This Month
Explore: Law Partnership Survey results for second-half of 2024
The latest results show law firms continue to perform strongly, boosted by big-ticket deals, litigation assignments, and the steady flow of fees from insolvencies and disputes.
- Maxim Shanahan and Edmund Tadros
It was a boom year for law firms. But signs of a slowdown have emerged
Law firms held their gains in the second half of 2024, but some leaders are wary of rising pressures on price and profit margins.
- Maxim Shanahan
29 years is enough! Herbert Smith Freehills’ Tony Damian jumps ship
Damian’s expected to join Ashurst on a $7.5 million salary package, in what rivals say is the price law firms are increasingly having to cough up to secure marquee partners.
- Sarah Thompson, Kanika Sood and Emma Rapaport
MinterEllison raids PwC, KPMG to build up consulting arm
Consultants now make up almost 10 per cent of fee-earners at the firm, as clients prove increasingly willing to seek non-legal advice from law firms.
- Edmund Tadros
November
Government legal spending hits $600m
Commonwealth spending on legal fees increased rapidly before an overhaul of the government panel, but barristers’ bills were trimmed.
- Maxim Shanahan
October
Why the $5m lawyer is no longer a rarity at top Aussie firms
Top law firms are forking out more than $5 million a year to poach or protect big-billing market leaders from rivals, amid intense industry competition.
- Maxim Shanahan
Ashurst, Freehills, Clayton Utz in hiring spree
Top-tier law firms are looking to capitalise on the weakness of the big four, opportunities in the energy sector and the high levels of insolvencies.
- Maxim Shanahan
August
More exclusive than any restaurant: how top deal makers dine
Investment banks and law firms have fostered a thriving in-house dining scene where they can break bread away from prying eyes.
- Aaron Weinman
July
Ashurst partner profits top $2.5m as US challenge looms
Ashurst’s revenue rose by 9 per cent, and partner profits received a handsome boost. But the UK-based firm is looking to the US as American rivals challenge.
- Maxim Shanahan
Rapid growth puts pressure on law partnership structures
Almost two-thirds of new legal partners are now on a part-salary arrangement as rapid growth puts pressure on equity allocations.
- Maxim Shanahan
More law firms hit gender targets as partnership gap narrows
A record number of law firms now have more than 40 per cent female partnerships, but part-owner gender ratios contrast sharply with the engine room.
- Maxim Shanahan
June
Energy transition lights a rocket under law firms
Law firms are streaking ahead of the broader economy, adding partners as deals return and the energy transition offers decades of lucrative work.
- Maxim Shanahan
Challenger firms increase pay in fight for top-tier legal talent
Clients, social positions and work-life balance are among the factors in-demand graduates are looking for in a firm – but high rates of pay don’t hurt.
- Maxim Shanahan
- Exclusive
- Funding
Under-the-radar Melbourne software firm worth $90m after VCs pounce
Atticus has built a roster of clients including BHP, CBA and numerous top law firms for its software that verifies documents are truthful.
- Paul Smith
Lawyers to the fore as courts tighten screws on privilege claims
Claiming legal privilege for post-cyberattack reports is now almost impossible, lawyers say, as courts take a more critical view of “woolly” claims.
- Maxim Shanahan
May
Law graduates are about to crack a salary record
Top-tier graduates will earn more than $100,000 this year – in Sydney only – but law firms remain tight-lipped on pay rates despite moves towards transparency elsewhere.
- Maxim Shanahan
April
Tax Office warns law firms over consulting push
ATO second commissioner Jeremy Hirschhorn said he was worried law firms would repeat the mistakes of the big four professional services firms with their push into consulting.
- Maxim Shanahan
Energy focus as Ashurst, Allens, Freehills appoint new partners
Energy and environment lawyers have led promotions at top-tier firms, as the legal industry targets the energy transition as the next big source of billings.
- Maxim Shanahan
Scyne settles restraint case, as PwC tax partner jumps to KPMG
Connie Heaney will be free to continue at Downer EDI under the settlement, while a senior PwC tax partner has jumped ship to KPMG.
- Updated
- Maxim Shanahan
- Exclusive
- AI
What this law firm learnt from experimenting with AI
Lawyers reviewed articles of association in 80 per cent less time when using generative AI. But human judgment still came out on top in the months-long trial.
- Euan Black