Law Firm Revenue Survey
Business Review Weekly (BRW) has published its annual legal revenue survey (Special Report September 16-22, 2010 edition). The only firm in the “big six” group that achieved a revenue increase in financial year (FY) 2010 compared to FY 2009 was Minter Ellison with a 2% increase. This helped it take the number one spot in terms of revenue. Last year it was number two to Mallesons.
Revenue of the top-tier “big six” firms as a group fell approximately 7% in FY 2010 compared to FY 2009. Conversely, in the next 24 largest firms as a group, revenue increased by approximately 4%.
The BRW report also covers the opportunities and threats to local firms of more international firms entering the Australian market. In relation to the 15 partners who left Clayton Utz to set up the local office of Allen & Overy, the chief executive partner of Clayton Utz, Darryl McDonough was quoted as saying “the issue of the impact is not one of the partners leaving, it is whether clients then follow…”