CommBank Legal Market Pulse.€¦ · In this edition of CommBank Legal Market Pulse, ... market...

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)

CommBank Legal Market Pulse. September 2016 (Wave 2 FY16)

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)Contents

Welcome 1

Short-term challenges amid long-term structural change 2

The state of the market 4

Economic outlook edges higher 5

Business conditions have tightened 6

Revenues are forecast to rise 7

Profit growth set to remain muted 8

Australia leads the way 9

Challenges 10

The challenges of a changing market 11

Achieving the right staffing mix 13

Innovation 15

Investing for efficiency 16

The outsourcing opportunity 18

Solving the pricing challenge 20

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)Welcome:

Taking the pulse of the legal market.In this edition of CommBank Legal Market Pulse, we bring you an

in-depth analysis of key trends shaping legal services in Australia,

so you can make more informed strategic decisions for the future.

$

1


Welcome to our new-look CommBank Legal Market Pulse. Our extended report format combines in-depth quantitative data with commentary from CommBank’s Professional Services specialists, designed to bring you the insights behind the numbers.

Once a year, we’ll take the pulse of the legal market across Australia and focus on selected trends shaping the industry, beginning in this edition with three key questions of interest to legal practitioners today: the rise of outsourcing, the increasing need for investment in efficiency, and the challenges of price negotiation in an intensively competitive market.

Short-term challenges amid long-term structural changeThere can be little doubt the market continues to be highly challenging for firms of every size. Business conditions remain difficult in an economy still undergoing the transition from a resources-led expansion to more diversified growth.

While the March 2016 quarter saw a welcome return to above-trend GDP growth in Australia, muted business confidence and sluggish capital expenditure continue to limit many of the initiatives that have traditionally generated demand for legal services, from new product development to mergers and acquisitions. Meanwhile, international firms face constrained growth in Europe and North America, together with ongoing political and economic uncertainty.

Alongside these shorter-term cyclical issues, law firms are increasingly confronted by larger structural changes. Demand for external legal services continues to fall, as cost-conscious corporate clients bring more matters in-house or turn to technological and outsourcing solutions to manage, traditionally handled by their external legal advisers. This has resulted in something of a buyer’s market, with legal clients frequently demanding — and receiving — price reductions and/or enhanced service.

Disentangling short-term issues from structural change isn’t always easy. Yet they call for very different responses.

Firms are generally well practiced in responding to short-term cyclical changes, typically rebalancing staff numbers to focus on more downturn-proof practice areas, while preserving core capabilities in other specialisations and building client relationships

as they wait for conditions to improve.

Structural change is less easy to deal with. Depending on its severity, it may call for a complete re-engineering of the firm’s business model to suit a very different operating environment — difficult to achieve while still continuing with business as usual. Nonetheless, this is precisely the path many firms are treading today.

In this Pulse, we examine some of the creative responses industry leaders are taking to an evolving legal landscape. We hope you find it thought-provoking, and look forward to the opportunity to discuss our insights with you further.

Marc Totaro Head of Professional Services Commonwealth Bank

About CommBank Legal Market Pulse

CommBank Legal Market Pulse is an exclusive, wide-ranging analysis of the Australian legal sector. The report is based on a quantitative survey of CEOs, Managing Partners and other senior leaders, drawn from a cross section of the top 50 law firms around Australia. Thirty-eight law firms participated in the survey for this edition, carried out between May and June 2016 by beaton.

Welcome

2


2


FY16 budget versus forecast

Drivers of outsourcing

Proportion of fee earning work outsourced

Impact of outsourcing on profit margins

Business confidence

Percentage difference (forecast results vs budget)

Expenses

In 2 years

Negative

W2 2016

Top-tier firms

Top-tier firms

Top-tier firms

Top-tier firms

Now

1.8%

45% 0%

9%

40%

-18%

-3.7%

20% 58%

1%

23%

16%39%

-3.7%

55%

14%

20%

-24%

-2.7%

24%

7%

9%

5%47%Mid-tier firms

Mid-tier firms

Mid-tier firms

Mid-tier firms

Next 12 months

Next 24 months

Revenue

Client demand

Firm choice

Both

Today

Positive

W1 2016

Net percentage (positive – negative)

Net percentage (increasing – decreasing)

71%Sydney

38%Canberra

Melbourne

Areas with highest revenue growth expectations

$

48%

Net percentage (positive – negative)

Top 3 business challenges

Negotiating price with clients

76%

Keeping staff fully utilised

50%

55%Winning new business

3

3



The state of the market: Reality bites.While many top law firms remain optimistic that both

the economy and broader business conditions will

improve, there are growing signs the legal services

market is undergoing deep structural change.

4

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)The state

of the market

Economic outlook edges higherConfidence in the outlook for the Australian economy has edged higher since the beginning of the year. Asked for their views on economic performance for the next 12 months, only 13% of law firm leaders had a negative outlook — down from 18% six months ago — reflecting a slight rise in confidence as economy-wide growth improves.

However, mid-tier firms are markedly more confident than their top-tier counterparts. Around one in five mid-tier firms predict the economy will perform well in the year ahead. In contrast, a previously confident top-tier has become significantly more pessimistic, with only 9% of firms expressing a positive view, down from 33% six months ago. Eight in 10 top-tier practices now have a neutral view on the economy, suggesting few expect changes in the economic cycle to drive better conditions for the sector.

Top-tier firms are more cautious How do you believe the broader economy in Australia will perform over the next 12 months?

Top-tier firms Wave 2 FY16

Top-tier firms Wave 1 FY16 56%

82%

33%

9%

-11%

-9%

Mid-tier firms Wave 2 FY16

Mid-tier firms Wave 1 FY16

65% 14% -21%

66% 19% -15%

Neutral Positive Negative

5



Business conditions have tightened

The state of the market

“While there’s no question the market remains challenging, it is heartening to see leaders across the legal sector responding with value-creating initiatives that will strengthen both their own firms and the sector as a whole.”

Marc Totaro, Head of Professional Services, Commonwealth Bank

Despite strong expectations for the future, perceptions of current conditions across the legal sector have declined. Just 11% of firms say current conditions are positive, down from 16% six months ago. As a result, the proportion of firms who rate conditions as negative (34%) far outnumber those who see them as positive (11%), giving a net confidence reading of –24%, down from –18% in our last survey.

Nonetheless, in a pattern that has become familiar from previous surveys, many firms remain confident better times are just around the corner. Asked to predict business conditions for 12 months ahead, optimists outnumber pessimists by 5 percentage points. Firms are even more buoyant in their forecasts for the next two years, with optimists exceeding pessimists by 47 percentage points (61% positive less 14% negative).

Looking back at our survey results from the last few years, it becomes apparent that, although firms have consistently anticipated an improvement in business conditions, the forecast recovery never seems to eventuate to the extent expected. As a result, confidence in an impending turnaround has trended

downwards, as optimists gradually defect to the neutral or negative camps.

Conversations with Managing Partners and CFOs certainly suggest optimism has been tempered by experience, and many have concluded we are witnessing the effects of long-term structural change, rather than a short-term downturn. Top-tier firms, in particular, have become noticeably less confident the market will recover, with a net reading of –18% for 12 months ahead and a neutral position for 24 months ahead (with 36% optimistic, 36% pessimistic and the remainder neutral).

In many ways, this is a welcome development. While we would prefer broader conditions to improve for legal firms, the realisation the legal market is changing may be the catalyst towards taking control by re-engineering the way business is conducted — a transition many firms have already begun.

Optimism tempered by experienceHow do you rate overall business conditions for Australian corporate and commercial law firms?

December 2013

June 2014

December 2014

June 2015

December 2015

June 2016

-60

-40

-20

0

20

40

60

80

Net

% (

posi

tive

– n

egat

ive)

67

13

-48

-28 -23 -17-26 -24

-37

-18

9 1023

10 10 13 165

50 45

63

29

5540 39

47

-24

Today In 12 months In 24 months


66

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)The state

of the market

Revenues are forecast to riseIn keeping with their continuing optimism about the future, firms of all sizes predict revenue growth in 14 out of 15 practice areas. The proportion of firms forecasting growth has risen in eight of these areas, with optimists in the majority in four: Litigation and Dispute Resolution; Construction, Engineering, and Major Infrastructure; Insolvency and Restructuring; and Employment, Workplace and OH&S.

The largest increase since our last survey was in Insolvency and Restructuring, with a 31 percentage point jump in the practice area’s net reading in just six months, from 16% to 47%. In contrast, expectations for IT, Telecoms and Media fell by 29 percentage points from net 50% to 21%. And firms continue to be largely negative about the prospects for their Energy and Resources practices, with 27% predicting declines and only 17% predicting increases, giving a net reading of –10%.

Optimistic on litigationWhat is your firm’s forecast for total revenue, in each of the following practice areas, for the next 6 months?

Wave 1 FY16 Wave 2 FY16

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Litigation and dispute

resolution

Construction, engineering and major

infrastructure

Insolvency and restructuring

Employment, workplace and

OH&S

M&A and corporate advisory

(including capital markets)

Competition, consumer law

and trade practices

Government Taxation

32%

58%

Net

%

44%

56%

16%

47%

30%

46%53%

43%

22%

34% 33% 33%

17%

32%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Banking and finance

Property, environment and

planning

Other general commercial work

Intellectual property

IT, telecoms and media

Insurance

Energy and resources

Net

%

33% 31%

24% 26%20%

24%

36%

21%

50%

21%15% 13%

-10%-4%


77


Profit growth set to remain muted

Firms also expect profits to grow, albeit slowly. As they approached the end of the 2016 financial year, top-tier firms anticipated an average 2.4% lift in profits from the previous year, while mid-tier firms forecast an even more modest rise of just 1.6%. Interestingly, top-tier firms expected a higher rise in profit per equity partner (PPEP) than in overall profit, suggesting efficiency initiatives are bearing fruit in helping firms maintain margins.


Profits growing, but slowlyWhat is the difference between your firm’s forecast FY16 overall profit and PPEP compared to FY15?

Looking ahead to FY17, top-tier firms are again more likely to anticipate higher profit growth than their mid-tier counterparts, with around one in three expecting a boost to profits of more than 5%, compared with 19% of mid-tier firms. But PPEP forecasts are almost identical across tiers, with around six out of 10 mid-tier firms expecting PPEP to lift.

Top-tier Mid-tier

Top-tier firms forecast to lead on profit growthHow do you expect your firm’s overall profit and PPEP to change in FY17?

Increase by more than 5% Increase by 0%-5% About the same Decrease by 0%-5%

FY16 PPEP Forecast vs FY15’

FY16 Overall Forecast Profit vs FY15

3.4%

2.4% 1.6%

1.1%

PPEP FY17

Mid-tier 39% 38% 19%

Overall Profit in FY17

Top-tier 46% 18% 36%

Mid-tier 29% 48% 19%

Top-tier 40% 40% 20%

4%

4%


8


Australia leads the wayAs an uncertain global economy begins to bite, internationally diversified firms are looking to Australia for revenue growth in the year ahead. With constrained economic conditions and the prospect of Brexit creating continued uncertainty^, the net proportion of firms anticipating growth in the UK and Europe over the next six months has slumped from 75% to 36%, while forecasts for Asia have suffered a similar fall (71% to 36%).

In Australia, firms are most likely to see Sydney and Melbourne as the focus for revenue growth although prospects for the more resource-reliant markets in Brisbane and Perth have both lifted, as the effects of the post-mining boom investment slump begin to dissipate. However, firms are generally more cautious in Canberra, at a time when government activity was dampened by a long election campaign.


“In a difficult market, firms are to be applauded for not only maintaining, but even increasing profitability while building stronger foundations for future growth.”


Sydney and Melbourne are the focus for growth

Is your firm’s forecast for total revenue over the next 6 months, in

each of the following locations, positive, neutral or negative?

PerthWave 1: 0% Wave 2: 11%

MelbourneWave 1: 45% Wave 2: 48%

UK / EuropeWave 1: 75% Wave 2: 36%

AsiaWave 1: 71% Wave 2: 36%

SydneyWave 1: 58% Wave 2: 71%

AdelaideWave 1: 25% Wave 2: 27%

CanberraWave 1: 57% Wave 2: 38%

BrisbaneWave 1: 30% Wave 2: 37%

^ The research for this Pulse was undertaken prior to the Brexit vote being held.


99


Challenges: Pricing pressure.A rapidly evolving market has seen competition intensify

as cost-conscious clients find new ways to trim spending.

$ $

10


As the market for legal services continues to change and evolve, firms of all sizes face multiple challenges. Our survey found five are particularly acute.

By far the most difficult is negotiating prices with clients, cited as challenging by 73% of top-tier firms and 78% of mid-tier firms — an increase of 6 percentage points from the previous survey in both groups. And the difficulties of price negotiation appear to be intensifying, with none of the firms in our latest survey identifying the process as easy, and fewer than one in four saying it was manageable.

Winning new business remains problematic as clients continue to bring more work in-house and take advantage of automation and other innovations in an intensely competitive market. Sixty-three per cent of mid-tier firms say winning new business is challenging, along with 55% of top-tier firms. Meanwhile, competition between firms has remained intense, as clients become less loyal and more willing to engage multiple providers. More than half of all firms surveyed said the level of competition in the marketplace is challenging.

More positively, concerns over staff utilisation have lessened somewhat over the last six months, with firms balancing staffing levels and demand more effectively, although it is still a significant challenge for many, especially in the mid-tier. Sixty-three per cent of mid-tier firms say utilisation is a challenge, down from 86% in our last survey, compared to just 27% among their top-tier counterparts, down from 44%.

In contrast, top-tier firms have found it increasingly difficult to collect from their clients, with 45% now saying collecting invoices is becoming more problematic.

Challenges

The challenges of a changing market Top 5 challenges for top-tierHow would you rate each of these elements of business conditions at the moment?

Manageable EasyChallenging

Negative Outlook Positive Outlook

Wave 2 FY16

Wave 2 FY16

Wave 2 FY16

Wave 2 FY16

Wave 2 FY16

Wave 1 FY16

Wave 1 FY16

Wave 1 FY16

Wave 1 FY16

Wave 1 FY16

-27%

-44%

73%

56%

-45%

-22%

55%

67% 11%

27%-73%

-67% 11% 22%

-55%

-56%

36%

33%

9%

11%

-55%

-56%

36%

33%

9%

11%

Negotiating prices with clients

Winning new business

Competing with other firms


Collecting invoices


11

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)Challenges

Top 5 challenges for mid-tierHow would you rate each of these elements of business conditions at the moment?



Wave 2 FY16

Wave 2 FY16

Wave 2 FY16

Wave 1 FY16

Wave 1 FY16

Wave 1 FY16

-44%

-41%

49%

56%

22%-78%

-72% 28%

-63%

-62%

33%

31%

4%

7%

7%

3%

Negotiating prices with clients

Winning new business

Collecting invoices

Wave 2 FY16

Wave 1 FY16

-63% 33% 4%

3%-87%

Wave 2 FY16

Wave 1 FY16

-52%

-55%

44%

42%

4%

3%


Competing with other firms

10%

“Firms responding creatively to clients’ desire for greater value are finding it easier to maintain strong relationships

and win new business despite financial constraints.”



12


Achieving the right staffing mix

In a highly competitive market, finding and retaining the right staff is critical. Yet while utilisation remains a key issue, staffing concerns appear to have eased, particularly in the top-tier.

Many larger firms are experimenting successfully with new structures designed to move salaries from fixed to variable costs, including internal freelancing teams that can provide extra resources when required, while keeping overall costs low. At the same time, there is a trend in many firms for partners to do more while relying on employed solicitors less, helping to reinforce clients’ perception of value.

These trends have seen staffing concerns among the top-tier and mid-tier converge, with both groups expressing almost equal levels of concern about finding and keeping quality staff. While mid-tier firms report it has become somewhat easier to find the staff they need (with a net reading of –22%, up from –34% six months ago), they are finding retention more difficult (–11%, down from 0%). Conversely, top-tier firms say finding staff has become more challenging (–18%, down from –11%), but keeping them is significantly easier (–9%, up from –22%).

Staffing Challenges for the top-tierHow would you rate each of these elements of business conditions at the moment?

Staffing Challenges for the mid-tierHow would you rate each of these elements of business conditions at the moment?

Challenges


Wave 2 FY16

Wave 1 FY16

63%-30%

-41% 52%

Finding Quality Staff

7%

7%

Wave 2 FY16

Wave 1 FY16

67%-22%

-14% 72%

Keeping Quality Staff

11%

14%



Finding Quality Staff

Wave 2 FY16

Wave 1 FY16

46%-36%

-22% 67%

18%

11%

Wave 2 FY16

Wave 1 FY16

55%-27%

-33% 56%

Keeping Quality Staff

18%

11%


13


Our survey shows firms of all sizes plan to reduce levels of paralegals and shared service staff, as streamlined processes, outsourcing and new technologies help to increase efficiency. Yet perhaps the most remarkable change over the last six months is the shift in hiring intentions among the top-tier.

Top-tier firms appear to have switched from reducing both salaried partner numbers and administrative support staff, to a bias towards expansion in both areas. This may reflect a desire to increase the leverage of the equity partners by giving them the support they need to provide a high quality service in a challenging environment. We will watch with interest to see if this trend is confirmed in future surveys.

Top-tier hiring againWhat is your firm’s forecast for staffing, for each of the following levels, for the next 6 months?

Challenges

Equity partner numbers

“We’re reducing non lawyer numbers as we automate a lot more of our day-to-day processes”

Chief Operating Officer / General Manager, Mid-tier firm

20%

-22%

44%

14%

Wave 2 FY16

Wave 1 FY16

Fixed share / salary partner numbers

33%

-13%

37%

28%

Wave 2 FY16

Wave 1 FY16

Senior Associates / senior lawyers

27%

11%

48%

28%

Wave 2 FY16

Wave 1 FY16

Junior lawyer numbers

45%

33%

33%

31%

Wave 2 FY16

Wave 1 FY16

Paralegals numbers

-4% -36%

7%11%

Shared service staff numbers

-22%

-14%

-64%

-22%

-44%

Wave 2 FY16

Wave 1 FY16

Secretarial and admin staff numbers

-17%

36%Wave 2 FY16

Wave 1 FY16

Wave 2 FY16

Wave 1 FY16


Top-tier firms Mid-tier firms

“We anticipate a slight increase in junior lawyer and paralegal numbers as we adapt our service delivery models to give clients more flexibility as to how we shape teams to meet our client needs”

CEO / Managing Partner, Top-tier firm

14


Innovation: Focusing on efficiency and value.Innovative firms are taking advantage of technology, outsourcing and

process automation to reduce costs, increase efficiency and offer

their clients more flexibility and value.

15


-11%

-16%

Wave 1 FY16

Wave 2 FY16

Occupancy

Tele- communications

-13%Wave 1 FY16

5%Wave 2 FY16

Investing for efficiency

There is no doubt innovations like outsourcing and lawtech have increased the competitive pressure on legal practitioners. Yet for many firms, these developments have created opportunities, as well as challenges.

Our survey shows firms are continuing to invest in efficiency. The largest investment is in information technology, with more than half of all firms (55%) planning to lift their technology spending during the next six months, and only 11% intending to reduce it. But firms are also seeking to optimise their investment in skilled staff, with 47% of firms increasing spending on staff training and development and just 5% planning to trim training costs – a positive sign.

Innovation

Investing in technology and staff developmentWhat is your firm’s forecast for each of the following expenses, excluding salary costs, for the next 6 months?

IT hardware and software

45%Wave 2 FY16

42%Wave 1 FY16

26%

-13%

Wave 1 FY16

Wave 1 FY16

Staff training and

development

Library and knowledge

management

42%Wave 2 FY16

0%Wave 2 FY16

Marketing and business development

50%Wave 1 FY16

37%Wave 2 FY16

-13%Wave 1 FY16

Professional indemnity insurance

-3%Wave 2 FY16


16


Our findings show a clear connection between investments like these and overall business performance. One hundred per cent of the firms in our survey reporting positive business conditions also planned to increase their investment in IT hardware and software. There is also a strong link between rising profits and investments in both technology and staff development.

More than three quarters of firms anticipating higher profits in FY17 are also planning to invest in technology, while 83% intended to lift spending on training and development. While it is unsurprising businesses with rising profits are willing to invest more, there does appear to be a clear correlation between innovation and profitability, with investments in efficiency driving sustainable success.

Firms investing into key business areas expect higher profit marginsHow much are you planning to spend in each key business area / What are your profit expectations for FY17?

IT hardware and software

Staff training and development

17

Innovation

About the same

Decrease spend

Increase spend

54%

38%

8%

Same Profit

Increase Profit

76%

24%

55%

39%

6%

Same Profit

Increase Profit

83%

17%


1717


The outsourcing opportunity

As downward pricing pressure continues, more legal firms are taking advantage of outsourcing to reduce costs and offer greater value to clients or maintain margins. While the proportion of work being outsourced is still relatively small, it is set to grow substantially over the next two years — from 9% to 14%

among the top-tier, and from just 1% to 7% in the mid-tier.

Currently, top-tier firms are leading the way, leveraging their scale to collaborate with large outsourcing providers in Australia and overseas, with the potential to reduce rates while maintaining or increasing margins.

For the mid-tier, outsourcing remains a significantly unexploited opportunity to not only cut costs, but also liberate expensive staff from lower-cost activities to focus on the areas they can add the greatest value for clients.

Innovation

A greater proportion of fee-earning work will be outsourced in the futureOf the fee-earning work done by your firm, what proportion is outsourced to Legal Process Outsourcing and Legal Services Outsourcing firms?

7%Mid-tier

3%Mid-tier

1%Mid-tier

In 2 years’ time

In 12 months’ time

At the moment

For firms making effective use of outsourcing, the benefits can be significant. Forty per cent of top-tier practices expect outsourcing to increase profitability, with only 20% anticipating a negative impact.

9%Top-tier

10%Top-tier

14%Top-tier

1818

CommBank Legal Market Pulse September 2016 (Wave 2 FY16)Innovation

Firms that outsource are less worried about the state of the marketHow would you rate current business conditions?

What impact on your profit margin do you expect the trend to have over the next 24 months?

“Outsourcing offers the opportunity for firms to focus their investment in hiring and retaining quality staff in the areas where they can achieve the greatest impact. The key is to closely examine each step in your processes to identify the areas where you have the greatest competitive advantage.”


Many firms who outsource believe it will have a positive impact on their profit marginsOur research and discussions with our clients also suggests innovations like outsourcing can help firms take more control of their own future, rather than relying on market conditions to improve. Firms who spend on outsourcing are more likely to be neutral about business conditions, rather than positive or negative.

Negative

Positive

Neutral

9%

20%

68%

40%

23%

30% 10%

Mid tier

Top tier

Negative Neutral

No spend on outsourcing Spend out outsourcing

Positive Very Positive

80%

75%

40%

20%

25%

60%


19


Solving the pricing challenge

Several trends have converged to make pricing and price negotiations highly challenging for legal firms. Cost-conscious clients have used a range of techniques to reign in legal spending, including in-house counsel, low-cost outsourcing, and selective placement of matters across a panel of providers (who are forced to compete on both price and service). Few firms have developed a dedicated pricing team, with most leaving it to individual partners to negotiate with their key clients.

However, there are indications the industry is responding to the challenge. Firms are increasingly exploring alternatives to the traditional hourly billing model, including value-based billing alternatives that focus on the benefits to the client, rather than the costs. And a growing number of firms are seeking to enhance the depth and professionalism of their price negotiation capabilities.

Our survey suggests these initiatives are achieving results. There is a clear link between firms’ pricing capabilities and their overall levels of optimism about business conditions. Firms who are optimistic about overall business conditions are significantly more likely to say price negotiations are manageable than their more pessimistic peers.

Firms who excel at pricing are more optimistic about the futureHow challenging do you find price negotiation / How do you rate overall business conditions?

Innovation

Pricing is challenging Pricing is managable

“Firms who master the art of successful price negotiation not only achieve higher margins, they can also increase client satisfaction and build stronger relationships by highlighting the value they offer, rather than the costs they charge.”


Pessimists

Optimists

77%

50%

23%

50%


20


Things you should know: This report is published solely for information purposes. As this report has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information in this report, consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice. The information in this report is based on a survey of 38 decision-makers from small, medium and large law firms across Australia. This survey was carried out by beaton from May to June 2016, on behalf of the Commonwealth Bank. Any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of this report’s compilation, but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this report. Commonwealth Bank of Australia ABN 48 123 123 124.

Talk to us: For further insights or information, please call your CommBank Relationship Executive. Alternatively you can call:Marc Totaro Head of Professional Services

Mobile: +61 477 739 315 Email: [email protected]

For media enquiries, please call:Bethany Poore Public Relations Advisor

Tel: +61 2 9118 6919 Email: [email protected]

21

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