SA’s biggest law firms say a resurgent SA economy will support their growth

Adelaide’s biggest legal firms are buoyed by a renewed sense of optimism sweeping across the South Australia economy.

Thomson Geer chief executive partner Adrian Tembel and senior associate Sarah Hay. PIC TAIT SCHMAAL.

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Adelaide’s biggest legal firms are buoyed by a renewed sense of optimism sweeping across the South Australia economy.

As part of a survey of Adelaide’s 25 biggest law firms, ten firms viewed improving conditions in the state’s economy as the biggest opportunity for their practices in the next three-to-five years.

According to the results of The Advertiser’s inaugural SA law firm survey - to be published in Tuesday’s SA Business Journal - five firms point to new technologies as the main driver of growth in the short-to-medium term.

The same number identify expansion into interstate markets as the major opportunity in the coming years.

As chief executive partner of national firm Thomson Geer, Adrian Tembel spends a lot of time on the eastern seaboard. He says perceptions of South Australia are on an upward trajectory.

“The Adelaide optics in the business community on the east coast wasn’t great there for a few years,” he said.

“The Olympic Dam pull back after such high expectations were created, coupled with the blackout, weren’t great for our image on the east coast.

“I’m not playing politics but I can tell you that this year things have calmed down a lot and perceptions on the east coast have improved.”

“For us it’s a double whammy. We get a double dividend from a strong SA economy - the local arm is strong and we’re respected on the east coast.”

Andersons managing partner Garry Palasis, whose firm advises in areas including commercial, property and personal injury law, says an improving economy supports a broad range of legal services.

“Because we are a pretty diverse practice we see it from every angle,” he said.

“If the economy is improving we see more commercial deals coming through the door - anything that creates business, which employs people, is going to have a significant impact on the legal profession.

“We get to see the fruits of more deals being done and I’m certainly seeing a few more people doing deals in areas like commercial property.”

While 40 per cent of firms expect a stronger SA economy to be the main driver of growth in the coming years, five firms say a sluggish local economy presents the biggest challenge.

Minter Ellison SA/NT managing partner Adam Bannister says the local economy has been building momentum for the past 18 months, but says challenges lie ahead.

“I think we're right on the cusp of significant increased activity - in property, agribusiness there are major opportunities, and certainly for our state food, wine and hospitality is important,” he said.

“The political landscape is going to be some concern. If we have ongoing instability within the federal political landscape, that will have an impact here.

“The Liberal Government here has got off to a strong start - the question will be whether they can continue that momentum.”

The results of The Advertiser’s inaugural SA law firm survey will be published in Tuesday’s SA Business Journal.