Aussie 'big six' independent looks to Singapore launch as year-end revenues edge downwards

Minter Ellison – one of the two remaining independent law firms among Australia's 'big six' – has set its sights on revenue growth from its Asian offices as it reveals a 1% dip in revenue to A$416m (£252m).

The Sydney-based firm is also considering opening an office in Singapore as part of a strategy to boost its international work in response to a sharp slowdown in domestic M&A activity.

Minter Ellison currently has overseas offices in Hong Kong, Shanghai, Beijing and Ulaanbaatar, Mongolia, and says around 25% of its revenue is generated by offshore work. 

It is targeting Asia project and infrastructure work and aims to increase the number of lawyers in all of its existing Asia offices.

Although the firm believes international growth can counteract the impact of a sharp decline in domestic M&A activity, it says it is not currently planning to tie up with a global law firm.

Executive partner John Weber (pictured) said: "We have been visited by dozens of firms over the last few years. At the moment, we're operating very successfully as an independent firm, and we're growing our practice throughout Asia.

"I don't think many chief executives of law firms would say never, but at the moment we're in the same position we've been in for several years."

According to figures collated by Clayton Utz, there were just nine domestic M&A deals with a value of more than A$50m (£31m) in the first half of 2013, compared to 22 during the same period in 2012.

While the Australian economy grew in the first quarter, recent growth has been dominated by natural resources while manufacturing has performed poorly, leading to concerns about a two-paced economy.

Commenting on his firm's financial results, Weber said: "It has been a flat year for us in terms of revenues, but looking at the market I think most of the major [Australian] firms would have negative revenue growth for this year, so we consider that a flat year is probably as good as it would get.

"We will continue to grow the work we do offshore. We've been saying for a while that we're going to look at whether or not we expand to have a foreign law office in Singapore, but we haven't made a final decision about that yet."

Weber said the firm's employment, industrial disputes, infrastructure, construction and real estate practices had performed well over the last 12 months.

He added: "Unlike some other firms in our region we're not reducing partner numbers or offering voluntary sabbaticals or consolidating practices. An advantage we have is that we're a full-service firm with broad practice strength. When M&A and capital markets are down, other areas come to the fore."

AUSTRALIA'S BIG SIX GO INTERNATIONAL

  • Freehills merged with UK firm Herbert Smith in October 2012 to form Herbert Smith Freehills
  • Mallesons Stephen Jacques merged with China's King & Wood in March 2012 to form King & Wood Mallesons
  • Allens Arthur Robinson formed exclusive alliance with magic circle firm Linklaters in May 2012 and rebranded as Allens
  • Blake Dawson agreed tie-up with UK firm Ashurst in 2011, before rebranding as Ashurst Australia in March 2012. Vote on full financial integration set for October
  • Minter Ellison and Clayton Utz remain independent