Bloomberg report this morning…
Australia?s largest law firms maintained profitability through the economic downturn, by freezing pay and hiring and redundancy programs, the Australian Financial Review said.
The nation?s 10 largest law firms by revenue together generated more than A$3.5 billion ($3.1 billion) and an estimated A$1.5 billion in profit in the past financial year, the newspaper said, citing its own survey.
Profit margins were maintained between 34 percent and 46 percent due to a drop in the number of equity partners benefiting from the profit pool, the report said.
http://www.bloomberg.com/apps/news?pid=20601081&sid=aLSInyj4bCQw
The AFR is subscription access only .. http://www.afr.com/home/
