Data show that most specialist areas experienced double-digit percentage growth in the last quarter
.jpg)
Legal hiring in Sydney and Melbourne surged in the first three months of the year, with most specialist areas experiencing double-digit percentage growth.
Data from the “Elias Legal Jobs Index” for the cities showed an average of 49.84% quarter-over-quarter growth for legal job openings in the cities in the third quarter of fiscal 2018.
Of the 17 areas tracked by the index, only corporate and M&A, pro bono, and energy experienced declines. Openings in corporate and M&A slid 28.89% from 45 roles to 32, while pro bono dropped 50% from one to two roles and energy decreased 60% from five to two roles.
The biggest winner in terms of percentage increase is criminal law, which experienced a 766.7% increase from three roles to 26. Banking and finance, personal injury, employment, family, and insolvency also experienced triple-digit percentage increases in the third quarter of FY18.
In terms of raw numbers, in-house had the largest growth with roles increasing to 96, or 51 more than in the second quarter of fiscal 2018.
In-house growth may be due to several economic factors, including the end of the 2011-2017 income recession, the rise in resources exports, improved investor sentiment, and rising Asian incomes boosting Australian company profits, the report said.
Grouped by seniority of roles, mid-level openings are where the action was at with a 125% increase from 184 roles in the second quarter to 414 roles in the third quarter. Partner openings decreased 20% from five roles to four, while junior openings dropped 40% from 10 roles to six.
“This sharp spike in the legal market may also be attributed to the Reserve Bank of Australia’s 2018 Economic Outlook, which forecast an overall GDP growth for 2018, in addition to a slight decline in the national unemployment rate from December 2017,” Jason Elias said.
