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The 2023 financial year marked a significant turnaround for Australian law firms, showcasing a remarkable comeback story. Despite facing a challenging first half with a 3.4% decline, the industry rebounded strongly in the second half, experiencing a notable 6% surge. Ultimately, by the end of the year, Australian law firms achieved positive growth in demand, reaching profitability levels comparable to the previous year.
Key insights:
- In the latter half of 2023, we saw a 36.4% increase in associate moves, when compared to the previous six months period.
- The number of partner moves has increased since 2021. While 2023 didn't significantly surpass 2022 moves, substantial activity has occurred.
- While M&A, Banking & Finance and Real Estate were the areas most affected by demand declines, we saw associate moves in these areas increase towards the end of 2023.
- We've observed a reduction in pay gaps between states in recent years, particularly noticeable on the East Coast of Australia. At the junior level, law graduates are obtaining notable salary increases for entry-level positions.
- While hiring activity remains active, law firms in Australia have, however, become more selective about the partners and associates they hire.
To delve into the specifics of these insights and market activities, we've created a brief guide containing essential data and analysis. This resource aims to assist you in making informed decisions regarding your legal career.
Discover inside:
- Associate and partner moves in 2023
- Practice area insights
- International associate hiring activity
- Salary rates across mid-tier and top-tier firms across Australia
- Market overview and recruitment trends
- Recent Sonder placements
Download your copy here
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