The poll was held by Lawyers Weekly, and found, from its 478 online respondents, that 58 per cent see 'revenue and headcount dropping due to economic pressures' as the biggest challenge in the current financial year. Another 20 per cent cited pressures to change billing structures and culture. 'Market uncertainty in the run up to the federal election' was mentioned by the 12 per cent who are anxious about the general election on 7 September. The remaining 10 per cent cited 'keeping key staff in a competitive environment'. 

Companies smarter on legal

Australia was seen as one of the best-performing countries in the world in the wake of the global slowdown. But it has now been affected as neighbour China reduces its need for commodities. Chris Lovell, managing partner of Holding Redlich, told Lawyers Weekly that an increase in numbers of in-house counsel was one reason why law firms might struggle. He said that not only was the economy difficult but that companies had become smarter about how they use legal services.