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The continued volatility of the global financial climate and the changing dynamics of the mining and resources sector, as well as the continuing decline in the commodities prices, has had an impact on the Australian market. The latter is particularly significant for the country’s energy and resources driven economy.
Despite these turbulent market conditions, foreign interest in Australia has remained steady, with an increase in activity from Asia and in particular China. Firms have also witnessed an uptick in work relating to large debt acquisition and debt-for-equity transactions.
The trend of foreign firms moving in to Australia has also continued, although there has been a move away from the large mergers of previous years. Clyde & Co LLP launched in Sydney in September 2012 and Perth in December the same year, poaching a team of eight from Allens. Quinn Emanuel Urquhart & Sullivan, LLP is launching an office in Sydney in 2013 with former Herbert Smith Freehills partners Michael Mills and Michelle Fox. K&L Gates has also launched in Australia, combining with Middletons as of January 1st 2013.
This continuing trend, coupled with the lack of high-end deals and consistent steady activity in the mid-market has given mid-tier firms the opportunity to attract talent from the top and to gain referrals from international firms.
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