Commercial Lawyers4570073

In Australia commercial lawyers can’t be complacent about industry and economic changes that are shaping the legal industry. In this article, we explain the incremental changes along with the best tactics for professional adaptation. There is a lot of competition, although commercial law is far from the dog eat dog world that it’s purported to be. Recent Australian graduates in the industry have a great chance for a steady and supportive working environment in a diverse range of fields. To help you along the way, here is the state of play for commercial law in Australia.

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The Importance of a Competent Communications Team

The media has the ability to challenge and diminish the image of a commercial law firm or legal business operator. Therefore the importance of a highly skilled communications team cannot be underestimated.

According to IBIS world, the premier source of statistics on the legal industry, six of the biggest commercial law firms in the world account for approximately 13.1% of all industry revenue. Although along with this, on a global scale and in Australia, smaller firms are now experiencing burgeoning growth. They are also considered to be full service law firms.

In a rapidly changing world of media involvement, it’s important for a commercial law firm to have the backing of a sophisticated media strategy. A modern law firm should use an in-house PR team or communications team as their weapon of choice for media management.

In recent years in Australia, it has become popular to internalise the public relations function within an organisation. The central management of communications ensures that the complexities of the business are managed by a capable team. This kind of support is also a welcome intervention during times of legal issues and crisis management.

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Common Issues in Commercial Law

There are common allegations that tend to hit the headlines in the legal industry. These are include document shredding, email misuse, the exorbitant costs of litigation coming to light among other negative findings. However for all of the negative headlines that do come to light, there are many that never reach the media. This is due to effective and well-implemented media strategy,commercial advice and crisis management tactics.

When negative news arises and is released, an effective media team will be able to minimise the damage and lessen the impact with wise counsel to commercial lawyers.

Currently in Australia, the importance of an in-house media team has not been fully realised to the same extend as in America. However this value-added service is a growing sector that should rise according to concomitant growth in the legal industry on our shores.

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Economic Forces At Work

The commercial law sector in Australia has been fuelled in the past decade by transactional work, mergers and acquisitions along with a thriving banking and financial services sector. This means that commercial lawyers all over the country are now considering the importance of business development and media management as an imperative in-house skill set.

By replacing a large-scale and costly advertising campaign with more cost-effective digital marketing and PR strategies, this is one way of providing an innovative service in a rapidly changing economic climate.

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Legal Career Paths for New Graduates

The halcyon days of joining a commercial law firm and getting a long-term position are slowly fading away for the career commercial lawyer. There are now a diverse range of a options for newcommercial solicitors looking to expand their professional experience. To ensure that a new graduate has the most informed and current advice on this matter, below are some of the common career pathways for Aussie lawyer graduates.

Government

There are regular state and federal intakes to choose from for the commercial lawyer. Government departments offer a stable and well paid position that means operating in the similar way to an in-house practitioner. As an added bonus, working for the government entails perks like longer annual leave, part time or flexible working options, paid study leave and increased job security. Although recently job security has become less of a certainty.

In House

An in-house role in a large firm is the most traditional pathway for new commercial lawyers. This enables you to work up close with clients and be privy to the whole gamut of legal processes and transactions. This is a more incremental role that will mean you are a part of a broader team and can contribute to the success of a large organisation. It’s also a common stepping stone towards a senior management role. Commercial law experience is always welcomed for in-house positions however there are also frequently roles in litigation and in small to medium sized full function firms.

The bar

This can be a challenging option for new commercial solicitors. So it’s advised to get a couple of years experience under your belt in a private practice before choosing this option. Life at the bar means running your own business and can be an exciting alternative to a private practice. However it is important to have the networking and industry contacts in place first, in order to build your practice.

Other Industries

New legal graduates are rarely limited to the legal industry. A fledgling career is possible in just about every other sector. Some may require additional and relevant post-graduate study. Here are some other common options.• Academia and teaching • Media liaison • Politics • In-house PR • Company secretary or In-house legal work • Legal recruitment consultant (either independent or in-house) • Professional service marketing or management • Ministerial advisor • Specialist publishing • Community legal centres[Commercial Lawyers commercial lawyers Commercial Lawyers ALD Commercial Lawyer image 3]

The current job market

The current legal job market in Australia is influenced by many complex factors. Following the recent election and with interest rates falling, economic factors have resulted in increased employer confidence. This makes for a steady and slow rise in the number of jobs for commercial lawyersand seasoned legal professionals.

Victoria and NSW have seen an upswing in employer confidence, with many law firms growing and expanding as well as government positions. Although employers in the legal industry still remain conservative with new hires, the general consensus is positive. Lawyers with strong skills in communication, high quality skills and legal training stand in good stead for the Australian market.

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