Minter Ellison revenue up despite ‘patchy market conditions’
Minter Ellison has reported a $10 million increase in revenue for FY15, defying the volatile legal market.
The firm’s annual report, released on Monday, puts the firm’s revenue for FY15 at $428 million, up from $418 million in FY14. The firm never reports its net annual profits.
Minter Ellison chief executive Tony Harrington (pictured) said the firm had successfully navigated the “current patchy market conditions”.
"We firmly believe that value creation for clients, together with a high-performance culture, are a winning combination,” he said.
"Clients are looking for new solutions. We've responded by doing things differently – being more agile, innovative and bold about our choices and our advice.”
Chairman Bruce Cowley said FY15 was significant for Minter Ellison in many ways. “In years to come, FY15 may be seen as a watershed year for our firm,” he said.
Minter Ellison increased its hires and promotions by 60 per cent compared with FY14, admitting 12 new partners and announcing 100 other senior hires and promotions.
The firm, which has 15 offices in Australia, Asia and the UK, now has more than 1,600 staff.
Over the past financial year, Minter Ellison advised on M&A transactions with a total market value of $30 billion, up from $23.82 billion in FY14. The firm also acted on infrastructure projects with a total market value of $34 billion during FY15.
The firm's annual report attributes the strong M&A sector to the low Australian dollar, the falling commodity prices putting pressure on the energy and resources industry, and foreign companies taking advantage of companies disposing of assets.
“These factors, combined with regulatory changes, kept foreign investment firmly on the radar for many,” the report states.
The growth in infrastructure is a result of federal and state investment, as well as the expansion of retirement villages to cater for ageing baby boomers, according to Minter Ellison’s annual report.
Minter Ellison’s revenue was spilt evenly across transactions (making up 27 per cent of revenue), projects (27 per cent) and disputes (29 per cent), while advisory work comprised 17 per cent of total revenue.
More than 75 per cent of Minter Ellison’s lawyers engaged in pro bono work over the past financial year, with a total of 30,000 hours completed.
The pro bono contribution averaged 39 hours per lawyer, with a total value estimated at $10 million.