Greenwoods & Freehills reaches 20 year milestone

Boutique tax firm Greenwoods & Freehills (G&F) celebrates 20 years of business in December, with the anniversary marking two decades of continued growth and development.

G&F offers specialist taxation advice to major organisations operating in the domestic and international markets. Sectors focused on include property, banking and finance, insurance, manufacturing and pharmaceuticals.

Mark Ferrier, G&F chairman who has been with the firm since its inception, said: ‘In 20 years we have kept the same relationship clients and developed more such clients. We have become a major force in the property and banking and finance sectors standing toe to toe with our competitors who invariably dominate us with their manpower, size and international franchise but do not surpass us in technical skills and providing outstanding service for our clients’.

The Australian tax industry has experienced significant developments over the past two decades and according to Malcolm McLean, G&F managing director and also a 20-year veteran of the firm, one of the biggest changes has been the implementation of in-house tax teams by most major companies.

‘Twenty years ago we did practically all the tax work for our clients. Now, the enormous regulatory obligations mean most companies have internalised their day-to-day tax business,’ he said.

‘The industry change has seen a complete reversal of G&F’s business over the years. Assisting clients to meet their regulatory obligations represented 70 per cent of our business in 1985, whereas value added tax advising functions only represented 30 per cent. We now operate with opposite ratios,’ he added.

Another identified change in the industry according to Malcolm is the increasing amount of work in tax litigation.

‘Tax litigation has become a far bigger activity in Australia. Freehills is number one in the area and we work closely with them in assisting the litigation lawyers’ understanding of all the necessary facets of the Tax Statute,’ he said.

According to Mark, the 1985 venture with Freehills has proved to be a successful symbiotic relationship which has given the firm increased capacity to handle major projects.

‘G&F obtained a major new client in Freehills, while Freehills obtained ready access to an established and respected revenue law practice,’ he said.

Malcolm described the relationship between the groups as independent yet ‘fraternal’ and said the association with Freehills—Australia’s pre-eminent law firm—has given G&F ‘enormous credibility in the market’.

‘Freehills management and its partners have been extremely supportive,’ he said.

When asked why G&F had been so successful, Mark outlined two important factors; unsurpassed technical skills, accompanied with a dedication to meeting clients’ needs in a practical and cost effective manner.

G&F is positioned to continue to expand over the next 20 years, beginning with the commencement of operations as an incorporated legal practice on 1 May 2005 and an expansion into the Melbourne market.