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Clifford Chance launches in Australia via double merger

John (10.43am) - these are not lower tier firms. The firm in Perth comprises 2 ex Mallesons partners and a number of other heavy hitters who focus mainly on takeovers and M&A for resources companies and investors - probably the hottest spot in the legal market. The Sydney firm is a boutique break away which again does only high end M&A work. Partners at both firms already earn a lot more $$ than 100 point partners at the "top tier". They are small, nimble and very profitable - why else would a magic circle firm want them? The old argument that Aust is overserviced with many big firm and entrenched relationships no longer is true. Plenty of big firm partners will be on the move to join these smaller, but now global firm. The big losers will be the top 6 firms in Aust.

16-Feb-2011

11:10 am