Minter Ellison posts A$503m to top Aussie revenue rankings
Minter Ellison has become Australia's largest law firm by revenue after posting a marginal increase in turnover for the 2009-10 financial year. Fee income at the firm increased by 2% to A$503m (£286m) this year, up from A$493m (£280m) in 2008-09. The results place the firm ahead of rival Mallesons Stephen Jaques, which last year led the rankings with turnover of A$552.6m (£314m). This year Mallesons has seen income decrease 10.5% to A$494.4m (£281m).
July 21, 2010 at 07:12 AM
2 minute read
Firm overtakes Mallesons following a 2% increase in revenues
Minter Ellison has become Australia's largest law firm by revenue after posting a marginal increase in turnover for the 2009-10 financial year.
Fee income at the firm increased by 2% to A$503m (£286m) this year, up from A$493m (£280m) in 2008-09. The results place the firm ahead of rival Mallesons Stephen Jaques, which last year led the rankings with turnover of A$552.6m (£314m). This year Mallesons has seen income decrease 10.5% to A$494.4m (£281m).
Clayton Utz, Freehills and Blake Dawson also saw turnover drop. Revenue at Clayton Utz fell from A$490.2m (£279m) in 2008-09 to an estimated A$445m-A$450m (£253m-£256m) in 2009-10 leaving the firm with a minimum percentage drop of 8.2% in turnover.
Blake Dawson's turnover decreased from A$370m (£210m) last year to A$358m (£204m) in 2009-10 and Freehills saw revenue fall from A$491.7m (£280m) in 2008-09 to A$476.7m (£271m).
John Weber, chief executive partner at Minter Ellison, said: "Relative growth overall has been fairly modest, but significantly helped by growth in our greater China strategy and a large amount of inbound work into Australia, which we have done very well in capturing.
"Our broadly-based practices in Australia and New Zealand have helped us during the downturn and we have seen a steady flow of domestic work."
Mallesons was the only firm to release its profits per equity partner this year that saw an 8.4% decrease falling from A$1.3m (£740,000) in 2008-09 to A$1.2m (£680,000).
Stuart Fuller, managing partner at Mallesons, said: "The last 12 months has been challenging forthe marketplace as a whole.
"Like other organisations, our revenue has been pegged back onwhat was achieved in the 2008-09 financial year but we're encouraged by the outlook in some key growth areassuch as energy & resources, China outbound and market re-regulation."
Meanwhile, Norton Rose has released its first set of figures for its Australian practice since its merger with Deacons went live on 1 January this year, with revenue standing at A$220m (£125m) for the financial year.
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