I think the most interesting changes in the legal profession over the next 10 years will be driven by demographics.

First, we are going to see the retirement of the early Baby Boomers who entered the profession 35 years ago and who have played a significant role in the modernisation and internationalisation of Australian legal services. We are seeing the changing of the guard already, with intellectual and market leaders from many firms and many practice areas retiring. This presents great opportunities for younger lawyers.

The second trend driven by demographics is the increasing ethnic diversity of the legal profession as the children of recent migrants complete their tertiary education. This process is well underway already. I expect that the profession will be far more diverse in 10 years and that this diversity will also embrace Indigenous graduates who are beginning to enter the profession in larger numbers.

Finally, it is clear from law school numbers, graduate hiring and promotion rates that the profession will have more women at every level in 10 years. This might have a significant impact on how firms are managed, how careers progress and how work is handled.

At the business level, I think the market, including globalisation, will drive changes in billing practices, leverage models and reward models for staff. I think we will see the market become increasingly global and that lower-end work will migrate to cheaper jurisdictions. However, for significant strategic work, local expertise and strong trust-based relationships will still be the main measures of value for clients.

- Michael Rose is chief executive partner at Allens Arthur Robinson