To support this founding team, the global managing partner of Allen & Overy, Wim Dejonghe, told Lawyers Weekly, the firm was ready to hire a batch of junior lawyers from the local market.

This is good news for young lawyers who can now enter the international market without the challenge of settling in another country.

Michael Lishman, co-founding partner of Perth-based firm, Cochrane Lishman Carson Luscombe, welcomed the arrival of Allen & Overy and cited the great prospects on offer for young Australian lawyers.

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"It's very exciting. I think it will offer young lawyers a lot of opportunity. I think if the Magic Circle firms do take Australia seriously, there will be flow-on benefits to our capital markets and there will be flow-on benefits to our universities."

Lishman said the arrival of a Magic Circle firm in Sydney, and, in particular, Perth, will help to retain the best and brightest young lawyers, who previously had to leave the country to get such invaluable international experience.

- Briana Everett