The Australian Financial Order lists the most bankrupt Australian banks, with a total of 1,638 law firms.
That’s less than half of the total number of law firms in Australia, which has reached 6,965 law firms, or 10 per cent.
The Bankrupt Lawyer’s Bankrupt law firm, which specializes in bankruptcy cases, has a turnover of $14 million.
The average annual turnover for bankrupt Australian firms is $25 million.
Lawyer and accountant Alan Fuchs says the situation for the law firms is very similar to that of the general public.
“The people that have been bankrupt in Australia are generally well off,” he says.
“People with the same assets are the ones who are the most likely to be bankrupted.”
Alan Fuchs is the Chief Financial Officer of the Lawyer & Acct of Australia and the Law Firm of Croydon.
(Supplied: Alan Fuchs)Bankrupt law firms have been a big part of the Australian banking system for a long time, Mr Fuchs explains.
“I remember as a kid my father going to a law school and I was in a class with some of the law students, and we were all given a piece of paper that said ‘your debts are going to be settled with a law firm’,” he says, referring to a process known as a bank-paid loan.
“When we went in, we had to sign a paper saying that we would be repaid with interest.”
And it’s the same thing for everybody.
So if you go into a law office and you go to sign that paper, you’re signing a paper that says, ‘I’m going to repay my debts with interest’.
“The Lawyer has helped more than 600 Australians with their debts, including some with thousands of dollars.
A bankruptcy lawyer with an eye on a new clientThe average annual amount owed by people with more than $20,000 in debts was $26,664 in 2017-18, up from $24,541 in 2016-17, according to data compiled by the Law &”
The general population is just a lot more resilient than you think, because the people that are in debt are generally the ones that are going through the worst of it,” Mr Fuch says.
A bankruptcy lawyer with an eye on a new clientThe average annual amount owed by people with more than $20,000 in debts was $26,664 in 2017-18, up from $24,541 in 2016-17, according to data compiled by the Law &