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Source Google News article The following is a summary of some of the key findings from our latest Corporate Litigation Research Report, which is based on Google’s latest data.
1.
Corporate litigators are paid $11.3m.
Source: Google News The research shows that the vast majority of corporate litigants make between $100,000 and $200,000 per year, with some making $300,000 or more.
Corporate lawyers make an average of $11,619 per annum, a figure that does not include bonuses.
2.
The median corporate lawyer salary in Australia is $98,000.
Source (Source: Google) According to the research, the median salary for corporate lawyers is $99,624, with a median annual salary of $98.4 million.
The most common occupations in corporate law are corporate lawyer, law firm counsel and legal services provider.
3.
The average number of hours per year spent on corporate litigation is about 7 hours per week.
Source This is the number of full-time legal and corporate litigating employees that Google’s research team found, and this number is not adjusted for inflation.
It is also the average number that Google says it has identified as being a reliable indicator of average compensation for legal and non-legal employees.
4.
Corporate litigation costs Australia $22.6 billion a year, and that includes both legal and legal assistance, which amounts to about $14.3 billion in the year that Google reports.
In Australia, it is estimated that a litigant may be entitled to an award of up to $14,000 for damages in an arbitration, and a further $15,000 if the arbitrator is a member of a non-profit arbitration organisation.
The report says that the average amount of compensation that lawyers are paid is about $4.5 million a year.
5.
Corporate Litigators earn a median salary of about $95,000, and there is a wide range in salaries between the median and the highest.
Source A median salary ranges from $89,000 to $125,000 in Australia.
6.
The largest corporate litigation costs are in Western Australia, with the average value for the year being about $140 million.
Source According to Google, the total costs of corporate litigation in Western Australian are about $15.7 billion.
7.
Corporations have a strong incentive to keep their lawyers on board.
Source The report found that the financial incentives to retain and pay corporate litigation lawyers are significant, with companies paying up to half of the total compensation of their lawyers.
It says that this incentive is likely to increase with time as the business and legal environment evolves.
8.
The majority of companies are willing to pay their lawyers for their expertise.
Source About 30 per cent of companies report that their legal team has a substantial impact on the outcome of a case, with half of companies reporting that their team has contributed more than 25 per cent to the outcome.
A third of companies said that they would pay a high proportion of their compensation to their lawyers if the outcome in a particular case was in their favour.
9.
The amount of money spent on legal and arbitration is not a constant cost of doing business.
Source In some cases, the cost of corporate legal and litigation is a small part of total costs.
This may be because the legal and arbitral team is highly paid and is highly motivated to do their job well.
However, many companies say that they do not have a need for legal or arbitration.
10.
Corporates are not always required to make payments.
Source Some companies say they pay out only when they are successful in their case.
Some other companies report they have not been paid in years when they have made payments.
11.
Some corporations have been unable to find legal services that match their needs.
Source Many firms have been looking for a new or replacement legal service, or the legal team of a former client has left the firm.
The research also shows that a significant number of corporations are looking to expand their legal services to a new jurisdiction.
12.
Corporate law and arbitration costs are increasing faster than the overall economy.
Source It is believed that there are a number of reasons for this, including rising competition in legal services, increased awareness of the need to attract and retain legal and other professionals, and the need for more legal and policy expertise.
13.
The costs of business litigation and arbitration are rising