With a proud history as Australia’s leading law firm, many have wondered whether the global financial strife, which we recently reported was spreading upwards, is also affecting Mallesons Stephen Jaques. You have repeatedly asked the
Has Mallesons made any redundancies?Have there been cutbacks at Mallesons? Did Mallesons have its Christmas party?
Until now, the Firm Spy has only been able to report that -
- Several Mallesons partners deliberated over whether the time was right to ‘chop spare lawyers’; and
- the executive firm partners were seriously pursuing a merger with Clifford Chance, until the offer was rejected by Clifford Chance;
However, it has emerged today , in seemingly incontrovertible style, that Mallesons is feeling the GFC. Chief executive Mallesons partner Robert Milliner today openly bemoaned the high annual cost to his firm of not having a national legal profession. In today’s Australian Financial Review, Milliner estimated that compliance with state-based legal regulators cost his firm approximately $1.5million.
Milliner did not mention whether this figure coincidentally represents the annual income of Mallesons partners. Milliner did say, however, that in light of the economic climate:
an inefficient [state-based] system … makes it even more difficult
Are cracks appearing at the very top? Do you think the GFC is finally hitting the top-tier Australian firms?
Tell the Firm Spy first! Send us your news and views today!
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