Australian law firms look to financial services market


By Julia Duke

13 June 2013 at 12:23 BST


Australian lawyers are looking to consolidation in the financial services sector to beef up a declining mergers and acquisitions market as doom and gloom hits the country.

Decline in mining Waniuszka

Clayton Utz partner Jonathan Algar told delegates at a conference in Sydney that the financial marketplace was the one beacon of hope for Australian law firms as energy and resources work tailed off. He said that this year  there were only six deals over  50 million Australian dollars, a third of the previous year and that deals were taking much longer to complete, Moneymanagement.com reported.

Grim news

Peter Dunne from Herbert Smith Freehills pointed to changes in the Superannuation Guarantee rate which he expected to bring money in. But he noted that 2013 so far had been worse than 2009 which was ‘pretty grim.’ The event was hosted by  global technology company Intralinks.


 

 
   
 
 
 

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