The heat has gone out of the legal market, with salaries even falling in some sections.
After pay hikes of up to 20 per cent in 2022, remuneration increases in the legal sector have returned to pre-pandemic levels of under 5 per cent, according to the annual report on the market by recruiting firm Mahlab.
“While law firms have reported healthy profits, continued to promote lawyers to partners and aggressively compete for talent, law firm revenues have now slowed.”The mode salary for partners at major law firms was unchanged at $1.5 million in Sydney and Melbourne and $1.38 million in Brisbane. Mode is a statistical term that refers to the most common value in a data set.
The report says salaries at the end of the 2022-23 financial year increased by 4-5.5 per cent in private practice and 4-5 per cent for corporate roles, in contrast to rises of 5-8 per cent and 5-7 per cent in 2021-22.
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