The top end of the Australian legal market will become so competitive with the arrival of Magic Circle firm Allen & Overy that top-tier firms will become "like seagulls fighting over chips", according to Sparke Helmore managing partner Jesse Webb.
Speaking to Lawyers Weekly Wednesday, Webb said the market for legal services, particularly within the mining and resources, corporate and M&A sectors in which Allen & Overy intends to operate, will become even more competitive.
"It's a tight market as it is with the top eight firms. There is only so much work to go around so I think it will certainly place some pressure on those firms operating in that area," he said.
Webb's comment is in contrast to those offered by many top-tier firms, whose general sentiments have reflected a lack of concern in relation to their market position and client retention.