Federal Government Acting to Increase Competition in the Home Lending Market

Competition setbacks in the banking industry include Westpac’s takeover of St George and CBA’s takeover of BankWest. Also, due to the credit squeeze, the major four banks have almost entirely pushed all other players out of the home lending market. Now the Federal Government is pumping an extra $8 billion into the mortgage market to “support competition”.

The American Lawyer has released its annual list of the top 100 firms in the world by revenue and by profit per equity partner

Five Australian firms made it in the top 100 revenue list. Rankings in brackets: Mallesons Stephen Jaques (74); Freehills (86); Minter Ellison (87); Clayton Utz (89) and Allens Arthur Robinson (90) To get a perspective on the size of Australian firms, the combined revenue of these five firms is still less than the individual revenue of any of the top four in the list.

National – News from the 36th Australian Legal Convention in Perth

Read about Federal Attorney-General Robert McLelland’s¬†¬†outbursts¬†criticising the legal profession and current state of regulation, a new role for consumers¬†of legal services¬†and about New South Wales’ Lawcover itching to¬†compete nationwide for the PI¬†insurance pot of gold. Read the text of the Chief Justice of Western Australia’s speech on “The future of regulating the Legal Profession: Is the Profession Over Regulated?”

National – Banks are key to acceptance of E-Conveyancing

Alan West CEO NSW Division of the Australian Institute of Conveyancers, writing in their Journal (2nd Issue 2009),¬†states: “the main drivers of acceptance¬†of electronic conveyancing will¬†be the banks” and “the main reason the system designed for Victoria¬†¬†has not worked … is because the main banks want a national system and refuse to get involved with a ‘State’ based system”.