06 August 2012

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.

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