LAWFUEL – The Law Firm News Wire – The Times reports that one of England’s largest regional law firms is weighing up plans for an eventual stock market listing of part of its business, just as Australia prepares to welcome the world’s first flotation of an entire law firm.
On Monday Slater & Gordon, a firm of Australian litigators, will make legal history as it becomes a publicly traded company and seeks to raise over A$35 million (£14 million) on the Australian Stock Exchange.
Dickinson Dees, the Newcastle law firm, is poised to spin off its so-called volume banking advisory business in readiness for new rules that will allow it to list the company on the stock market.
The flotation of the Australian law firm is being viewed as a blueprint for what may happen to mid-sized UK law firms once the Legal Services Bill, currently going through Parliament, becomes law by the start of next year. The new laws will allow law firms to take on external investors for the first time, which includes floating on the stock market.
Dickinson Dees handles remortgaging and repossessions for banks on a national basis. That business, which had revenues over the past year of £6.5 million, is to be demerged as a limited liability company. The core business turned over £52 million.