Satisfaction among Australian legal professionals is at a 5 year low.

Exclusive research has shown satisfaction among Australian legal professionals has dropped to its lowest point in five years.

According to the 2019 Legal Firm of Choice Survey – an annual report conducted by Momentum Intelligence, in partnership with Lawyers Weekly – satisfaction with one’s employer has reached its lowest point since 2015 over the past year.

Utilising the attitudes, perceptions and priorities of legal professionals, the report revealed on a scale of one to five, the mean score for satisfaction currently sits at 3.81, marking a sharp decline from 2017 (4.45) and 2018 (4.16).

This year’s satisfaction rating is also significantly down from earlier years: 4.37 in 2015 and 4.31 in 2016.

When broken down into demographics, the research showed that males (3.84) are just slightly more satisfied than females (3.81) and that when broken down into age brackets, those who are 65 or over are most satisfied (4.16), followed by those aged 18-25 (3.96), those aged 35-54 (3.88), then 55-64 (3.82) and finally those aged 26-34 (3.67).

The ratings for satisfaction by years of experience mirrored that of satisfaction by age, with those with more than 20 years of experience rating themselves as most satisfied (4.04) and those with between one to three years of experience ranked lowest (3.41).

When broken down into time with current firm, it was again those with more than 20 years with a particular employer who were most satisfied (4.36) and those who have been with their firms for one to three years were least satisfied (3.6).

In conversation with Lawyers Weekly, Momentum Intelligence head of research services Michael Johnson explained that satisfaction is a measure of an employee’s memories, experiences and attitudes.

“The 22 different attributes that we measure alongside satisfaction have all experienced negative year-on-year changes, with leadership (the greatest driver of satisfaction) taking the biggest hit with a drop of 12.5 per cent,” he reported.

“This indicates to us that – on average – law firms across the country should be looking to review their employee journeys and work lives by conducting their own research to uncover whether this widespread drop in satisfaction (and resulting increase in intended attrition) could be affecting them.”

“However, this research outlines that there are six key areas that law firms should be focusing on to improve their employee satisfaction with the greatest effectiveness including ‘quality of leadership’, ‘recognition for individual performance’ and ‘support for mental and physical wellbeing’,” he concluded.

Also featured in the Legal Firm of Choice Survey was the Top 25 Attraction Firms ranking, which revealed there is a new number one choice for lawyers wanting to change employer.

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About the Legal Firm of Choice

The Legal Firm of Choice is an annual report produced by market research firm Momentum Intelligence designed to reveal the attitudes, perceptions and priorities of legal professionals.

It is the resource for helping business leaders attract and retain Australia’s best legal talent by uncovering the key trends in the talent attraction market including the key drivers of satisfaction, retention and attrition.

These insights are delivered on an online interactive data platform that enables users to drill down across the complete five-year history of the survey that includes over two million data points revealing the sentiments of legal professionals over time.

The Legal Firm of Choice is available for purchase via the Momentum Intelligence website.

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Via https://www.lawyersweekly.com.au/biglaw/26349-satisfaction-with-law-firms-at-five-year-low

2019’s Top 25 Attraction Firms named

Momentum Intelligence, in partnership with Lawyers Weekly, has uncovered the firms deemed most attractive to Australian legal professionals this year.

The results for the 2019 Top 25 Attraction Firms are in, with this year’s ranking revealing a change in perception to years’ past. A new number one has been crowned, ending Herbert Smith Freehills’ four-year streak, others have moved off the list altogether, while some of the big four accounting firms continue to make ground.

Now in its fifth year, the Top 25 Attraction Firms is part of the annual Legal Firm of Choice Survey, produced by Momentum Intelligence.

The ranking is formulated from one question within the Legal Firm of Choice Survey, which asks respondents which firm/s they’d consider a move to if they were to leave their current place of employment.

The list below indicates those who received the largest vote, identifying those thought of as being the most attractive employers across the business of law.

While these results are based on the opinion of external lawyers, they represent a unique opportunity for firms to see where they stand in the national legal market, what they can do to improve and how they can continue to excel.

Note, numbers that are the same represent the firms who have tied.

The 2019 Top 25 Attraction Firms are:

25. DLA Piper

22. Jones Day 

22. Gaden Lawyers

22. Colin Biggers & Paisley

21. White & Case

20. Allen & Overy

19. Sparke Helmore Lawyers

17. K&L Gates

17. Deloitte Legal

16. KPMG Legal

15. Mills Oakley

13. Lander & Rogers

13. Baker McKenzie

12. PwC Legal

11. Hall & Wilcox

10. HWL Ebsworth Lawyers

9. Norton Rose Fulbright

8. Gilbert + Tobin Lawyers

7. Corrs Chambers Westgarth

6. Allens

5. Clayton Utz

4. Ashurst

3. King & Wood Mallesons

2. Herbert Smith Freehills

1. MinterEllison

Top 25 Attraction firms ranking – methodology

The annual Lawyers Weekly Top 25 Attraction Firms ranking was based on the results from one question in the recent 2019 Momentum Intelligence Legal Firm of Choice Survey, which asked:

“Which firms would you most likely consider a move to if you ever decided to leave your current firm?”, with respondents able to select more than one firm.

This year’s survey was conducted between 3 June and 3 August 2019, recording the views of over 1,000 legal professionals across Australia.

About the Legal Firm of Choice

The Legal Firm of Choice is an annual report produced by market research firm, Momentum Intelligence designed to reveal the attitudes, perceptions and priorities of legal professionals.

It is the resource for helping business leaders attract and retain Australia’s best legal talent by uncovering the key trends in the talent attraction market including the key drivers of satisfaction, retention and attrition.

These insights are delivered on an online interactive data platform that enables users to drill down across the complete five-year history of the survey that includes over two million data points revealing the sentiments of legal professionals over time.

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Via https://www.lawyersweekly.com.au/biglaw/26330-2019-s-top-25-attraction-firms-named

Australia's Top 100 Real Estate agents revealed!

The REB Top 100 Agents ranking is the preeminent agent ranking in the country. It sets the bar for excellence and has done for so for many years.

The metrics used to generate the REB Top 100 Agents ranking include the number of properties sold, total dollar volume of properties sold and the average sale value. Each agent is ranked comparatively across these three metrics, with the combined comparative score used to determine the top-ranked agents in the country.

Highest total sales volume:

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Highest number of sales:

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Highest average sales price:

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To view the REB Top 100 Agents ranking 2019 report, click here.

Mortgage brokers rate Bankwest best of the banks.

Momentum Intelligence is proud to be announcing the lenders that performed best amongst their competitive sets in the 2019 Third-Party Lending report.

Brokers have rated a non-major bank as the top performing bank in the mortgage broker market, ahead of the big four banks, according to major new research.

Over 1,000 mortgage brokers took part in Momentum Intelligence’s Third-Party Lending survey 2019, which was conducted over February and March this year.

The survey asked brokers to rate the performance of residential mortgage lenders (both banks and non-banks) across seventeen attributes covering product, support and technology.

Interestingly, out of the 30 mortgage lenders included in the survey, brokers rated several non-major banks ahead of the four major banks.

Bankwest (Highest rated ADI and highest rated non-major bank)

According to Momentum Intelligence’s Third-Party Lending Report 2019, the comprehensive report and detailed competitive analysis of the survey results, Bankwest was ranked first amongst its direct competitive set, the non-major banks, for the third year in a row.

Under the new format of the report, non-major banks were also ranked against the major banks.

When looking at the combined authorised deposit-taking institutions (ADIs) list, Bankwest also came out as the best rated bank.

The bank therefore outperformed its parent company, Commonwealth Bank of Australia (CBA) as well as Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB) and Westpac.

Indeed, brokers rated six non-major banks ahead of the big four in terms of performance.

NAB (Highest rated major bank)

NAB has taken out the top spot amongst the largest lenders in Australia with brokers rating NAB as the best performing major bank in the third-party channel.

Mortgage brokers have reported continued improvement and satisfaction in NAB’s offering in the past four years. In 2015, NAB was ranked fourth out of the four major lenders, climbing to third in 2017, second in 2018 and now is first for 2019.

While mortgage broker satisfaction with the lender has improved substantially over a long period, other major banks have seen diminishing sentiment.

Firstmac (Highest rated non-bank)

Looking at the non-banks, Firstmac was ranked first of its competitive set in Momentum Intelligence’s Third-Party Lending Report 2019.

The lender outperformed 10 other non-bank lenders to take out the top spot.

The Adviser will be publishing further analysis and the full ranking of each of the competitive sets (non-major banks, major banks and non-banks) in upcoming features and supplements within The Adviser magazine.

Stay tuned for the first of these in The Adviser’s supplement to the June edition of the magazine, which will reveal how brokers rated each of the 15 non-major banks in this year’s survey.

The full comprehensive results of the Third-Party Lending Report 2019 are available for purchase through Momentum Intelligence. This interactive report is designed to be a detailed competitive analysis tool for lenders to view, compare and contrast their performance against the market.

You can find out more by following the button below.