Leaders of law firms say the energy sector will provide the biggest growth opportunities in 2023.
Energy is being tipped as the practice area that will help drive growth at law firms in 2023, with deal-making in the sector and ESG projects expected to provide a steady flow of work.
Richard Spurio of Allens says energy transition and lower valuations for technology targets will help generate deal flow.Richard Spurio, managing partner at Allens, said the firm was “seeing caution from some clients in light of current global conditions”.“But in other areas, such as ESG [environment, social and governance], cyber and energy transition, demand remains strong,” he said.
“There are still some areas we think are going to be quite resilient; ongoing regulatory investigations, restructuring and insolvency, and disputes.“In terms of growth for the new year, of course anything connected to energy transition, responsible business and data, cyber and tech continue to be heavily in demand.
Andrew Pike, executive partner at Herbert Smith Freehills, said: “The glass is still significantly more than half full, despite the economic outlook”. He also said the firm expected increased regulatory and enforcement activity and that increased funding for the Tax Office’s avoidance taskforce was “likely to create tax controversy opportunities”.
“The Australian Government is also in the process of overhauling aspects of workplace and industrial relations laws, especially in the area of enterprise bargaining and contract work. Australian businesses will need to be across these changes.”
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