Earlier today, the Thomson Reuters Institute published its Midyear Update on the Australian Legal Market, providing valuable half-year insights into industry trends in the Australian legal market.

There’s a lot to unpack in the Report, and I highly recommend you download it. That said, here are my top takeaways:

✅ What’s Happening with Non-Equity Partners?
Is there an underlying story in the Non-Equity Partner segment? The data suggests there might be more to explore.

✅ Equity Partners Carrying the Load?
If legal market demand and worked rates are up in 2024, yet the average billable hours per lawyer are down, it raises a big question—are Equity Partners absorbing the extra workload? If so, why?

✅ Billable Hours Decline
With 12 months in a year, many law firms have lawyers billing less than 1,500 hours annually. What does this mean for profitability and productivity?

If you’re looking to refine your pricing strategy or need guidance on law firm profitability, feel free to get in touch. In the meantime, download the two-page update and see the data for yourself!

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