Melbourne’s legal market is growing rapidly, and law firms are struggling to keep up. Most major local firms are gaining their foothold in the market nationally. As the market becomes more operational (people working from locations across the world), legal professionals are not ready to lose their pay for doing the same work from different locations within the country.
Even the topmost leading law firm in Melbourne can often be found struggling in this competitive market where exceptional lawyers are hard to find, but their need is increasing with every passing day.
The Australian legal market showed an excellent and upward trend in increasing demand for legal services, which grew by 6.4% in the first half of the financial year 2022. This is a robust result, considering Australia did not face a demand contraction like the US for most of 2021.
Law firms are expanding their services to cater to a broader range of clients
Many law firms are engaged in renovations or shifting to more prominent locations due to the growing demand for legal services. Since late 2020 and early 2021, Melbourne law firms have made immense amounts of money through various deals, litigation, and other business transactions.
Local clients are nowadays scouting for a law firm with real expertise rather than a traditional practice, quickly finding expertise, more excellent service, and optimal results at an affordable rate. You can witness this in the Bellwether Report that was presented in 2014; this report was concerned with the new top-brass lawyers across Australia and their various impacts.
Law firms are hiring more lawyers
Leading legal firms in the country are planning to run a hiring drive to get as many new graduates as possible from top law schools all over the country. The demand for more professionals is due to increased work, as various new deals and acquisitions halted during the pandemic have picked up the pace again.
Instead of reacting to the latest developments in a negative way, many firms are trying to gain their position back in a rational way. Consequently, by 2020, there were 83,643 lawyers nationwide, a 49% increase since 2011.
Why such a boom in the law sector?
With increasing disorder in society and more people willing to settle their disputes through law firms and attorneys, an increase in demand for lawyers across Melbourne and other Australian cities was imminent. Although most existing lawyers are working overtime to keep up with the cases, it has proven ineffective with the workload increasing daily.
Different businesses need legal firms and professionals to understand various laws and regulations brought by the Australian government, like the recent property law changes in Melbourne. These documents are often written in a way so complicated that an average person cannot understand them, making it essential for ordinary folks to seek professional assistance rather than getting stuck in legal issues later.
How to look for a law firm that is good for you
Every business and individual needs a firm that can fulfil needs related to their business. You may need a mediator if you regularly make various business deals or a legal advisor if you are your company’s primary or sole decision maker to ensure you are aligned with the guidelines.
That said, you can always find a good local lawyer or go to a leading law firm in Melbourne. Some firms nowadays make sure that you don’t have to face any issues while working with them, making them more apt than individual practitioners.
So, find a local enterprise with at least a couple of decades of experience in various areas such as wills, family law, estate planning, property law, super and TPD claims, etc., ensuring you have assistance for any kind of legal trouble.
