From strong growth in the Australian legal market to increased AI adoption, we bring you a collation of key updates for September 2024.
Australia’s legal market sees unprecedented growth in 2024
Thomson Reuters’ “2024 Australia: State of the Legal Market Report” reveals strong growth in the Australian legal market. As per the report, in FY 2024, demand for legal services increased by an average of 7.5%. These insights are derived from financial indicators from 20 prominent Australian law firms, demonstrating demand growth across practice areas and states.
Professor Alison Duxbury, Interim Dean of Melbourne Law School, identified two major tendencies. The first is an increase in non-equity partners that may limit diversity in decision-making and stifle innovation. The second is the importance of human qualities in lawyering. Despite technological advancements, skills like empathy, teamwork, and critical reflection remain vital.
The report is available for download on Thomson Reuters’ Legal Insight.
81% of Australian law firms are getting phished: survey
The 2024 State of Cyber Security in Law Report by AUCyber reveals that 81% of Australian law firms have been targeted by phishing attacks, a 14% increase from last year.
The report highlights an increase in cyberattack attempts. Out of 140 surveyed firms, 56% listed cybersecurity as their top business concern. Despite escalating threats, 18% of respondents feel their protections are insufficient. As a result, it has sparked expert calls for improved defences like 24/7 monitoring, staff training, and advanced protection measures. For the full report, visit AUCyber Report.
Law firms embracing AI amid increasing competition and reliance on technology
The 2024 Australia Legal Trends Report, commissioned by Dye & Durham Australia and the Australasian Legal Practice Management Association (ALPMA), shows significant insights into the evolving legal industry. Over 75% of law firms are expected to adopt AI within five years, with 27% planning to implement it within the next year.
The report also sheds light on the challenges in acquiring and retaining legal talent. 90% of New Zealand firms and 68% of Australian firms have acknowledged this issue. Firms are exploring various strategies to address talent acquisition include offering flexible work arrangements, increased remuneration, and investing in technology.
Further, the report shows a high reliance of on technology, with 64% of respondents stating they cannot perform their jobs without it. Most firms are currently utilising practice and document management software. Overall, the report emphasises the legal sector’s ongoing evolution amid competition for talent and a push for AI and technology balance through innovative practices.
US law school applicants surge 5.7% in 2024
Law school applications increased by 5.7% in 2024 compared to 2023, with a total of 64,912 aspiring lawyers applying for spots. This marks the second-largest applicant pool in the past five years, trailing only 2021’s pandemic-driven surge.
The increase allows law schools to be more selective with admissions, potentially leading to lower acceptance rates and higher LSAT scores and grades among admitted applicants. Early indicators suggest the 2025 cycle may continue this upward trend, as LSAT participation for the upcoming year has already risen significantly.
About Law Image: Law Image is a leading document management company. Founded in 1999 and headquartered in Melbourne, we have offices in Sydney and Brisbane. Law Image supports law firms and government departments across Australia with end-to-end legal document management solutions.
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