May 22nd, 2007 – LAWFUEL – LawJobsPipeline.com – We published a story – along with every other business media – about the Slater & Gordon float in Australia and how some lawyers are making some serious money from the concept. Briefly, the stats show the firm has 21 branches across five states and the ACT, was founded in Victoria in the 1930s mainly to pursue workers compensation cases. And Of the capital raised from its IPO last month, $15.4 million will go to an acquisition program and marketing and advertising. Forecast revenues are $58.7 million for fiscal 2007 and a net profit after tax of $9.1 million.
But the interesting thing here is how, once again, law firms are changing and becoming increasingly commercial entities. There’s nothing wrong with any of that, but it changes the nature and character of law in many ways. With S&G’s float, we are perhaps witnessing the end of the law firm as we knew it. That’s not all bad. It may not be all good, either.