The 2014 NSW Property Law Pricing Report details market factors, trends and other matters relevant to the pricing of legal services as well as recorded and suggested pricing levels. It is compiled on the back of feedback from both solicitors practising within these areas and client referees.
While at first glance at the table below there would appear to be a significant level of variation in price amongst the market’s larger property law practices the reality is far different.
The dominant trend in the NSW property legal market in the past 12-18 months has been the willingness and ability of many of the market’s leading property teams to match the pricing levels of many of their traditionally cheaper counterparts. The ability to do is largely facilitated by the longstanding use of fixed pricing and/or risk sharing in the area. This price competitiveness does not exist universally and while historically used by leading firms to strategically bid on work they saw and important to the client relationship and/or their practice, is now commonplace for most key clients.
The result of this lack of price differentiation (outside of volume leasing work) has been clients less likely to stratify work according to price and instead seek to utilise their preferred provider more frequently or seek to push the envelope in getting firms to take on more and more risk. Compared to previous research periods, with price being viewed as less of a factor, client feedback this time around almost universally saw fewer firms/lawyers mentioned and a greater level of categorisation in relation to ability/work type.
Sydney Family & Divorce Law Partner Pricing (Hourly Rates)
Hourly Rate Market Share $300 - $350 2% $350 - $400 3% $400 - $450 4% $450 - $500 18% $500 - $550 20% $550 - $600 26% $600 - $650 16% $650 - $700 6% $700 - $750 0% $750 - $800 2%