The Brief:
Workplace, corporate general and disputes are driving growth for Australian firms in FY26.
M&A is the only major practice still shrinking despite hopes of a rebound.
Australian law firms posted 10.2% growth in fees worked in FY26, according to a new Thomson Reuters report.
But it’s not one big rising tide. Some practice areas are booming. Others are stalling.
Here’s a breakdown of demand growth by practice area, showing which parts of the market are driving the work.
Corporate general was the standout transactional performer, jumping to +8.0% demand growth, up from just +2.9% the year before. Bread-and-butter corporate work is back in demand.
Workplace relations kept up a strong run too, topping the table at +8.5% growth after an already solid year in FY25. Dispute resolution nearly doubled to +6.8%, while insolvency & restructuring climbed to +6.6% after nearly flat growth in FY25.
Practice Demand Growth
Practice Area | FY26 Growth (Y/Y) | FY25 Growth (Y/Y) |
|---|---|---|
Workplace Relations | +8.5% | +7.4% |
Corporate General | +8.0% | +2.9% |
Dispute Resolution | +6.8% | +3.4% |
Insolvency & Restructuring | +6.6% | +1.3% |
Construction | +5.8% | +3.9% |
Banking & Finance | +4.0% | +9.4% |
Real Estate | +2.0% | -0.2% |
M&A | -5.7% | -2.8% |
Banking & finance told the opposite story. It cooled to 4.0% growth after being last year’s hottest practice.
Then there’s M&A. Demand contracted -5.7%, almost double last year’s decline, making it the only practice still going backwards. Financing work usually leads an M&A recovery, but so far, that pickup hasn’t shown up.