Crooked Marriages & the AFR Law Firm Profit Survey

The Firm Spy is the product of a few corporate-types who, approximately one a year ago, were so agitated by what we perceived to be biased reportage of corporate Australian firms in news media that we decided to do something about it.

We created our own news/gossip website.

we really love each other

The incredibly close affiliation existing between corporate firms and news journalists, many of whom we understand maintain close personal friendships, has in our view spawned a crooked marriage of convenience that permits corporate firms to perpetuate an unfairly positive image in the media.

Our belittling posts are (we hope!) the dirty mistress lurking in the closet of this corporate wedding.

We consider ourselves a news source, of sorts, though the BRW and The Australian have referred to us as a blog. Call us what you like, but our aim has been, and continues to be, about providing a clearer picture of what is transpiring in corporate Australia.

Flowing from this, one of the major themes of the Firm Spy in our first year has been an analysis of the strategies used by corporate partners to quarantine profits from the dire economic times endured through the GFC. Regularly, we have queried whether frugal partnership antics can be justified in the face of awe-inspiring seven-figure salaries.

We thus welcomed the watershed moment that occurred last week with the publication of the AFR (18/9). The AFR Law Firm Profit Survey was published, profiling each of the top 10 Australian law firms by revenue. The partnership profit-take exposed in the survey provides the most candid insight yet witnessed into the impact that the GFC has had on partnership profit.

It is based on these statistics that we can consider the legitimacy of the comments and actions of corporate partners over the last financial year in response to the GFC. The figures released in this report will be the subject of an in-depth analysis on each firm by the Firm Spy over the course of the next week.

Stay tuned!

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