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 (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Slaters revenue expected to crack $200m

Slaters revenue expected to crack $200m

Slater & Gordon’s revenue for the 2011/2012 financial year is expected to exceed $200 million, with the firm’s recent UK acquisition adding to this.

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

Without taking into account the recently announced acquisition of UK firm Russell Jones & Walker, Slater & Gordon expects revenue in excess of $200 million, but if the acquisition is completed as planned in April, the new UK business will provide the firm with an extra $16 million in revenue for the year. 
According to the firm’s latest half year financial results released this week (14 February), the firm’s revenue has increased from $84.8 million for the half year ending December 2010, to $99.5 million for the half year ending December 2011, with a stronger second half expected.
While the group’s consolidated profit for the six months ending 31 December 2011 declined from $13.3 million to $11.8 million, Slaters’ total revenue increased by 17 per cent.
“It’s mainly seasonality,” said Slater & Gordon managing director Andrew Grech of the firm’s half-year slide in profit. “Our first half is always a little bit softer in profit terms than our second. We’ve had a few integration problems with the Keddies business. So overall, in full year terms, we feel that we’re on track for a good result.”
According to the report, revenue from the former Keddies practice was around $4 million below expectations in the first half, but a stronger result is expected for the second half. The vendors of the Keddies practice agreed to a $3 million reduction in the consideration paid for the practice with the total consideration for the Keddies acquisition now reduced to $32 million.
“Integration is always an issue and it’s not unusual, I think, to have a few stumbling blocks along the way,” said Grech. “Certainly, these were more pronounced problems than we’ve experienced. For example, in the Trilby Misso business it was a much smoother integration process. But we’re on top of that now and staff are very settled and working on our practice management systems, [and] applying our practice standard.”
While there have been teething problems, Grech emphasised the significance of the Keddies acquisition in terms of expanding the firm’s presence into the Western Sydney area.
“It’s very important to remember that strategically we wanted to acquire that practice to develop a footprint in Western Sydney, which is very important when you’re serving every day people. You need to be where they live and [the acquisition] was the best way for us to establish a presence there,” said Grech.
“It is also pleasing to note that our other personal injuries practices were around or ahead of expectations for the half.”
Grech told Lawyers Weekly that the firm’s UK acquisition is on track for its scheduled settlement in April, but depends on the licensing process.
“It’s subject to being granted a licence by the regulation authority in the UK and they’ve been very cooperative and constructive so we believe that we’ll be granted the licence in the next several weeks,” he said. “At the moment, we believe it’s on track for completion but if there’s some delay in the licensing system, which is possible, it might need to be put back for a few months.”
Slaters revenue expected to crack $200m
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
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'...
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...
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 & ...