Now the Brisbane managing partner, Mr Christensen acknowledged Queensland’s flagship industry sector, energy and resources, was slowing down.

“The coal mining industry is clearly going through a difficult time –  there isn't a lot of acquisition activity there,” he said. “Foreign investment and general investment in the coal sector is low. That used to occupy a whole lot of people and it doesn't any more.”

Mr Christensen also pointed to easing legal activity on the Curtis Island coal seam gas project after a flurry of work in recent years.

However, he suggested Baker & McKenzie’s relatively small size in Brisbane may have been a strength in tough economic times, describing the firm as “lean and mean”.

“We're still seeking to grow –  we're probably one of the few law firms trying to do that. But then again, we've come off a fresh start so we don't have a big legal infrastructure to service, whereas others may.”

The Brisbane office now has five partners and 15 fee-earning lawyers, he said, including former Allens competition specialist Jo Daniels and former Clayton Utz partner Darren Fooks.

Mr Christensen suggested being part of a global network also protected the firm against local slumps.

“When have the international network that Baker and McKenzie have, we're to a significant degree insulated from the economic doldrums,” he said.

Nonetheless, he believes there are several “bright spots” in the Brisbane market, particularly property and agri-business.

“There's a lot of cranes on the horizon and we're going to see more, both in residential high-rise blocks and office buildings,” he said.

Agri-business is also likely to remain strong, with Mr Christensen expecting that demand would only grow over coming years as developing nations’ appetite for high-quality produce grew.

“We're seeing a lot of interest from all around the globe,” he said. “That's not a bubble –  I think that's a long term trend.”

Infrastructure projects could also be an exciting prospect, he suggested, despite the Palaszczuk government’s anti-privatisation platform.

“While traditional models like the public-private partnership in their simplest form might not be attractive, I'm sure investment banks and others will work out more clever ways of achieving a value proposition for government and investors. I think the Queensland Government would be receptive to that.”

Overall, in changing economic circumstances, Mr Christensen believes firms needed to seek out diversified practice areas.

“I've been around a long time, I've seen good times and bad times, and I think the important thing is to have a balanced portfolio that your office is working in. Typically when one is subdued, the other becomes a bright spot.”