Law.com reports…that the growth in litigation is behind the firm’s growth spurt.
U.K. law firm Clyde & Co plans to continue its aggressive growth strategy in Australia on the back of an upswing in litigation and by poaching partners from other firms.
The firm’s Australian arm has experienced double-digit growth in revenue since it was established in 2012, with an increase of 33% in the last fiscal year and 28% the previous year.
“We are aggressively pursuing growth in each of the industries that we are focusing on,” said Michael Tooma, managing partner of Clyde & Co Australia. “And we are doing that organically in terms of promotions from existing talent within Australia and we are doing it by actively being in the market for lateral partners in those industries.”
Globally, Clyde & Co’s revenue increased by more than 11%, to £611 million ($775 million) over the past year, according to Legal Week.
In Australia, the firm specializes in infrastructure and construction, transport, energy, insurance and cybersecurity. While it does have some transaction capability, it is mostly focused on pursuing litigation opportunities, be they funded by litigation funders, by corporations or by insurance policies, Tooma said, adding that the firm has benefited from a “very significant spike in litigation.”
“The environment in that space has been quite favorable to law firms generally,” he said.
Some of the spike has been driven by findings from various Royal Commissions—government inquiries into the banking and financial system, the aged care sector and the disability services sector, Tooma said.
Michael Tooma“What we’re seeing is a rise in class action litigation. Australia was initially late to the party and has really taken to that as a platform and an area where our courts are highly organized,” he said. “Even the thresholds are defined in a favorable way to allow for class actions to occur.”
Tooma noted that Australia has been one of the “prime movers” behind litigation funding.
Source: https://www.law.com/2019/07/08/uks-clyde-co-plans-further-growth-in-australia-292-49291/
