This Month
Why lawyers are overworked and (relatively) underpaid
Lawyers are employed to work 38 hours a week, but that is a fantasy at most of Australia’s top-tier law firms.
Freehills’ M&A rainmaker lands at Ashurst in law firm shake-up
Tony Damian has joined Ashurst, where it is hoped his leading practice will boost the firm’s competitiveness with the likes of Allens, Freehills and KWM.
May
Ashurst ditches Canberra as partners switch to Thomson Geer
The top-tier firm is chasing higher-margin work and dramatically reducing how much government work it intends to pursue, with 60 lawyers jumping ship.
April
15 years of drift: Why global law firms can’t make it in Australia
UK and US law firms are battling for market share on either side of the Atlantic. But expansion has proven much more difficult in Australia.
December 2024
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.
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.
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.
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.
November 2024
Government legal spending hits $600m
Commonwealth spending on legal fees increased rapidly before an overhaul of the government panel, but barristers’ bills were trimmed.
October 2024
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.
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.
August 2024
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.
July 2024
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.
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.
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.
June 2024
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.
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.
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.
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.
May 2024
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.