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2023 Private Practice Recap

2023 Private Practice Recap

As we approach the final stretch of 2023, it’s the perfect time to pause and reflect on the notable trends that have shaped the recent months. Examining these trends offers valuable insights into the evolving landscape, enabling us to better prepare for what promises to be an eventful year ahead.

1. The Resurgence of Banking:

After a relatively subdued year in the finance sector, the last few months have witnessed a notable resurgence in banking roles across firms of all sizes. This renewed activity, while partially attributed to the year-end rush to close deals before the holiday season, indicates a revitalized energy within banking and finance teams. The momentum gained suggests that these teams are gearing up for a dynamic and bustling year ahead.

2. Pubic M&A takes Centre Stage

Whispers from both clients and candidates alike suggest that 2024 is poised to be a significant year for public M&A activity. However, a critical question arises: will there be enough legal professionals equipped to handle this surge in demand? Interestingly, the overseas job markets have shown a preference for private M&A and private equity skillsets. Consequently, many globally-minded lawyers are leaning towards staying within these areas rather than venturing into public M&A and ECM work. If the rumors hold true, there will likely be a rush to the market for the limited pool of lawyers with expertise in public M&A. Our advice? Get in early to secure your place before the opportunities slip away.

3. Going Global Again:

Building on the trends we highlighted in our previous recap, there is a noticeable trend of doors opening for Australians seeking overseas opportunities. Over the past three months, we’ve been approached to assist in connecting talented professionals with opportunities in London, particularly in areas such as Competition, Corporate Energy, Litigation, Project Finance, and TMT teams. The demand for quality Australian lawyers with 3+ years of post-admission experience is evident. This surge in interest may well pave the way for a broader influx of general corporate, funds, and banking lawyers looking to make their mark on the global stage in 2024.

In conclusion, as we bid farewell to 2023, the stage is set for an exciting year ahead in the legal and finance sectors. The resurgence of banking, the anticipated boom in public M&A, and the growing global opportunities for Australian lawyers paint a compelling picture of what lies ahead. Stay tuned for an eventful 2024 as we navigate through these trends and witness the evolution of these dynamic industries.

Tiffany Tirtabudi

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