Posted May 30, 2007 12:08 pm CDT
A little more than a week after reportedly becoming the world’s first publicly owned law firm, Australia’s Slater & Gordon is already adding to its attorney roster.
The growth move by the Melbourne-based personal injury firm, which is bringing into its fold a Brisbane boutique specializing in military compensation, follows Slater’s May 21 floating on the Australian stock market, as allowed by Australian law, says Legal Week. After selling shares for some $35 million last week, Slater had no problem funding its $2.8 million acqusition of the D’Arcys niche practice, says the Australian.
Legal Week reports that the Slater firm’s decision to go public is being closely watched by competitors in the United Kingdom. Attorney ethics rules in the United States generally prohibit non-lawyers from having an ownership interest in a law firm. Stock in the Slater firm was popular with investors, and shares ended the week at a $1.67, up from an initial $1, reports the Age.