Which are the fastest growing firms in Australasia? ALB reveals the survey results
The first half of financial year 2007/08 was characterised by robust growth among many law firms, with work increasing in most practice areas. However, the global financial slow-down has caused managing partners across the board to adjust their growth strategies. Against this backdrop, ALB singles out the top 10 performers that have demonstrated resilience, innovation and vision by achieving strong growth figures in spite of a rapidly changing economic environment.
As always, a condition of being considered for the Fast 10 list was participation in the survey, which meant that law firms which could have been considered but did not submit data were not included. The condition that data be submitted also meant that New Zealand firms are under-represented because secrecy still thrives there when it comes to financial details.
In spite of this caveat, the acquisition of Auckland firm Miller Bradley earlier this year and the expansion of the Sydney office helped Duncan Cotterill push revenue growth to a bullish 14%, which was enough to secure sixth spot on our annual list, the highest for a NZ firm. The firm is currently on budget and expects insolvency, business restructuring, employment law and family law to be the drivers for the second half and beyond.
Familiar faces
Not surprisingly, three of 2007's Fast 10 appeared again in this year's edition - and among them is last year's winner, Mills Oakley. The steady, ambitious leadership of managing partner John Nerurker has resulted in the firm achieving sustainable year-to-year growth, and retaining a position in ALB's top three fastest-growing firms. Nerurker summed up the formula for achieving sustained growth as 'attracting good people', followed by 'retaining and growing market share'. The combination of these two factors allowed Mills Oakley to follow a phenomenal year of 54% fee-earner growth in 2007 with a solid 38% growth (all organic) in revenue in 2008.
"Good lawyers bring good clients, and we are interested in lawyers who are technically excellent and share our passion for superior client service," he says. The firm also successfully expanded its national footprint with the successful launch of its Brisbane office lead by construction partner Darren Ho and banking & finance partner Peter Mills.
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