Top law firms in Australia appear confident they will retain their market positions in the legal segment, despite yesterday's announcement that Magic Circle firm Allen & Overy will soon be competing for the same work.

The Government is proposing reforms to ACCC powers, but some lawyers argue the watchdog already has adequate teeth and new changes might only stifle M&A approval

M&A partner Tim Bednall will be the next chairman of Mallesons Stephen Jaques, the firm announced today, following a recent decision from the Mallesons board.

The evidence at this point is anecdotal, but Lawyers Weekly has noted an increase in major deals coming across the desk this week. Capital raisings are going gangbusters, with Mallesons, Minter Ellison, Freehills and Corrs all scoring seats on the table at major rights issues.

The latest rounds of partner promotions announced this week reveal that some law firms have remained defiant against global trends of a weakening M&A market, with partner promotions in the M&A space still trickling in.

The collapse of the $19.5 billion Chinalco-Rio Tinto deal should not deter trading and investment with China, president of the Australia China Business Council Jim Harrowell AM told Lawyers Weekly on Wednesday.

The downturn means that incorporation may no longer be a priority for top-tier law firms, but Freehills and Mallesons told Lawyers Weekly this week that with the right amount of change, it could still be on the cards.

Mallesons Stephen Jaques was recognised at the International Financial Law Review's (IFLR) Asia Awards 2009