find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Markets respond to Slater and Gordon's strong FY15 results

Markets respond to Slater and Gordon's strong FY15 results

Andrew-Grech

Slater and Gordon’s share price rallied on Friday following the announcement of a 5.6 per cent increase in its net profit after tax over the financial year.

The firm announced a total revenue of $623.35 million for FY15, representing an increase of 40.6 per cent.

The upturn comes after regulatory probes in Australia and the UK sent the share price into a tail spin.

Shares jumped as much as 20 per cent to $3.56 on Friday. The increase follows a low of $2.65 last week, but does not compare with the April high of $8.07.

Managing partner Andrew Grech (pictured) said the firm’s financial results were “even more satisfying given the intense market, media and regulatory scrutiny Slater and Gordon has faced over the last few months”.

Mr Grech said handling the fallout has been a “very galvanising experience”, but that he hoped to put “this period of uncertainty behind us”.

“I hope today's results will offer reassurance about the underlying strength of the business,” he said.

ASIC is currently asking questions about the firm’s audit relationship with Pitcher Partners.

The Financial Conduct Authority, a UK regulator, is investigating Quindell, the company from which Slater and Gordon acquired Professional Services Division (PSD) for $1.2 billion in May.

In June, Slater and Gordon announced it had found errors in the financial accounts of its UK business between 2012 and 2014.

Mr Grech acknowledged that “a lot of ink has been spilled” about Quindell and PSD.

“I think a lot of people were scratching their heads wondering why we acquired that business and paid what we paid. We believe that business provides us with an enormous opportunity to build a successful business in the UK. We are not kidding ourselves about that," he said.

“Like all large multi-faceted businesses, it has its challenges. We've known that from day one. We went in with our eyes open, and we're very committed to making a success of it."

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

Markets respond to Slater and Gordon's strong FY15 results
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
Jackie Rhodes
Dec 12 2017
Report sheds light on LGBTQI inclusion in law firms
A recent report has revealed the varying perceptions on LGBTQI diversity and inclusion in the Austra...
Women in business
Dec 12 2017
Annabel Crabb headlines Women in Business Forum
Political journalist Annabel Crabb has appeared at the Coleman Greig Lawyers Women in Business Forum...
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 & ...