Australian law firms see revenues drop
Australian law firms have seen a drop in revenues. Even Perth, which is flush with cash in the middle of a resources boom, is expected to see revenue drop by nearly 50 per cent in the next quarter.
Top-tier firms appeared to be hardest hit by the decline in business conditions, falling from 50 per cent positive last quarter to 14 per cent negative. The report says that most firms are likely to focus on cost-cutting and head count: reducing share services, administrative staff and keeping a close eye on the number of junior lawyers.
The figures come from a survey conducted by Beaton Consulting and the Commonwealth Bank, which looked at 30 leading Australian law firms with a combined revenue of about $3.6 billion.
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