Insurance Legal Market Update
Aimee Salt of Beacon Legal comments:
The Insurance law sector experienced a notable surge in hiring demand during the 2022/2023 financial year.
This Report will provide commentary on the key factors driving this trend and evaluate their impact on insurance lawyer salaries, as well as market conditions for hiring during the current financial year.
The last 2 years have delivered significant increases in salaries for insurance lawyers in Australia. Historically, insurance is a practice area which has been associated with lower pay scales compared to other practice areas, but pay gaps have decreased, largely fuelled by increased market dominance from major insurance law firms, and competition for talent between these firms, which has pushed wages up. Senior Associates, in particular, are earning an average of 20% more compared to previous years, with the 3-7 years' PQE being in particularly high demand. In Australia, the major insurance law firms continue to report strong work pipelines and maintain a positive outlook for the current financial year. This should maintain upwards salary trends for lawyers. We hope that this Report is insightful and useful.
Should you have any questions regarding its contents or require advice regarding your employment situation as an insurance lawyer, please do not hesitate to reach out to Aimee at Aimee.Salt@beacon-legal.com.au who will be happy to provide the full Report.