The Australian legal sector suffe- red in 2016 as the country’s economy continued to struggle. For the second year in a row, none of Australia’s three largest independent firms—Clayton Utz, Minter Ellison and Allens—made the Global 100 revenue ranking.
The economic slowdown that began in Australia in 2015 with the collapse of commodity prices and the decline of Chinese economic growth intensified last year, with the worst third quarter since the 2008 financial crisis. Meanwhile, the Australian dollar continued to depreciate, trading at A$1.34 per dollar, down 17 percent from 2014.
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