World's first listed law firm posts double-digit increase in revenues

Australia’s Slater & Gordon, the first-ever law firm to go public, has posted a 21% increase in revenue for 2009-10, taking total turnover to A$124.7m (£71.8m).

Profits also saw double-digit growth over the year, rising 16% from A$17m (£9.8m) in 2008-09 to A$19.8m (£11.4m).

The firm’s Australian Stock Exchange (ASX) listing reported a total dividend of 5c per share for the whole of 2009-10 for the firm.

The results come after Slater acquired Queensland personal injury litigation firm Trilby Misso for A$57m (£32.8m) in June, marking the firm’s sixth acquisition this year.

Previous merger deals have included Kenyons Lawyers, Long Howland, McGlades Lawyers, Stewart & Noble Lawyers and Adams Leyland Lawyers.

In May 2007 Slater became the first law firm in the world to float on a public market when it made its debut on the ASX. The initial public offering (IPO) came in the wake of changes to Australian law allowing non-lawyers to invest in law firms.

Slater’s progress has been closely watched by the UK’s legal community, as it gears up for similar reforms under the Legal Services Bill.