Minter Ellison has topped the list of law firms by revenue for the 2009/2010 financial year, according to the BRW annual survey out this month.
The rising Minters juggernaut generated $503m, 2% up on last year. The firm has swiftly outpaced Mallesons - previously the top firm by revenue - which slumped by a whopping 10.5% to $494.4m. And it was a mixed bag for those other firms managing to pull in revenues in excess of $400m. Allens Arthur Robinson was up 2% on the previous year, posting revenues of $444m, but Freehills was less successful with results down 3% to $477m and Clayton Utz fell 9.7% to $442.5m.
Trailing the top tier pack by some distance were Baker & McKenzie, which saw revenues drop by 0.6% to $154.1m and and Gadens Lawyers, whose revenues of $160.3m represented a growth of 9.2% for the firm.
So,the vast majority of the large law firms saw revenues fall over this financial year. But has reduced revenue meant reduced profits? Firms are pretty tightlipped about profits generally so it's hard to tell, but Mallesons recently 'fessed up that its profits of $229.1m were down by $15.4 million on the previous year.
While the big firms will take the ups and downs of the market in their stride, in the new world order they face threats not just from major international firms, but also from local second tier firms and boutiques - many of whom managed to record large increases in turnover. Slater & Gordon's revenue was up 21% to $123m and Henry Davis York was up 14% to $97m. Meanwhile Landers and Rodgers' 20% increase to $60m shows what's possible when you have a popular contestant on MasterChef.
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The rising Minters juggernaut generated $503m, 2% up on last year. The firm has swiftly outpaced Mallesons - previously the top firm by revenue - which slumped by a whopping 10.5% to $494.4m. And it was a mixed bag for those other firms managing to pull in revenues in excess of $400m. Allens Arthur Robinson was up 2% on the previous year, posting revenues of $444m, but Freehills was less successful with results down 3% to $477m and Clayton Utz fell 9.7% to $442.5m.
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Partners at Minters yesterday |
Trailing the top tier pack by some distance were Baker & McKenzie, which saw revenues drop by 0.6% to $154.1m and and Gadens Lawyers, whose revenues of $160.3m represented a growth of 9.2% for the firm.
So,the vast majority of the large law firms saw revenues fall over this financial year. But has reduced revenue meant reduced profits? Firms are pretty tightlipped about profits generally so it's hard to tell, but Mallesons recently 'fessed up that its profits of $229.1m were down by $15.4 million on the previous year.
While the big firms will take the ups and downs of the market in their stride, in the new world order they face threats not just from major international firms, but also from local second tier firms and boutiques - many of whom managed to record large increases in turnover. Slater & Gordon's revenue was up 21% to $123m and Henry Davis York was up 14% to $97m. Meanwhile Landers and Rodgers' 20% increase to $60m shows what's possible when you have a popular contestant on MasterChef.