The Australian economy started to make a comeback in 2014, and firms responded with optimism. After cancelling 2013 salary reviews to cut costs, King & Wood Mallesons (KWM) and Herbert Smith Freehills (HSF) lifted pay freezes in July after witnessing a more robust domestic market, while KWM and also Minter Ellison also promoted more lawyers this year. Minter Ellison reported a marginal revenue increase. 

International investment into the country also continued. At the beginning of the year Jones Day announced it was opening its second Australian office in Perth after the hire of Allens construction partner Stephen McCormish, and in October Bird & Bird sealed a merger with its Australian ally Truman Hoyle, some 18 months after the two firms announced an association. Baker & McKenzie and Clyde & Co also both opened Brisbane offices and Linklaters’ Asia managing partner said he would be open to a financial merger with Allens in the future. Others still interested in an Australian venture include Pinsent Masons and Dentons. Withers entered the country via an alliance arrangement in December.