The report’s researcher Joel Barolsky – a senior fellow at the Melbourne Law School and managing director at Barolsky Advisors – suggested Australian corporates are turning to local firms for their litigation and domestic matters.

“The global firms don't offer anything differentiated and there might be a preference to not go to a global firm because there might be a sense that you are paying a global overhead for local work,” he said.

“Some of the leading local firms or domestic firms – Minter Ellison, Corrs Chambers Westgarth, Gilbert + Tobin or Clayton Utz – are now making lots of headway by saying 'we're independent, we're Australian-owned, we're local',” he said.