Law firm leaders tip areas of potential growth over the next financial year

The Australian Financial Review Law Partnership Survey asked 50-plus firms: “What are the biggest growth opportunities – by practice area – for your firm going into the next financial year?”

Warren Kalinko, [CEO] of Keypoint Law, pointed to [insolvency and restructuring].

“With a new federal government and the likelihood of a firmer focus on taxpayers by the ATO, we anticipate significant movement in the areas of insolvency and restructuring,” he said.

“The accumulation of liquidation applications over the last two years, combined with 1/ the enormous growth of the country’s undisputed tax debt (from $19.2 billion to $34.1 billion in five years); 2/ increasing interest rates and, 3/ overall inflated cost of living, supports our assessment of insolvency as a potential key growth area in the next financial year.”

Full AFR article: https://www.afr.com/companies/professional-services/primed-for-growth-law-firm-leaders-tip-areas-to-watch-20220628-p5ax4l