The AFR Magazine's hotly anticipated annual Power issue includes lists of the key players across six different industry sectors. Here are the top five most powerful people in law.

EDITOR'S NOTE: The High Court overturned Cardinal George Pell's conviction for historic child sex offences in a judgment handed down April 7, 2020. In a unanimous decision all seven High Court judges found Victoria's Court of Appeal should not have upheld Pell's conviction It found the evidence could not support a guilty verdict.

More regulation and tougher regulators. That was the reality facing corporate Australia in 2019 as it adjusted to life after the Hayne royal commission. All eyes have been on ASIC and its promise to adopt a tougher approach to corporate wrongdoing, but the comprehensive legislative response is also keeping lawyers and their clients busy.

Christian Porter has been flagged as a possible future prime minister at the age of 49. AAP

However, law firms are not confident about the long-term outlook. They fear an economic slowdown. They are under more pressure than ever to provide better work-life balance and to stop the exodus of women, in particular, to corporate work. And their business model is also facing threats from "new law" technology providers and the big four consulting firms that offer "one stop shopping". Keeping others off their turf has never been so challenging.

1. Christian Porter