The latest report on the largest law firms by revenue was released by The American Lawyer for the period 2017-2018. As we anticipate the 2018-2019 report, in this short piece, we take a look at how Australia’s legal market is fairing, from a global perspective.
“No surprises This YeaR”
Now, there are no surprises here, as all the firms on this list are part of the larger group popularly known as the Big 8. That said, it’s still quite interesting to see their position on the global legal market.
1. Herbert Smith Freehills
For the year 2017-2018, Herbert Smith Freehills led the pack in Australia, with gross revenue totalling $1,194,645,000. With offices in Sydney, Melbourne, Perth, and Brisbane, HSF Australia is comfortably one of the Big 8 Law firms in Australia. Interestingly though, on a global scale, the firm was ranked twenty-ninth overall, in a list that ranked the largest two hundred law firms in the world for that period.
On a similar note, the firm’s average revenue per lawyer was recorded at $577,000, an impressive figure considering that the firm has more than two thousand lawyers between its London office and Australian presence.
2. King & Wood Mallesons
Not far behind HSF was yet another member of Australia’s Big 8 Law firms- King & Wood Mallesons. Clocking in at $1,072,000,000 in gross revenue, KWM was not far behind HSF. On the global legal market, KWM came in at position thirty-five out of two hundred.
It’s close to three thousand lawyers across Australia, China and Hong Kong averaged a personal revenue of about $388,000.
Despite coming in third on this list, Allens stands out when compared to the first two as this firm operates solely on the Australian Legal Market. That said, with gross revenue amounting to $559,000,000 Allens is worlds away from HSF and KWM. This fact is further amplified when analysed on a global scale where the firm ranked eightieth.
It is, however, interesting to note that the firms average revenue per lawyer was higher than the first two firms, with a figure of $884,000 per lawyer.
4. Clayton Utz
In fourth place was Clayton Utz with gross revenue amounting to $376,000,000 and a global ranking of 122 out of 200. The average revenue per lawyer was recorded to be just shy of five hundred and twenty thousand dollars.
The revenue gap further widens with Minter Ellison recording gross revue of $338,600,000.