06 August 2012 at 10:57 BST

Australians pocket bumper revenues

Sydney-based law firm Freehills led Australia's top 35 law firms to a bumper financial year as combined revenues hit AU$5.77 billion (£3.91 bn).

A hopping good year

A hopping good year

Australian newspaper Business Review Weekly reports that the country’s biggest firms enjoyed a successful year, with the top five hauling in more than AU$400m (£271m). Eight firms enjoyed a growth in revenue of more than 15 per cent, with Hall & Wilcox growing by 30 per cent over the 2011-12 financial year.

Losing independence

Freehills took in AU$565m over the year, witnessing a growth in revenue of 11 per cent. It was announced in May that the 730-lawyer firm is to merge with London’s Herbert Smith this October.
Second in the rankings was Clayton Utz, which had a turnover of AU$455m. Clayton Utz and Minter Ellison (which ranked fifth) are the only two of the big six legal practices to remain independent, following a spate of high-profile allegiances between Australian and international players.
According to London-based newspaper Legal Week, international interest in Australia is increasing, with several mergers and alliances having been formed. Hogan Lovells, K&L Gates, Mayer Brown and White & Case are all reportedly looking into gaining an Australian presence.

 
   
 
 
 

Also read...

Trustlaw expands pro bono network

Thomson Reuters Foundation and Nextlaw Referral Network partner to expand the world's biggest legal pro bono network.