largest cost to legal services providers. In the Australian Legal Services industry, labour costs are estimated to account for 25.6% of industry revenue. Up to 2007-08, a tighter labour market pushed average wages higher. As revenue growth slowed in 2008-09, many firms implemented strategies to reduce wage costs, such as delaying the starting dates for graduates,freezing salaries and encouraging voluntary redundancies, career breaks and additional purchased leave.

However, the recovering economy compounded by an increasing number of global legal firms in Australia is driving remuneration upwards, as competitionfor senior lawyers and partners intensify.The industry is highly profitable, with net profit before tax estimated to be 30.1% of industry revenue in 2011-12. This rate encompasses all segments that comprise this industry such as solicitors, barristers, government solicitors and even legal aid. Rates of return are higher than the average among solicitors and barristers. This custom essays has been written for essay help purposes only.

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