Striking the right balanceFebruary 2019

Legal firm survey

Legal profession at a glance

2017/18 2018/19

$19.9bREVENUE

0.7%ANNUAL GROWTH OVER 5YRS

$6.3b31% of revenue WAGES 31.7% of revenue

21,322BUSINESSES

Source: IBISWorld July 2018

ContentsOutlook for the future 1

Major challenges 2

Legal survey 2018 highlights 3

People, culture and diversity 4

Profitability 6

Financial management 7

Tax and compliance 8

Working with clients 9

Use of technology 10

Cybersecurity 11

About Pitcher Partners 12

We understand the legal sector 13

Outlook for the futureThe medium to long-term future of legal firms remains positive but we expect political uncertainty and volatility in both local and international financial markets to challenge firms in the short term.

RevenueFirms relying solely on transactional based services may see a reduction in new engagements as the local business community pauses ahead of the upcoming Federal election and a possible change of Government.

Revenue resilience will be tested with innovative firms looking to support traditional, transactional-based income with new recurring revenue streams.

OutsourcingThe use of offshore service providers will continue to be a focus for many firms, however wage pressures overseas and improved technology and systems locally may see the rate of outsourcing ease over the medium-term.

WagesWage pressure for local junior staff should remain low with the supply of graduates continuing to outstrip demand. The retention of senior staff will, however, continue to remain important, with increased opportunities and competition in the market making it difficult to retain these professionals.

Market changesConsolidation of top tier firms and the increasing move into the legal services market by the Big Four accounting firms, will see increased competition across the industry. Mid-tier legal firms may also face challenges retaining new and upcoming partners in the face of increased activity and the increase in smaller niche legal firms.

TechnologyFirms embracing technology, challenging traditional revenue streams and focusing on industries that are likely to outperform others in the mid-long term are expected to achieve good results in a volatile economic environment.

PlanningFor firms that participated in our survey, it is surprising that almost 30% of firms are not budgeting at all. This makes planning difficult and would also suggest unnecessary time and cost is spent determining the simple but essential aspects such as how to pay bills and manage cash flow.

ProfitabilityA number of survey respondents noted cash flow as a challenge and if we couple this with the fact many firms are delivering below average profits, there is still a large number of lawyers working hard for neither peace of mind nor a great deal of money.

The futureRespondents remained optimistic about the year ahead, with 71% of respondents experiencing revenue growth and projecting revenue growth for FY 2019. Although we note, this is slightly down on last year when 73% experienced growth and 76% projected an increase in FY 2018.

A reduction in firms considering a restructure (23% compared to 43% in 2017), perhaps reflective of the uncertain environment caused by the ATO’s ongoing review of professional services income guidelines.

23%OF RESPONDENTS SUGGESTED THEY WOULD CONSIDER RESTRUCTURING

THEIR FIRM

1

Major challenges – finding balanceStaffing and people represent by far the greatest challenges faced by law firms, followed by revenue and fees, profitability and general financial management. The changing environment continues to be challenging for many firms with growth and succession issues dominating strategic outlooks.

The major staffing and people concerns are resourcing for growth – attracting talent at both staff and partnership levels – and the retention of talent.

Firms find it difficult to manage lawyer utilisation by keeping them busy and efficient whilst maintaining a healthy workplace culture. Striking a balance between getting the most out of staff – while keeping them engaged and happy – is seen as a challenge by at least 30% of firms surveyed.

The next major set of challenges emerged as financial pressures: pricing and top line revenue; managing debtors; and maintaining cash flow. Not unlike staffing and people, the challenge lies in finding a balance between being cost competitive, maintaining cash flow and generating a profit which reflects an appropriate Return on Investment. Not surprisingly, there are also related concerns about where new work will come from and how to compete in a continually evolving market place.

Related, but perhaps a question of strategy as well as people, remains the issue of succession planning. We know from previous surveys that only 35% of firms have documented succession plans and it appears this challenge is ongoing. If your firm is dependent on a few partners to record high billable hours, then focusing on culture and retention strategies for partners should be as important as it is for staff.

Another major strategic issue is whether to grow and if so – how? These concerns will compound, and be compounded by, staff and succession issues and will impact decisions about how many graduates to hire, where offices should be located, how to source lateral hires, introduce new service offerings and the like.

As well as these internal strategic issues, a number of concerns were raised around the changing legal environment, including issues such as competition from “alternative” providers, client pressures, and the increasing complexity of work. This perhaps reflects the impact of automation and the rise of online and virtual firms taking over compliance work, leaving the more complex work to traditional firms.

The top five challenges faced by respondents

Attracting and retaining staff

Fees/profit/financial management

Succession and growth

Changing environment

New clients/markets

This year we asked respondents to identify the major challenges facing their law firms.

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TOP 3 WIP WRITE OFF REASONS

FIXED PRICE OVERRUN (E.G. INADEQUATE QUOTE)

TIME OVERRUN (E.G. UNNECESSARY REWORK) SCOPE CREEP

AVERAGE PROFESSIONAL FEES PER EQUITY

PARTICIPANT

AVERAGE NET PROFIT PER EQUITY PARTICIPANT

NET PROFIT AS A % OF PROFESSIONAL FEES

THE TOP LINE: REVENUE & OUTLOOK 2017 2018 2019 (PROJECTION)

Legal survey 2018 highlights

36%

46%

84%

67%

64% GRADUATES

54% PROFESSIONAL STAFF

16% EQUITY PARTNER

33% NON EQUITY PARTNER

$498

K

$592

K

$737

K

26%

31%

31%

$1.9

M

$2.0

M

$2.3

M

Staff level by gender

45%OF FIRMS USE TECHNOLOGY TO

IMPROVE CLIENT EXPERIENCE2017 53%

2018 FY GROWTH

ACHIEVED

71%OF FIRMS EXPERIENCE

GROWTH 2017 73%

2019 GROWTH

PROJECTION

71%OF FIRMS ARE

EXPECTED TO GROW 2017 76%

FINANCIALS

71%OF FIRMS COMPLETED

AN ANNUAL BUDGET 2017 77%

MEASURE BILLABLE HOURS

SOURCES OF FIRM FINANCE

67%PARTNER EQUITY

46%OVERDRAFT

48%LONG TERM DEBT

0GRADS

0-5GRADS

GRADUATE INTAKE

5+GRADS

2017 40%

2018 38%

2017 45%

2018 53%

2017 15%

2018 9%

10% IS THE AVERAGE WRITE OFF FOR THOSE FIRMS 2017 12%

70% OF FIRMS ACTIVELY REVIEW WIP WRITE OFF 2017 71%

3

People, culture and diversity54% of professional legal staff are female, however only 16% of equity partners are. The 33% of female non-equity partners is an encouraging sign provided that non-equity partners are a path to equity partnership and not just a holding pattern for senior practitioners.

64% of graduate hires are female reflecting the fact that the majority of legal graduates are female. However resolving the gender diversity imbalance will take more than just more female hires. Firms need to look at what strategies they have in place to retain staff and also develop and incentivise towards partnership.

Unsurprisingly, the firm with the highest partner-to-lawyer leverage ratio was the most profitable. Interestingly, this is not then borne out by a pattern. Firms achieving 30%+ profit came from firms with partner to staff ratios of 1:43, 1:30, 1:12, 1:9, 1:7 and even 1:1.4. This would seem to indicate there is no magic leverage number to aim for, and it is therefore important to ensure there is balance across all factors.

The number of firms not hiring graduates is much the same as in previous years, while the number hiring up to 5 has increased slightly. However, the number hiring more than 5 is significantly fewer than previously. This is interesting given the high number of respondents who mentioned finding, attracting and retaining staff to be a major challenge. Firms are perhaps more focused on experienced hires rather than investing the time, effort and expense of recruiting graduates.

To encourage retention, flexible work arrangements and learning and development are again the most popular policies. However this year incentive remuneration also appeared as a significant tactic, slightly ahead of career progression opportunities. It will be interesting to see if the attractiveness of incentive remuneration wanes as the impact of the recommendations from the Hayne Royal Commission make themselves felt outside the financial services sector.

For the nearly 90% of firms who have introduced flexible work arrangements, the introduction of flexible working practices have had an overwhelmingly positive impact on firm culture. With more than 20% of firms saying they are unsure of the potential impact of flexible working, perhaps the challenge of measuring an improvement in culture is one of the issues holding these firms back from embracing flexibility.

Of those firms that had measured the impact of flexibility on profit, the majority had not yet seen a difference. Together, lack of measurement and/or difference may indicate firms are looking at flexibility solely as a retention tool rather than a lever in managing growth or improving profitability.

Major people challenges:

Diversity

Leverage

Attraction

Retention

Flexibility

Flexible work arrangements

Learning and development

Incentive remuneration

Career progression opportunities

68%

62%

89% OF RESPONDENTS

57%

STAFF RETENTION POLICIES

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Female Partners>50%

10-50%

<10%

27% PROFITABILITY

29% PROFITABILITY

33% PROFITABILITY

DOES THE NUMBER OF FEMALE PARTNERS IMPACT PROFITABILITY?

Staff level by gender36%

46%

84%

67%

64% GRADUATES

54% PROFESSIONAL STAFF

16% EQUITY PARTNER

33% NON EQUITY PARTNER

5

Profitability Regular market commentary suggests law firm profits continue to grow and may be at record highs. These numbers can often be distorted if not seen in context. Net profit as a percentage of revenue and net profit per equity partner can both be more useful guides but often no more than that; a guide. There are many ways to look at increasing profitability, such as partner to lawyer leverage ratios, increasing billed hours and recovery, reducing overheads, monitoring profitability per client, and reviewing billing and pricing methodologies etc. This year’s survey responses indicate that firms that bring balance to all aspects of their business are thriving in current market conditions.

Factors that lead to more profitable firms are:

Firms that are structured as a partnership of entities. Whilst structure itself may not directly impact profitability, it would appear those with more rigorous legal structures are likely adopting a similar approach to all facets of their business and therefore are on average more profitable.

Firms that embrace gender diversity across equity partners. Consistent with recent media and research, survey respondents with diversity of gender across equity partners are on average more profitable.

Firms that measured and tracked lawyer hours. The ability to track time, and therefore set and monitor KPIs, will keep lawyers accountable, maintain strong utilisation rates and most likely improve bottom line results.

Firms that billed predominantly, but not exclusively, based on time. It appears those firms billing time have less unbilled effort and a better understanding of cost drivers when pricing work. This does not mean bills need to be just a list of actions and hours, but time does need to be monitored and considered. This needs to be balanced with the flexibility to alter billing methods for specific client or engagement needs such as fixed fees or value billing as they arise.

Firms that monitor WIP. It is no surprise that firms who closely monitor WIP (being billable time and expenses not yet been charged to clients) are on average more profitable than firms who do not. Monitoring WIP not only helps maintain a strong bottom line, but also helps keep lawyers and partners accountable and aware of what has been billed and importantly, what is available to be billed.

Write off rates. Firms with WIP write off below 5% are on average the most profitable. Interestingly though, of firms who monitored WIP write off, the next most profitable range of firms are those with WIP write off greater than 15%. It may be these firms have elected to have higher hourly rates, hoping to recover where they can.

25%OF RESPONDENTS

TRACK PROFITABILITY AT THE CLIENT LEVEL

Keeping track• Net profit as a percentage of revenue is only marginally different for

firms that tracked profitability at the client level. This then poses the question – is what is being measured not necessarily getting managed?

• For firms that track profitability at the client level, is it simply that whilst the data is available it is not being used to improve client continuance and acceptance policies? Are the hard conversations being avoided?

• Is the information being sufficiently utilised to diversify service offerings towards higher-margin and more valuable advisory work?

• Are partner and lawyer KPIs, such as a focus on revenue introduced and retained rather than the profitability of each matter, impacting decision making?

6

NOTE: The firms billing 50-70% on a time basis were generally larger firms so profitability may well be skewed by size, leverage and economies of scale.

Financial managementStrong internal and external financial reporting and support is essential for a firm to grow and succeed. Partners/owners need to ensure they are confident and the business is being well managed.

More than one quarter of firms are not measuring time. Nearly 30% of fees are fixed price, but without time measurement it is difficult to ascertain how firms are tracking time, profitability, utilisation, and performance. On what basis are they quoting on work?

The most profitable firms are those that measure billable hours. This would imply the ability to track time allows firms to keep staff accountable and track and monitor utilisation.

This can then be compared with the number of firms still predominantly invoicing by the hour, which at 58% is still the most popular form of billing.

We then find similar results with profitability by billing type, where the most profitable firms are those billing 50-70% of their total revenue on a time basis. Billing based on time keeps a focus on the cost drivers of work when estimating and quoting. The 30-50% of revenue not billed on time would indicate that firms still need to be responsive to client needs with their available billing methods. If firms can flex to client needs, the bottom line appears to reflect the benefits.

The majority of the firms not recording time were also the smallest by revenue. Whether this is driven by philosophy or lack of infrastructure is unclear.

For those tracking time, actual billable hours are, unsurprisingly, higher for professional staff than

partners. However, more than 10% of partners billed 2,000+ hours a year, indicating overwork, the risk of burnout and that finding the right balance is a challenge as much for partners personally as it is for managing the firm's professional staff. This high number of billing hours for partners should be considered when looking at practice growth strategies, succession models, and occupational health and safety.

Only a quarter of firms are tracking profitability at the client level and at this stage the possible reasons (software not available, too hard or time consuming) are not clear. Regardless of the reason, having robust client acceptance and continuance policies and processes are essential. If you want to improve your client mix, it will be almost impossible if time continues to be spent servicing unprofitable clients. However, you cannot manage the ongoing relationship and matter management of ‘unprofitable’ clients until you know who they are!

70% of firms actively review WIP and the reasons for WIP write-off remain unchanged – namely fixed price overruns, time overruns and scope creep. In this survey client push back on fees was also a major source of WIP write off. Communicating value is essential if firms want to avoid a race to the bottom in an increasingly commoditised market.

58%TIME BASED

29%FIXED PRICE

6%VALUE BASED

OTHER

BILLING METHODS

63% YES 37% NO

25% YES 75% NO

30% NO70% YES

90% who prepare track to budget

DO YOU PREPARE A BUDGET?

DO YOU MEASURE BILLABLE HOURS?

DO YOU TRACK PROFITABILITY AT THE CLIENT LEVEL?

7

Tax and complianceLegal practices continue to be the subject of review as a part of the Australian Taxation Office’s assessment of the reporting of income by professional service firms. This includes the review of Service Entity Arrangements (2006), the Professional Income Splitting Guidelines (2015 and 2018), and the more recent focus on Everett assignments where the Government has announced plans to close what it regards as a loophole in respect of Capital Gains Tax (CGT) concessions. The ATO’s objectives are to ensure an appropriate level of income is recorded in legal practitioners’ personal tax returns and to make sure that, coupled with the various state-based jurisdictions, overall income is being subject to a reasonable level of taxation. Because of these reviews, the right structure for your law firm remains a case by case assessment.

Our preference for a firm’s legal structure:

Partnership of discretionary trusts

Discretionary trust with a corporate trustee

Unit trust

Partnership

Incorporation

In finding the right balance for your firm:

• care should be taken to ensure current practices are reasonable and do not place individual legal practices within the ATO’s high-risk categories,

• do not assume the legal structure mandates the operational and decision-making structures your firm adopts, and

• the right structure should facilitate your firm’s key objectives. These are generally: the protection of assets and income from claims against the practice and its owners, flexibility of income distribution, the reward and recognition of one or more owners, a platform for wealth creation, and ease of entry and exit for equity participants.

Firms are faced with a range of legal, decision making and taxation challenges such as the current Professional Indemnity insurance environment, Uniform Law, Practical Legal requirements (including the introduction of Practical Legal training requirements in Victoria from 1 January 2019) and the strict and time consuming requirement in managing legal trust accounts. It is no wonder firms might often struggle to commit the appropriate time and energy to the day-to-day challenges and demands of running a practice.

8%SOLE TRADER

31%PARTNERSHIP OF

INDIVIDUALS

14%PARTNERSHIP OF ENTITIES/TRUSTS

43%CORPORATE ENTITIES

OTHER

FIRM STRUCTURE

8

Working with clients The majority of respondents undertake specific steps to communicate value to their clients which is excellent. More than half explain value in their client conversations, whilst including details of value on invoices and in deliverables are also popular.

While it is good to see firms focusing on communicating value, it is important to make sure this communication is effective. With the vast majority of new business coming from existing clients in the form of work or referrals, effectively communicating value to clients is a critical marketing and growth strategy. Outlining your value on invoices is certainly warranted, but the invoice is quickly separated from the work performed and may not be received by the ultimate decision makers. Similarly, expressing value in conversations is important, but the message may not reach the most influential audience. Firms should consider using a range of ways of communicating value and managing the client experience generally to ensure the message is getting through to those who need to hear it.

As technology and automated online documentation becomes more prevalent in the legal industry, now is the time for legal advisors to cement their key client relationships and establish a solid and meaningful client experience that clearly articulates the value delivered.

Although legal firms continue to face disruption from the availability of new and improved technology (such as smart contracts, AI etc) less than 50% of respondents’ firms are using technology to improve the client experience.

There seems to be a focus on delivering value for clients (or at least communicating it) yet the avenues that technology provide to assist in the process are not being adopted and fully utilised. Where it is currently used, respondents indicated that electronic execution, portal access to files and data rooms are the most popular choices.

As digital technology becomes pervasive, people are becoming more interconnected and clients expect the same level of responsiveness in business. A balance needs to be struck between meeting clients’ demands for good systems and reducing the cost of infrastructure.

45%FIRMS USE TECHNOLOGY TO IMPROVE THE CLIENT

EXPERIENCE

FIRMS DO NOT

We detail the value we provide in the invoice

We detail the value in the deliverables we provide

We explain the value in our client conversations

We do not do anything specific

47%

62%

47% OF RESPONDENTS

22%

COMMUNICATING VALUE TO CLIENTS

Top 3 sources of new work

More work from existing clients

Referrals from existing clients

Referrals from other professionals

TECHNOLOGY USED TO IMPROVE THE CLIENT EXPERIENCE

53%

53%

53% OF RESPONDENTS

44%

Portal access to online files

Data rooms

Electronic execution

Online file management

9

Use of technologyWhen it comes to internal technological efficiencies, firms appear far more diligent than they are with clients. More than 85% of firms use technology to improve process efficiency. Document precedents, accounting functions, file and time management are the most popular. Take up of outsourcing is increasing with nearly a quarter of firms who are using technology, using it for outsourcing.

Top Practice Management Systems

Lexis Affinity

Leap

Filepro

Aderant Expert

When choosing the right practice management solution, it is important to clearly articulate core requirements versus "nice to haves". This will assist to differentiate between products with similar capabilities.

Other issues to consider when looking at the functionality and pricing of a solution, are the growth aspirations of your firm, target industries and the variety of your service offerings. This will help determine whether you are looking for a solution suited to smaller firms or the mid market and whether the software provider has a wider breadth of capability which can be implemented as you grow.

Most legal firms who responded felt they have sufficient billing and practice management solutions as well as the more traditional back-office systems such as payroll and finance. The use of CRM and HR solutions appears less mature.

Last year nearly 40% of firms said they did not have the people management tools they needed and for this year’s respondents things do not seem to have improved, with only 25% saying they are well resourced for HR. Similarly, last year more than 40% did not have the resources for effectively managing their relationship with their clients and this year’s respondents fared worse with 75% who feel their CRM is inadequate.

With the vast majority of new work and referrals coming from existing clients, and people one of the major challenges as well as the source of future income, clearly this needs to improve. The balance between looking after the practice and looking after clients and people needs to shift and those who shift quickly are likely to prosper.

TECHNOLOGY FOR EFFICIENCY(% of respondents using)

77%

75%

89%

71%

25%

Precedents

Accounting

File management

Time management

Outsourcing

FUNCTIONS WITH SUFFICIENT TECHNOLOGY

93% BILLING

88% PAYROLL

69% FINANCE

66% PRACTICE

MANAGEMENT

25% HR

25% CRM

10

Cybersecurity As with last year the majority of respondents are concerned about cybersecurity. However, survey respondents confirmed general media commentary during the year about the legal profession not knowing how to protect client information online.

This year more respondents have taken some action to protect their businesses and clients, with the use of firewalls and encryption almost doubling to 84%, and close to 50% using inhouse and/or external data security. Perhaps the most encouraging sign is nearly 60% having a disaster recovery plan compared to 10% of last year’s respondents.

However, legal firms continue to face an unprecedented risk in information security management, including cybercrime, which is compounded through smartphones, messaging services, emails and social media, etc. These touch points blur when and where sensitive data may be handled such as at home, in the office or on the train. With this in mind, there are four cybersecurity issues to look out for.

Compliance considerations. The General Data Protection Regulation applies to data involving European citizens as well as the Notifiable Data Breaches scheme under Part IIIC of the Privacy Act 1988 to protect the personal information of your Australian-based stakeholders.

Cyber attacks. The growing sophistication of cyberattacks includes malware and ransomware; the latter designed to restrict access to your data until a ransom

is paid. Ransomware continues to be the biggest threat for the legal community. A law firm that is locked out of its IT for even a short period of time could soon find that it is unable to meet important client deadlines. Cyberattacks will put pressure on implementing effective IT systems.

AI. The growing popularity of Robot Process Automation, is based on the notion of artificial intelligence and is used to mimic human decision-making. This introduces a new opening which attackers may wish to exploit.

Third-party suppliers. Third-party suppliers present a risk as firms will be held accountable for cyber-breaches even if they occurred due to negligence of an external IT Managed Service Provider. Statistics for breaches related to third parties are increasing and it is imperative that firms have established a comprehensive due diligence process before hiring an IT Managed Service Provider or reviewing the services of an incumbent.

With cybercrime now the number one economic crime, legal firms need to be vigilant in their focus on information security and the confidentiality, integrity and accessibility of client data.

Action taken to protect firms against cybersecurity threats (% of respondents)

84%Firewalls / data encryption

/ secure storage

60%Disaster

recovery plan

52%In-house

IT security

48%Outsourced data security

88%OF RESPONDENTS

SEE CYBERSECURITY AS A RISK

11

About Pitcher Partners

Pitcher Partners Australian snapshot

122 partners 1,300+ people 6 independent member firms

Pitcher Partners has the resources and depth of expertise of a major firm, but with a boutique firm feel. We give our clients the highest level of personal service and attention. Pitcher Partners is an association of accounting and business advisory firms located in Adelaide, Brisbane, Melbourne, Newcastle, Perth and Sydney. We have a strong reputation for providing personal service and quality commercial advice to our clients across a broad range of industries.

We specialise in providing services to family controlled, privately owned and small public businesses as well as high net worth individuals, the public sector and not-for-profit organisations. Our clients require high technical standards, matched with a personal understanding and involvement in their affairs.

Pitcher Partners is also an independent member of Baker Tilly International, one of the world’s leading networks of independently owned and managed accountancy and business advisory firms. Our strong relationship with other Baker Tilly International member firms has allowed us to open many doors across borders for our clients.

Private wealth services

Estate Planning

Family Office Management

Investment Advisory Services

Philanthropy Services

Succession Planning

Superannuation Strategies

Tax Advice and Compliance

Industry specialisations

Agriculture

Food and beverage

Government and the public sector

Health and aged care

Hospitality

Manufacturing

Not-for-profit

Professional services

Property and construction

Retail

Our commercial services to businesses

Financial essentials

Accounting and Business Advisory Services

Audit, Risk Management and Assurance

Internal Audit

Recovery, Turnarounds and Insolvency

Tax Advice and Compliance

Planning and growth

Business Consulting and Commercial Advice

Business Performance Improvement

Business Structuring

Corporate Finance

Corporate Governance

International Business Advisory

Investment Advisory Services

Succession Planning

Superannuation Services

Tax Consulting

Technology and IT Consulting

Valuations

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We understand the legal sectorAt Pitcher Partners we work for, and with, legal firms. We have a wide range of large, medium and small legal firms as clients and have worked with a similarly wide range of firms to help their or our mutual clients. Our extensive legal profession experience means we are well positioned to provide strong strategic and commercial advice on a wide range of business issues. We also provide professional support to a broad network of lawyers and conduct surveys and benchmarking studies to ensure we stay abreast of major issues facing the legal profession.

Legal professionalsWe provide a full range of services to professional firms, resulting in improved financial performance and analysis of their operations. Services we provide to legal clients include:

Audit and Assurance

Critical Point Network

Management Reporting and Advisory

Outsourced Financial Controller

Succession

Tax Consulting

Valuations

Working with youWe are also able to work with you to provide advice to your clients. Services we provide both to and with legal firms include:

Estate Planning

Mergers, Acquisitions and Sales

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We're here for you

MELBOURNE+61 3 8610 5000 partners@pitcher.com.au

ADELAIDE+61 8 8179 2800 partners@pitcher-sa.com.au

SYDNEY+61 2 9221 2099 sydneypartners@pitcher.com.au

BRISBANE+61 7 3222 8444 partners@pitcherpartners.com.au

PERTH+61 8 9322 2022 partners@pitcher-wa.com.au

PITCHER.COM.AU

NEWCASTLE+61 2 4911 2000 newcastle@pitcher.com.au

Pitcher Partners is an association of independent firms. Liability limited by a scheme approved under Professional Standards Legislation.

Ashley Davidson MelbournePrivate Business and Family Advisory Partner+61 3 8610 5327ashley.davidson@pitcher.com.au

Michael Minter NewcastleManaging Partner +61 2 4911 2000michael.minter@pitcher.com.au

Peter Camenzuli BrisbanePrivate Business and Family Advisory Partner+61 7 3222 8444pcamenzuli@pitcherpartners.com.au

Leon Mok PerthManaging Director +61 8 9322 2022mokl@pitcher-wa.com.au

Rob Southwell SydneyManaging Partner+61 2 8236 7724rob.southwell@pitcher.com.au

Tom Verco AdelaideManaging Principal+61 8 8179 2800tom.verco@pitcher-sa.com.au