The world’s only listed law firm; Australia’s Slater & Gordon is recording great figures…
The Am Law Daily reports:
Dow Might Be Down, But Stock of One Law Firm Is Up
Posted by Brian Baxter
On Wednesday Australia’s Slater & Gordon, the world’s first publicly traded law firm, reported a 22.4 percent increase in net profit for the six months leading up to December 31.
The 160-lawyer firm reported profits of $8.46 million, up from $6.9 million for the previous six-month period. S&G’s revenue increased 35 percent to $50.5 million over the same time frame. The firm is reported to be looking at acquisition opportunities and expects earnings to rise into the second half of 2009. (Hat Tip: Securities Docket.)
S&G initially went public in Australia in May 2007. The IPO was the first for a law firm after new legislation went into effect Down Under permitting the investment of nonlawyers.
With a similar law to be enacted in the U.K. in 2011, S&G’s listing drew the interest of many British firms.
At the time of its listing, seven equity partners were given stakes worth between $2 million and $8.5 million, and 42 lawyers and staff received shares in the newly created public company. The Melbourne-based plaintiffs firm had a market capitalization of $89.7 million. (S&G’s current market cap is now $113.5 million and the firm’s stock is trading at roughly $1 per share; all dollar amounts in this story have been converted from Australian dollars.)
Read the full report at http://amlawdaily.typepad.com/amlawdaily/2009/02/dow-might-be-down-but-stock-up-for-one-law-firm.html
Also read a report at JD Journal
And the Sydney Morning Herald
Also in Trading Markets.com they write:
AUSTRALIAN LAW FIRM SLATER AND GORDON EYE ACQUISITIONS
Law firmSlater & Gordon (ASX:SGH) says it is eyeing acquisition opportunities and expects its solid rise in interim earnings to carry through into the second half of fiscal 2009.
The Melbourne-based practice achieved a 22.4 per cent lift in net profit for the six months to December 31 to A$8.46 million (US$5.5 million), up from A$6.9 million for the previous corresponding period.
Slater & Gordon, the world’s first law firm to list publicly, said revenue increased 35 per cent to A$50.5 million over the period.
Managing director Andrew Grech said the company’s top priority during the first half was integrating the nine firms it acquired last year.
"That process is continuing but we are a long way down the right path," Mr Grech said.
Slater & Gordon said there had been an increase in fee revenue from outside Victoria to 44 per cent of total revenue due to its geographical diversification
Full report http://www.tradingmarkets.com/.site/news/Stock%20News/2194052/
