Legal Practises Survey Results

By admin - February 29, 2016

Pitcher Partners Melbourne recently conducted a Legal Industry Research Survey as part of our benchmarking research project.

The survey was designed to gain further insight about:

  • The way firms in Australia are organised and operate
  • Firm’s financial performance and indicators from the 2015 financial year
  • Key industry themes, challenges and opportunities
  • Strategies for succession, practice exit and value maximisation

This year’s survey confirmed many of the major themes affecting legal firms:

  • Revenue continues to slow. This will affect profitability and require some smarter thinking about marketing and digital strategies.
  • Staff remain a major cost, which means utilisation as well as pricing need to be a key focus.
  • Outsourcing is becoming more popular, but those who have not considered it yet have no plans to in the future, perhaps widening the gap between innovative and other firms.
  • Succession is a major issue, with almost half the practices having an average equity partner age over 51 but only a third having documented succession plans.

To read more download the full survey results please click here

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