24 Apr 2023 Salary Guide Release
This month saw the release of our 2023 Australian Private Practice Salary Guide, which was compiled by our team of consultants with input from over 3,500 lawyers in Sydney, Melbourne Brisbane and Perth. Our guide provides current salary data for lawyers in all types of law firms from top-tier right through to boutique. Here’s our outlook on salaries for the coming financial year.
Expect the unexpected
Moving forward, we predict that the next 12 months will bring changes to the legal job market as the pandemic comes to an end and global uncertainty sets in. The global economy and market confidence have been impacted over the past few months, resulting in a sense of caution among clients in terms of hiring. However, the need for quality lawyers still outweighs the supply in all major Australian cities.
The job market will be impacted by two factors in the coming year. Firstly, there will be salary increases in July, but firms will be focussed on retention with tighter budgets and increased scrutiny of finances. Secondly, the flow of lawyers to London has slowed, and foreign markets are taking a pause due to their own economic stresses. This may lead to increased domestic movement among lawyers.
We anticipate that the superheated salary wars of the past two years will cool off, and firms will continue to pay well but no longer pay over the odds. This will be a positive development for law firms looking to hire in Australia, and local lawyers who are planning to make a move will find attractive options in Australia compared to international alternatives.
Click here to download a copy of the 2023 Montgomery Salary Guide and compare your salary to the current Private Practice Legal Market.
For more bespoke, granular information relating to your particular circumstances, do not hesitate to give us a call.
Andrew Rees
Director | Private Practice & Partner Search
arees@montgomeryadvisory.com.au
+61 404 835 853
