Ten Australian firms were short-listed for the award - known as the Gold Award - and 200 international independent law firms were competing for the title of Best Law Firm in their respective countries.

The award - judged by seven jury panels of more than 80 general counsel and senior legal and financial executives - is based on a number of criteria including financial performance, firm strategy, deal record and management and leadership.

Commenting on the Clayton Utz win, chief executive partner David Fagan said: "Clayton Utz is committed to excellence in legal services and we are proud that our commitment has been recognised on the international stage.

"We acknowledge and thank our clients for engaging us to work alongside them on some of the market's most exciting and innovative transactions."

The annual event brings together independent law firms, general counsel and senior executives from over 40 countries.