The demand to supply ratio of transactional lawyers in Australian Legal Market has led to a severe imbalance in the working flow of lawyers who wish to start private practices and the firms who want to hire competent professionals.
Firms are not willing to let go of their existing experienced hires due to the shortage of transactional advocates in the country. Usually, the transactional experts earn less in the firms in comparison to most of them who start their private practice.
For the past couple of years, the demand for transactional advocates was not very high; hence, the firms didn’t recruit fresh and junior experts as much. They weren’t trained excessively by the firm, and thus most of them moved to practice on their own.
Now because they do not have the qualities of a transactional lawyer, there remains a considerable gap in the legal market.
Here are a few challenges that these professionals have to face in the Australian legal market:
UK’s decision to leave the European Union (EU)
It had seen several advocates based in the UK deliberating on their decision to move back to Australia. Australian lawyers working in the UK would also definitely move back, which would result in a high number of candidates working in the Australian legal market. It might not look like a challenge at this point, but as the supply for candidate grows, job opportunities might also reduce.
There would be a high supply of lawyers. The market would become open to both legal firms and advocates in private practices. The hopeful thing that can come out of this situation is the option for choice. Legal experts will have the luxury to choose between private practice and work for firms.
Negotiating for money with clients
It has become complicated. Most law firms find it the most challenging aspect of the legal market. About seventy percent in this profession identify with this problem. Due to the growing number of legal representatives in Australia, clients are looking for lawyers who would provide legal services at a low cost. It results in advocates lowering their service cost to find a job.
There have been a boon and yet a draw-back in the client-lawyer relationship. Client expectation has significantly grown now more than ever due to their increased need for sophistication.
They have the internet to provide them with all the legal information they need. It has resulted in the client knowing everything beforehand without the requirement of the council and advice given by experts.
To survive in the legal market
Every lawyer must have his or her unique personality. It is difficult to establish themselves in the initial stage of their career, but it is imperative that they do it. They need to set themselves apart from their competitors. Providing a wide variety of legal services to clients and efficient client management can prove to be fruitful while building the career.
Foreign English law firms
They are starting to establish their business in Australia by taking over the large law firms which have become something of a challenge for the medium sized law firms.
It has been initiated by a couple of law firms to promote, inform and communicate more efficiently with the clients who are looking for legal services. Choosing the right form of media for advertising is a significant factor.
The cost of advertising varies from one advertising medium to the other. Firms who can afford to spend on advertising usually prefer the broadcast media and the print media. On the contrary, firms with low budget advertise their services via print and social media marketing.
The Australian Legal Market needs to improve its pace and grasp on the situation that is very common nowadays. Otherwise, there can be more and more difficult challenges for lawyers of the upcoming generations.