Australia’s largest firm Minter Ellison has announced a rise of 2.3 per cent in its 2014/15 turnover.
Minter Ellison, Australia’s largest firm by lawyer numbers, saw its 2014/15 revenue increase from A$418m to A$428m (£200.2m).
The results, released in the firm’s latest annual report, means the firm has surpassed its 2011/12 revenue figure of A$419m for the first time.
The firm’s growth stalled between 2011/12 and 2013/14, with a marginal dip of 0.7 per cent in 2012/13 when the firm brought in over A$416m.
According to the annual report, disputes was the largest fee-generating area, accounting for 29 per cent of total revenue (A$124.1m) in the last financial year. It was followed by projects and transactions, which each generated 27 per cent, or A$115.6m.
In terms of sectors, consumer, manufacturing and technology, government, projects and infrastructure and financial services were the top three contributors.
The firm acted on a large number of M&A transactions with a total deal value of A$30bn as well as A$34bn worth of infrastructure projects during the year. It also advised 70 per cent of the AXS50 companies, a group that represents the large-cap component of the Australian stock market.
Minter Ellison’s chief executive Tony Harrington hailed it a successful year “in the current patchy market conditions”.
“Clients are looking for new solutions. We’ve responded by doing things differently – being more agile, innovative and bold about our choices and our advice,” Harrington said in a statement.
“We are strategically refocusing our services, developing new capabilities, and making key investments in our people and technology. The opportunity for continued growth is real and exciting,” he said.
The growth was achieved under the first full year leadership of non-lawyer Harrington. He took over the helm last April from predecessor John Weber, who became the Australia managing partner of DLA Piper in March 2015. Harrington served as Australian senior partner and chief executive of PwC from 2000 to 2008.
The firm’s 2014/15 annual report also unveiled that it made 110 senior appointments through lateral hires and promotions. The number included 12 partners, 24 sepcial counsel and 74 senior associates.
The firm indicated in the report that these appointments reflected the firm’s commitment to aligning its business with client interests and boosting capability in high growth areas, such as commercial disputes, tax controversy and real estate.
Despite the recruitment drive, the firm’s overall headcount continued to shrink. It had 1,629 staff in 2014/15, representing a 1.7 per cent reduction from the previous year. While the number of senior counsel and senior associates increased slightly from 290 in 2013/14 to 298, the number of partners decreased marginally from 200 to 196.
For more details of Minter Ellison’ plans and strategies to succeed in the domestic and international markets, read last summer’s leadership interview with Tony Harrington.