Law firms positive on current business conditions
The latest edition of the CommBank Legal Market Pulse report in Australia reveals an industry in flux, with shifts both in outlook and how the work is done. This report is based on a quantitative survey by Beaton Research + Consulting of CEOs, managing partners and other senior leaders in Australia. Forty law firms participated in this year’s report.
Here are some of the key findings:
5% of respondents said last year that they expected 2017 to have good overall business conditions. Reflecting on 2017 now, 20% say there are positive conditions
This is the first time since 2011 when we started conducting these surveys where a net positive number of respondents reported that current business conditions were good
The biggest headache for law firms remains the same as last year: negotiating price with clients
Though 52% of firms currently do not outsource any of their fee-earning work, only 30% believe this will be the case in two years’ time
50% say they have had moderate to high return on investment in new technologies
Investment in IT software and hardware is accelerating: last year 55% said they would be increasing investment and this rises to 68% this year
All this and more can be found in the full report.
Author
Shanan Kan is beaton's Product Manager, overseeing the beatoncompass reports on trending topics using clients’ insights to inform firms’ strategies. With a background in psychology, his passions include UX, gameful design and data communication. Connect with him on LinkedIn or reach out on Twitter @ShananKan