According to a report published in The Lawyer.com this week, lawyers in New Zealand are facing increasing competition in the domestic corporate market from their Australian counterparts, and from in-house lawyers.
In order to counter the phenomenon, according to the news service, a number of boutique firms specialising in trans-Tasman work have recently been established in New Zealand.
Laurie Mayne, senior partner at one such boutique firm, Mayne Wetherall, confirmed the situation, explaining that:
"The legal market in New Zealand has become increasingly provincialised, with the decision-making moving from Auckland and Wellington to Sydney. New Zealand has evolved into a branch office economy - and with six heavily lawyered, 40-plus-partner firms, there's a lot of competition."
He went on to add:
"There's been more than a drift of work across the Tasman - all of New Zealand's banks are now Australian-owned, with the last one sold to ANZ last year, and many corporations have head offices offshore."
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