According to a survey by the consultancy Pier Advisory, some 42 per cent of international firms had considered Australia in expansion plans during the last three-to-five years. And major players have cut deals in the jurisdiction, most recently the merger between London’s Herbert Smith and Australia’s Freehills.

Consolidation

However, Pier Advisory managing director Jeffrey Naqvi told Australian web site Lawyers Weekly: ‘I don’t believe there will be a high number of global law firms entering the Australian market next year. 2013 will be a year of consolidation.’
The research also asked law firms to assess the wider Australasia region. Mr Naqvi told the web site: ‘A lot of the marketing spiel that has accompanied such market entries often talks about “connecting up to Asia, seamless client service to the Asia-Pacific” and so on. What was refreshing to note was that speaking to the senior players up close, you realise that they just want a piece of the action here whilst the world’s markets are cooling at pace.’

Asia link

Nonetheless, the findings are at odds with the position of other legal commentators, such as former Middletons managing partner and legal consultant John Chisholm who told Lawyers Weekly in July: ‘You will find more American firms coming in [to Australia]. With many of those firms they are tied to a growth strategy and, if you can’t grow in your existing market, you look at where the growth is. I think it is in Australia and I only think it is in Australia because of our relationship with Asia.’