Employment Analysis 2009 Summary & 2010 Watch List
1. Employment Analysis: 2009 Summary & 2010 Watch List
About Australasian Legal Business magazine 2
Chapter 1: Employers of Choice Survey for 2009 3
Chapter 2: Employers of Choice - Top Firms of Australia 5
Chapter 3: ALB 30 - Australasia’s Largest Firms 10
Chapter 4: ALB Fast 10 - Fastest Growing Firms 18
Chapter 5: Career Tips 25
• Courses for Career Advancement
• Brains VS beauty in the job market
• Law: a springboard to corporate glory
• 7 ways to screw up your legal career
Chatper 6: Salary survey reveals top opportunities 51
Chapter 7: Watch list – Firms to Watch in 2010 53
A series of valuable extracts from some of the top content of 2009 and 2010 as featured in
ALB magazine and Legal Jobs Centre.
Prepared by Chris Redshaw, Online Analyst
E: chris.redshaw@keymedia.com.au
t: +61 2 8437 4723
March, 2010
2. About Australasian Legal Business (ALB) magazine:
ALB is the only independent magazine dedicated to the latest legal news, events and
developments in Australia, Hong Kong, Singapore, China, Asia and the international business
community.
With a circulation throughout Australia, Hong Kong, Singapore, China, along with parts of
Japan, Taiwan and Korea, ALB is the region's most effective way to reach all the major
lawyers, corporate counsel and business leaders. With coverage on all the important and
emerging areas of practice and business, ALB provides the most updated legal and business
news from in and around the region.
Each issue contains in-depth features examining changes in legislation, important areas of
practice, and overseas jurisdictions along with revealing profiles of major industry leaders.
In conjunction with its print publications, ALB also produces ALB legal news, ALB legal deals
and legal jobs featuring the most up to date legal positions throughout the Asia-Pacific.
One of Asia-Pacific's leading media companies, Key Media provides specialist publications,
websites, events and business conferences focused on the needs of professionals, senior
executives and business leaders. Offices in Sydney, Hong Kong, Singapore, and
Toronto give the company exceptional reach and exposure to industry developments across
the region.
Key Media is a leading organiser of conferences, gala dinners, award ceremonies and events.
Combined these include a packed calendar of professional education (to include conferences
and seminars), trade shows, industry summits and award ceremonies. Our events are
designed to cater to the needs of professionals, senior executives and business leaders.
http://au.legalbusinessonline.com
7. EMPLOYERS OF CHOICE -
AUSTRALIA
• Blake Dawson
• Corrs Chambers Westgarth
• Gilbert + Tobin
• Freehills
• Mallesons Stephen Jacques
• McCullough Robertson
• Swaab Attorneys
• Thynne & McCartney
EMPLOYERS OF CHOICE -
NEW ZEALAND
• Bell Gully
• Buddle Findlay
• Chapman Tripp
• Russell McVeagh
ALB’s Employers of Choice 2009 - top firms in the Gulf/Asian jurisdictions
MIDDLE EAST
• Denton Wilde Sapte
• Fichte & Co
• Simmons & Simmons
• Norton Rose
• Al Tamimi & Company
CHINA - DOMESTIC FIRMS
• King & Wood
• Jun He Law Offices
• AllBright
• Wang Jing & Co
• Llinks Law Offices
• Deheng Law Firm
CHINA - INTERNATIONAL FIRMS
• Skadden, Arps, Slate, Meagher & Flom
• Jones Day
• Paul Hastings
• Allen & Overy
• White & Case
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8. JAPAN - INTERNATIONAL FIRMS
• Davis Polk & Wardwell
• Bingham McCutchen
• Milbank Tweed Hadley McCloy
• Fredrick Swaab, Swaab Attorneys
TAIWAN
• LCS & Partners
• Tsai & Tsai
• Formosa Transnational
MALAYSIA
• Zul Rafique & Partners
• Zaid Ibrahim & Co
• Shearn Delamore & Co
HONG KONG
• Clifford Chance
• Linklaters
• JSM
• Slaughter & May
• Deacons
INDONESIA
• Melli Darsa
• Hadiputranto Hadinoto & Partners
• Ali Budiardjo, Nugroho, Reksodiputro
INDIA
• Amarchand & Mangaldas
• AZB & Partners
• Luthra & Luthra
• J Sagar & Associates
Trilegal
PHILIPPINES
• Romulo Mabanta Buenaventura Sayoc & De Los Angeles
• Sycip Salazar Hernandez & Gatmaitan
KOREA
• Kim & Chang
• Yulchon
Lee & Ko
• Shin & Kim
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11. Australasia’s 30 largest firms
Rank Firm Total Country Managing Total Total No of
lawyers/ of origin partner/CEO lawyers partners offices
partners Australia
1 Minter Ellison 1031 Australia Guy 764 267 10
Templeton
2 Mallesons 949 Australia Robert 770 179 5
Stephen Jaques Milliner
3 Clayton Utz 867 Australia David Fagan 643 224 6
4 Freehills* 832 Australia Gavin Bell 619 213 4
5 Allens Arthur 797 Australia Michael 627 170 4
Robinson Rose
6 DLA Phillips Fox 779 Australia Tony 619 160 8
Crawford
7 Blake Dawson* 768 Australia John Atkin 590 178 5
8 Corrs Chambers 524 Australia John Denton 408 116 5
Westgarth
9 Deacons 472 Hong Don Boyd 262 210 5
Kong
10 Australian 391 Australia Rayne de 391 n/a 8
Government Gruchy
Solicitor
11 Gadens 368 Australia Ian Clarke 237 112 6
12 Baker & 315 US Mark 209 84 2
McKenzie Chapple
Australia
13 Sparke Helmore 298 Australia John Davis 240 58 8
14 Middletons 289 Australia Nick Nichola 230 59 2
15 Russell 271 New Gary 227 44 2
McVeagh Zealand McDiarmid
16 HWL Ebsworth 263 Australia Juan 165 98 7
Lawyers Martinez
17 Simpson 245 New Rob Fisher 197 48 2
Grierson Zealand
18 Hunt & Hunt 229 Australia Maureen 156 73 10
Peatman
19 Bell Gully 223 New Roger 180 43 2
Zealand Partridge
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12. 20 Chapman Tripp 211 New Andrew 160 51 3
Zealand Poole, Mark
Reese
21 DibbsBarker 211 Australia Alan 141 70 5
McArthur,
Duncan Hart
22 Maddocks 196 Australia David 146 50 2
Rennick
23 Henry Davis 178 Australia Sharon Cook 130 48 1
York
24 McCullough 170 Australia Brett 135 35 1
Robertson Heading
25 Gilbert + Tobin 160 Australia Danny 108 52 1
Gilbert
26 Holding Redlich 156 Australia Chris Lovell 112 44 3
27 Kensington 153 New Chris 111 39 2
Swan Zealand Heilbronn
28 Buddle Findlay 144 New Peter 107 37 3
Zealand Chemis
29 Moray & Agnew 144 Australia Michael Pitt 91 53 5
30 Piper Alderman 143 Australia Gordon 92 51 4
Grieve
* Freehills, Blake Dawson: FTEs submitted
Note: This table does not purport to be exhaustive. Figures are provided by the firms
themselves and are accurate to June 2008. Where firms are unable to supply figures,
websites have been used
Firms and figures
Mallesons is one of the Big Six firms that have done well, reporting revenue growth of
10.7%. The firm is closely followed by Clayton Utz, which reported an increase of 9% in
revenues, but top gong goes to Blake Dawson which realised an increase of 11.9%.
Although Minter Ellison is the largest law firm by total lawyer and partner numbers, it came
in as the fourth largest firm by revenues. Last year it was in third place but had to step down
in favour of Clayton Utz, whose consistently solid performance has placed it in the top three
this year.
Other remarkable performers were Gilbert + Tobin, which revealed a revenue increase of
14.9%, and Baker & McKenzie, which posted top line revenue growth of 13.2%. Meanwhile,
in the mid‐sized segment of the market, Holding Redlich (+20.4%) and Maddocks (+17.1%)
stood out.
On the other side of the spectrum we find the Australian Government Solicitor, which saw
income increasing by just 1.8%, while Thomson Playford achieved only 1.1% growth. The
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14. For many law firms 2007–08 has been another good year in terms of revenue growth and
this seems to justify the unabated optimism of law firm managing partners. But there is a
catch to continued good conditions, warns James Grant in his before‐mentioned opinion
piece. “People get carried away, prices go too high and economic resources go where they
shouldn’t.” Let’s hope that the legal industry is the proverbial exception to the rule.
David Fagan – Clayton Utz
Clayton Utz is set to post revenue growth of 9% this financial year, an increase to A$470m
and another strong result after last year’s 11% increase. “It’s a year of two halves,” says
David Fagan, chief executive partner of Clayton Utz. “Up to December, it was a very buoyant
corporate and banking market, while beyond December it was a very buoyant litigation
market.”
It’s clear that the economic climate has changed since December, but Fagan says it’s not all
down to the liquidity crisis stemming from the subprime mortgage industry collapse in the
US. “The subprime crisis, the packing up mortgages with very problematic credit quality,
we’ve not had that here. In the US one in every five houses has had a foreclosure notice, in
Australia that’s 0.2%. We’ve not had that asset problem and, correspondingly, I don’t think
we’re going to have the litigation they had over subprime issues.”
Fagan does acknowledge that some of the fallout of the subprime crisis has trickled into the
Australian market and he says Clayton Utz is advising Lehman Brothers on products that the
financial services company sold into the Australian market. But the large corporate collapses
that Australia has seen in recent months are not tied to the US‐originated crisis, he argues.
“The work that is related to Allco, Centro and MFS, that is more about their business models
than the credit crunch.”
The slowdown in the Australian market is a result of the culmination of factors, including a
rising oil price, record low consumer confidence and fewer corporate sales, and there is no
telling when the climate will improve. The firm is, therefore, budgeting for more subdued
growth next year, says Fagan. “There is uncertainty in what the next 12 months will bring; a
degree of caution is probably sensible.”
John Denton – Corrs Chambers Westgarth
Corrs Chambers Westgarth’s revenues have increased by 3.4% to A$240m in the financial
year 2007/08. This is not quite as high an increase as in the previous years. Last year the firm
reported a growth of 11.5%, while over the last three years the firm’s total revenues grew by
25%. For next financial year, the firm is looking at single digit growth – around 5 – 6%.
Chief executive officer John Denton of Corrs says the slowdown in revenue growth is caused
by the firm’s efforts to develop its industry groups. “Partly, it is us doing things,” he says.
“We are very committed to our 2010 strategy and that does take up a lot of capacity. We’re
not skinnying the firm up here, we are investing very heavily in L&D [learning &
development] in particular, and in information systems.”
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15. “We could suck in more revenue if we wanted to, and I do notice that used to be a focus of
some people in the market place, but what’s the point if you’re not generating additional
return from that? All you’re doing is adding revenue. We’re not competing on scale; we’re
large enough to do the big deals.”
Denton discards the idea that it’s the influence of the credit crunch. “What has been
surprising for us is how strong corporate advisory has actually been this year. We’ve closed
some pretty amazing deals; we’ve done five of the top 10 deals that have been closed. So
the areas that we are seen by some of our competitors as being softer, in fact, haven’t been
soft for us.”
Guy Templeton – Minter Ellison
Minter Ellison is the largest law firm in Australia by total lawyer numbers, but this financial
year the firm lost its place in the top three largest law firms by revenue to Clayton Utz.
Minters came in at fourth place, reporting A$460m in revenues, while its competitor posted
A$470 in revenues.
Despite having to digest a drop on the size‐by‐revenue ladder, Minters still managed to grow
revenues by 5.3%. CEO Guy Templeton says that the insolvency and restructuring practice
has been the main driver of growth. “We’ve maintained a full‐sized insolvency and
restructuring team throughout the boom times. That is now paying off,” he says. “Our
restructuring and workout team is firing in all cylinders; it’s one of our strongest areas.”
The firm is advising ANZ on the legal issues surrounding the collapse of stockbroker Opes
Prime and the bank’s exposure to Centro. It also continues to act for PwC as the liquidator of
seven of the mezzanine finance companies within the Westpoint Group.
Templeton says that inbound work from Asia has been unaffected by the global credit
crunch and he expects this to be one of the main drivers for the next financial year,
particularly for the firm’s energy and resources practice.
He also predicts a strong year for the firm’s infrastructure practice, driven by major projects
undertaken by state governments. For example, Minters advises the Port of Melbourne
Corporation on the channel deepening project. “[These projects are] starting to flow through
now. The pipeline for the whole of Australia has been full for some time and will remain so
for some time to come.”
Mark Leibler – Arnold Bloch Leibler
One of the most remarkable deals of last year was undoubtedly the public listing of plaintiff
firm Slater & Gordon. Not only did the IPO provide some challenging legal and regulatory
issues, but it also sparked a debated on the ethical merit of the adventure. Some critics said
the listing of a law firm would dilute the responsibility lawyers feel towards the court and
their clients.
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25. Chapter 5: Career Tips ‐ Courses for Career Advancement
If career progression is on the cards, courses which expand and fine‐
tune certain skill sets can be a valuable advantage in a competitive job
market. While there are a variety of courses available to lawyers, there
is no 'one size fits all' study guide.
Liam Richardson of legal recruitment consultancy Taylor Root says that the choice of course
is essential the competitive edge it can provide. "Beyond professionally‐required
qualifications, further education will be viewed subjectively by different clients. If a
candidate is certain about wanting a career in a particular field ‐ for example IP or finance ‐
then an LLM may be a good idea," he said.
"An LLM or JD from the UK or the US is also particularly advantageous when applying for
positions with international organizations. Similarly, for those candidates looking to move
into quasi legal/business in‐house roles or ultimately to the business side, an MBA could be
an advantage. The candidate may be deemed as having a higher level of commercial acumen
given the content of the course."
Dr Peter Ellender, CEO of Carter Newell ‐ who himself completed an MBA program at the
University of Queensland ‐ agrees that undertaking further education can assist a lawyer's
career advancement. He adds that further study can fill some important gaps that are not
catered to in general legal education. "Lawyers who want to progress and build their
practice must be able to fully understand the issues that their clients are dealing with in
their day‐to‐day work. Legal training does not expose lawyers to commercial principles or
practices and so they generally have to learn these skills on the job," Ellender said.
"Further, it is important when running a business or a practice group that there is the
understanding of leadership principles and how to get the best out of team members. This
includes having essential management skills, providing clear outcomes, feedback and
encouragement ‐ as well as having people skills, so often called 'soft skills'."
"I believe these are missing from 'pure' legal education and even the Practice Management
Course for principals is limited in the areas of commerciality. So if a lawyer wants to progress
and build their practice then further study to grasp the commercial principles and practices
is a good option," he added.
Richardson adds that above all, having top grades, the quality of the institution and timing
are essential. "What is key are the results obtained at A‐Level and the degree as well as the
quality of training received on the training contract. These are the factors which will really
influence career advancement. Those candidates with strong academic results and training
from a top‐tier law firm will invariably attract the most attention from prospective
employers."
Having continuous work experience is always looked upon very favourably, so it may be
advisable to complete all further study prior to starting your career. Others might suggest a
down market might be a better time to pursue further education as you have the time to do
so. However, if you do stop work to pursue further education you must also remember that
you will have ultimately been out of practice for a year or two and may not be as desirable a
candidate as someone who has had no breaks in their employment record," he said.
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27. Brains VS beauty in the job market
Whoever thought looks had no impact on hiring potential is in for
0BW
a shock. Recent news suggests that beauty has much more to do
with whether you get that job than initially assumed.
According to reports by Gawker.com, Dov Charney, founder and
CEO of American Apparel, recently ordered that all the less
attractive people who work for the company be fired due to
fears that they may have been affecting the 'bottom line'.
Whilst Charney has denied the allegations, studies ‐ such as one by the University of Florida
which examine a link between a person's height and salary* ‐ tend to support the theory
that looks do impact on career.
However, corporate image advisor June Dally‐Watkins believes that whilst natural charm
and intelligence should always win out over plain good looks, presentation and styling are
extremely influential in career matters.
"While I believe a depth of beauty is more important than just good looks, presentation is
extremely important," she said.
"You don't have to be a good looking person, however, it is essential to present yourself well
from top to toe ‐ which means a nice hairstyle (whether male or female) and business
acceptable clothes, coordinated well. I believe a person should get the job the moment they
walk in the door, because of the way they present themselves."
Regardless of whether natural good looks play a part in attaining the role you're after, the
experts agree that overall presentation is undeniably a factor in the selection process and
getting those styling tips down pat can certainly contribute to your competitive edge.
According to June Dally‐Watkins, for ladies this means:
* Not wearing clothes with plunging necklines, bare midriffs or skirts that are too short
* They should wear make‐up which is acceptable to the job and apply it in a careful way ‐
not too heavy
* Hair groomed and not a lot hanging down the front of the shoulders
For men:
* A good haircut.
* To have posture which looks confidence and self‐assured
* A nice firm handshake, eye contact and most especially a warm friendly smile, which again,
reflects itself in the tone of one's voice
* The study by the University of Florida found two centimetres in height amounts to about
AU$940 more in pay each month. IE ‐someone who is 183 cm tall can expect to make
AUI$6,582 more each year than someone who stands 167 centimetres.
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31. general counsel. For him the transition was less of a clearly defined goal and more a natural
progression.
"I think it was a natural next step for me. When I got into
law I was very passionate about being a lawyer and that
passion lasted a long time ‐ about 30 years.
"After a couple of years at Telstra, I attended INSEAD in Paris
where I did a three‐month international executive program,
and that got me very interested in the business side. I then
David Krasnostein, head of moved to NAB as corporate counsel, and although that was
MLC Private Equity a pure legal role, I kept an interest in the commercial side of
things." he said.
“It took me some years to circle back again and decide that I actually wanted to run a
business, but [my move to management] was a combination of a general desire to run a
business and a feeling I had practiced law long enough. Thirty years was a bit of a milestone
and I thought I'd probably done everything I wanted to do as a lawyer. I was interested in
doing something that would be more stimulating for me. Those two things came together at
the same time and it was just the right time to take the next step."
Some lawyers make the move to management because of an express desire for a change of
environment. Gai McGrath, general manager of customer service at BT Financial Group
(BTFG ‐ the wealth management division of Westpac), is a case in point. "When I was
approached to join BTFG in 2003, one of the key attractions of the role as general manager,
risk solutions was the opportunity to take on a broader risk management role and join a
larger organisation," she said.
"The opportunity to move completely into broader general management came in early 2006
when I was appointed head of customer service delivery for BT's Customer Solutions
business. Then, when Westpac and St George merged in 2008, a new position of general
manager, customer service was created for the merged wealth business and I was fortunate
to be appointed. I now lead over 1,000 people across seven different locations in Australia
who service over three million interactions with our customers each year ranging from
contact centre to complex unit pricing of our funds."
Like Krasnostein, the opportunity to embark on a new challenge and expand on the skills she
had learnt as a lawyer was also a major incentive for McGrath to move to management.
"I felt I had achieved all that I wanted to achieve as an in‐house lawyer and risk management
professional... I wanted new challenges in areas that I had no relevant expertise," she said.
Motivations aside, the decision to switch out of a lucrative, stable and engaging position
within the legal profession itself into the corporate cut‐and‐thrust is a momentous one for
any lawyer. It should, therefore, not be taken lightly or without due consideration of all the
repercussions.
Knowing when to jump is key, as is analysing exactly where one is in terms of career
progression. No matter how well suited to a management position a lawyer may be, there
are risks involved.
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