The boom times are over for the Australian legal industry, with the sector technically in recession after two periods of negative growth marked by falling revenue and rising expenses.
A Peer Monitor report for the first quarter of the new financial year, compiled by Thomson Reuters and obtained by The AustralianFinancial Review, reveals that revenue at the nation’s top commercial firms dropped year-on-year by 7.9 per cent.
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Michael Pelly is the legal editor, based in our Sydney newsroom. He has been a senior adviser to federal and state attorneys-general and written two books, one a biography of former High Court Chief Justice Murray Gleeson. Email Michael at michael.pelly@afr.com
