Legal Salary Trends 2023
The Australian legal market remained buoyant during the 2022/2023 Financial Year, in comparison to other major global markets. Whilst role volumes have decreased comparatively to the previous year, Australia continued to offer a strong legal jobs market with numerous opportunities for lawyers.
With a significant slow down in hiring from firms in NYC and London, we have seen fewer Australian lawyers leave our shores and therefore lower levels of atrophy within domestic law firms, particularly the Top Tier firms. The major law firms have reported stable pipelines of work, with a cautiously positive outlook for the second half of 2023 and anticipation of an increase in M&A transactions in 2024, which will drive the market forwards.
Hiring remained stable within Finance, Real Estate, Technology, ESG, Cyber and Energy Transition, with demand remaining focused at the experienced Associate and Senior Associate levels in particular. We are also seeing counter-cyclical increases in hiring across contentious practice groups and in particular, Insolvency. The salary data in this Report is gathered through multiple sources and includes uplifts realised in the most recent salary reviews in mid-2023. We hope you find this Report useful.
As always, if would like advice about your employment situation, please don't hesitate to reach out to any member of the Beacon Legal team.