find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Slater & Gordon announces earnings rise

Slater & Gordon announces earnings rise

Australia's first listed law firm, Slater & Gordon, has posted a 12.1 per cent rise in half year earnings.

AUSTRALIA'S first listed law firm, Slater & Gordon, has posted a 12.1 per cent rise in half year earnings.


The firm's board yesterday announced a net profit of $9.5 million for the half year to 31 December 2009. Revenue increased 16.4 per cent year on year to $58.8 million. 


Slater & Gordon managing director Andrew Grech tempered suggestions the growth was due to recent acquisitions, putting it down to organic growth of the business. 


But the company did acquire three businesses in the last six months of last year, which contributed less than one million dollars to the fee growth. 


It acquired Long Howland, a firm based in Gunnedah specialising in personal injury law, commercial litigation and private client services, as well as McGlades, a firm based in Melbourne specialising in personal injury law and Kenyons, a Melbourne firm specialising in personal injury law and commercial litigation. 


Explaining the acquisitions, Grech said: "We had a relatively modest additional revenue from acquisitions in the first half and we also continued to invest in other growth initiatives."


But the performance of the firm's personal injury practices enabled it to continue to support the development of a broader range of legal services, which were not necessarily holding themselves up. 


"Our returns in some of the non personal injuries practice are not yet up to our target levels but in all cases they are improving," Grech said. 


A $13.5 million operating cash flow for the half was well above the company's target range, Grech said. The first half result included the recovery of some deferred cash flow resulting from the FY09 implementation of a new practice management system. 


The firm is expecting strong growth in the full year, it said yesterday. Recently completed acquisitions and the proposed competition of the Adams Leyland acquisition in early April are expected to deliver additional revenue of about $4 million in the second half. 


Slater & Gordon also said yesterday that claims on behalf of former Storm Financial clients continue to be progressed. Any net increase in earnings for Slater & Gordon arising from resolution of Storm client matters will not be material, it said. 


Also, a "significant proportion" of the company's commercial litigation resources have been assigned to the Storm action to the exclusion of other budgeted work and some of the work on Storm has already been taken to account as work in progress. 








Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Slater & Gordon announces earnings rise
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...