Clayton Utz Revenue Down By $A18.7 Million

This makes us wonder whether they'll be a target for a China law firm looking to compete with King & Wood ( ah and we almost forgot to add the Mallesons name on the end of that !) Here's what Roll on Friday are saying http://www.rollonfriday.com/TheNews/APNews/tabid/359/Id/2895/fromTab/359/currentIndex/0/Default.aspx Revenue falls by $18.7million at Clayton Utz Australian firm Clayton Utz has revealed an $18.7 million drop in revenue to $436m in 2012/3. The firm’s annual report, released last week, showed its most recent financial figures. Chief Executive Darryl McDonough said that an under-performing Australian market was to blame for the firm’s poor financials. And given the performance of other firms, it seems Clutz's weakness could well be be its over reliance on its domestic Australian practice. Baker & McKenzie for example, which has a much broader Asia-Pacific practice, recently announced 28% revenue growth in Asia-Pacific and the recruitment of 60 lateral partners in the last year alone. Clutz showed signs it was struggling in November last year, when it confirmed that it would be axing a number of roles and freezing recruitment. Then in June, McDonough revealed that the firm’s ‘flexible work program’ where staff were invited to buy additional annual leave, cut their working hours or take unpaid leave was an attempt to avoid redundancies.