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a special supplement to ACC Docket
An Overview of the State of the
Legal Profession in Australia and
Across the Asia Pacific Region
in 2016

By Sandra Gibson, managing director, Australia, LOD | Lawyers On Demand

Asia Pacific is vast with exceptionally diverse legal, regulatory, and economic environments. As such, making predictions about the future of the legal profession for the entire region is challenging. However, we believe there are a number of key trends that have emerged over the past few years, particularly in Australia and Asia, which will influence and shape the region’s legal markets in 2016. These are globalisation, deregulation, and the burgeoning of alternative services providers and innovative solutions.

Significant economic and regulatory factors underpin these trends and they are reshaping the way legal services are both delivered and offered to clients. Here are our thoughts about each trend and how they may impact in-house legal teams going forward:

Mergers and the emergence
of the global firm

Throughout Asia, foreign law firm leaders remain optimistic about legal market growth1 based on the overall macro-economic conditions in China and Southeast Asia. Despite a recent slowdown in Chinese GDP, there was an increase in cross border deals, with M&A activity in the Asia Pacific region (excluding Japan) reaching a peak in

2015.2 In addition, the establishment of the ASEAN Economic Community in

2015 has contributed to rising economic integration among Asian countries, 3 which has a standardising effect on cross-border trade and regulatory practices and mechanisms.

However, regulatory issues and competitive challenges from entrenched domestic law firms are moderating that optimism. This has led to a climate where some foreign law