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(Last updated: 17 Aug 2009)
Overview
The legal services sector plays a critical role in Australian society and the Australian economy. There were 15,326 legal services businesses and organisations operating at the end of June 2008. Of these, barristers accounted for one quarter (25 per cent), while 73 per cent were other legal services businesses, including solicitor, patent attorney, notary, conveyancing and title searching businesses.
Australia’s total legal services export and cross-border income was worth A$675 million in 2007. The US and Canada remain Australia’s largest market, with China and Hong Kong second, followed by the UK and then Europe. Australia’s legal services activity in Asia (includes China, Hong Kong, South East Asia and India) has grown twice as fast as activity in the rest of the world over the period 2004-05 to 2006-07.
Australian law firms are internationally competitive in a wide range of corporate, banking, finance and business law services, as well as in new and emerging areas of law. They also have a world class reputation in other areas of law such as intellectual property, mergers and acquisitions, information technology and telecommunications, environmental and resources law, as well as international commercial arbitration.
Key opportunities
With a mature legal services market, growth prospects in Australia for the commercial legal profession are constrained. This has played a role in Australian forms seeking to use their specialist skills to work on major projects and deals outside Australia. Despite the global economic downturn, growth in demand for legal services is expected to continue throughout Asia. There is also increasing demand for insolvency, restructuring and litigation-related services.
Overseas opportunities are predominantly available for firms with sufficient capacity to open fully fledged offshore offices. The other major growth area is in servicing foreign clients who need to do business in Australia. This is a mode two export in terms of the WTO.
Other opportunities include areas such as legal education and training, commercial dispute resolution, and technical assistance and loan/financial projects by international development and financial institutions. The Asian Development Bank and World Bank both offer these assistance programs and Australian law practices have won work in Vietnam, China, Indonesia, Pakistan and the Central Asian republics.
Markets with the greatest opportunities for Australian legal services include:
- Hong Kong
- China
- Singapore
- Thailand
- Indonesia
India is also becoming a key market for Australian legal practitioners. The USA and UK are also major markets for legal services in terms of investment in Australia.
Sources:
How can we help you?
With a worldwide network of highly experienced and qualified staff, Austrade provides a number of dedicated and tailored services to Australian exporters.
Austrade also works closely with the International Legal Services Advisory Council (ILSAC) and has helped organise offshore legal missions with ILSAC. Countries visited to date include China, India, Thailand and Malaysia.
For further information please contact Austrade on 13 28 78 or email info@austrade.gov.au.
Useful links and contacts
State/Territory Societies
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