The world has been through quite a bit of tumult over the past couple of years. This could even be an understatement because of the impacts of the events of the previous years. These impacts have spilled into labor, the law sector, supply chains, and it has also been present in other parts of life and society as well.
It now seems that there are more events that are coming together due to the law and policy decisions made over the past couple of years.
There are various problems to solve and the sooner that they are solved, the better off it will be for all. Law firms like Berberian Ain LLP are invested in ensuring that they help to solve problems with their respective expertise.
Let us take a look at how this is playing out in Australia and what we can learn about this from the down under country.
Australia countered the pandemic real well. Since 2019, Australia has been working on multiple projects such as infrastructure projects and growth in metrics too. However, as Heraclitus said that only constant in life changes. Australia has been experimenting with this change quite well in its law firms. Comparing the general five-year trend, Australia’s largest law firm has had a high level of volatility. This continued from December 2021 to the first half of 2022.
However, a balance was created from December to July’s start, which was attributed to the concurrent lockdowns worldwide. The trend of volatility can also be related to gender. Out of 109 partners who switched firms, 47 were women, and the rest were men. This can also be due to more men than women in the firms.
Partners change firms due to practice areas as well. Till December, the banking and finance sector witnessed the most significant movement of partners. However, corporations, commercials, disputes, and M&A followed the list. This can also be due to the higher legal demand of people in transactional places than in other areas.
Team acquisition also has an excellent—impact on the talent war in the Australian legal market. According to FY 2021, 50 teams moved to other firms and compared to last year, which was 33 teams. The movement was more in the latter half of the year than in the first half. Few decisions can be taken as explanations for these fluctuating trends. Firstly, the closure of several prominent firms took place in 2021. At the same time, other law firms announced their expansion which grabbed the workers’ attention.
In addition, these two firms which announced the expansion were the most excellent recruiters. More firms added around six lateral partners, while others added five partners in the first half of 2022. There were other firms, too, who were actively adding lateral partners. These firms were other strong contenders as well.
There is much to look forward to in the upcoming years as different paradigm shifts start to take place within the world. It is important to pay attention and invest in the right areas accordingly.