White Paper: State of Legal Innovation in the Australian Market
Australia’s $23 billion legal services market is a mature buyer’s market that is driving zero sum game competition amongst incumbents.
In this hyper-competitive market, law firm executives have exhausted the traditional strategic arsenals of expertise, talent, service, brand, scale and price, and are leveraging innovation as a means of combating increased pressure from NewLaw, LegalTech and Big Four firms.
This paper explores the eight major categories of stakeholders in our legal ecosystem whose innovation activities are creating the future of legal services in Australia. We quantify an otherwise qualitative market and provide a strategic overview of the Australian legal landscape for executives looking to make sense of the forces shaping our industry.