HEAD NORTH BY NORTH WEST FOR WARMER OPTIONS!
With all the hype about the storm on Tuesday and with reviews in the air, at EA International we have taken some temperature readings of market forecasts for the rest of the year.
It is cold out there in the South East of Australia. Fortunately, it is not quite freezing with Melbourne and Sydney reporting pockets of warmth being kept down by an overlay of pessimistic frost as the stormy financial year draws to a close. Warm pockets are largely indicative of patches of heated litigation: class actions; competition; insurance; workplace; construction; and, of course, insolvencies. Natural resources are creating some heat flow which is fuelling areas of strength, but just how long that lasts and whether it can stop the freeze in retail and industrial areas is the burning question. Outside of these warm patches, cooler pockets with frosty peaks are coming through in transactional teams where the ability to predict ongoing transaction flow is affected by the temperature readings from the Northern Hemisphere. This influence from Europe is expected to continue interfering with market patterns for the immediate future.
Turning to the salary forecast, baseless speculation of hot flows are inexplicably rife among other agencies. This questionable speculation is unlikely to be the result, with all indicators predicting quite a different outcome. Although a freeze is not expected, salary levels in the South-East will likely stay low, equivalent to CPI or just above in most areas. At best, warm rises are predicted for the best team stars.
The heat in the Australian market is North and West with strong salary reviews forecast, along with a wealth of alternatives for those seeking a change across all practice areas. Predictably, more sun and a bountiful supply of natural resources fuel this difference in temperature between the North-West and South-Eastern regions.
Bright and breezy conditions abound in Perth with its close proximity to the Asian markets and mineral wealth. Beautiful one day, perfect the next, Brisbane is busy with flood and dam burst insurance work, new construction, litigation, as well as transactional strength in property, infrastructure and energy & resources. Warm options exist in growing boutiques and mid-market firms as well as the traditional top tier in both of these cities.
At EA International, our advice is to seriously consider making a dash for warmer weather if finances and unique opportunities are your priority. Otherwise, rug up and prepare to battle out the cold. If making such a move is on the cards for you, get in touch with one of our Senior Consultants on +61 2 9266 2900 as soon as possible for a confidential discussion about the legal market.