Partner movements in downward trend after royal commission

The 2019 financial year saw a downtrend in the number of partners switching firms as a result of a calming effect on the market following the Hayne royal commission.

Naomi Neilson • 24 September 2019 • Big Law

According to research from the Australian legal research firm Alpha Creates and in the Thomson Reuters' Australia: State of the Legal Market Acritas report, 226 partners made the switch, a significant decrease from the 273 movements in the previous year.

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The report credited the “calming effect” after the conclusion of the royal commission and the subsequent cultural and policy changes across organisations.

“A breakdown of the 226 partner movements by practice area confirms this, as banking & finance has dropped from being the practice area with the most movement in FY18 to the sixth-most this fiscal year,” the Acritas and Thomson Reuters report noted.

This years’ analysis revealed globalisation continues to shape competitive landscapes with 15 international law firms gaining a combined 53 partners.

Norton Rose Fulbright was the most active this year, adding 12 partners across its firm in Canberra, Melbourne, Perth and Sydney.

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The most sought-after practice area this year was corporate and commercial partners, followed by insurance and property and real estate.

“Sydney, the biggest legal market in Australia, continues to be the hotspot in the war for talent and is where 92 partners were poached,” the report said.

“Talent acquisition trends continue to be shaped by team acquisitions, with 12 acquiring 25 partners, plus their legal teams and support staff.”

naomi.neilson@momentummedia.com.au