Integrated Legal Holdings Limited (ILH) has announced a massive increase in its operating revenue, with a jump of 53 per cent to $11.59 million, and a net profit after tax of $711,069.
Speaking to Lawyers Weekly today, ILH's managing director Graeme Fowler attributed ILH's success to the strength and calibre of the businesses within ILH.
"I think [the good results are due to] the quality of the businesses we've got. We are very careful to bring in the right firms, and the senior people in those businesses are driving towards improvement in their operating capability and, as a result, their profitability," he said.
ILH is one of only two publicly listed legal groups in the world and aims to build a network of mid-sized law firms and "tuck-ins", or smaller firms, in capital cities and key regional centres.
And while ILH is currently home to four legal groups, including Talbot Olivier and Brett Davies Lawyers in Perth, Argyle Lawyers in Sydney (including tuck-in MDA Lawyers), and internet based legal document business Law Central, the company is looking to expand further.
"We are looking to build a network of around 20 firms over the next five to ten years," said Fowler.
"Our objectives are growth, and we are looking for above market growth, and also improvement in the business generally."
Fowler also said ILH's ultimate aim is to develop synergy within the company which will benefit all legal groups involved.
"We do allow these firms to continue with your own brand. However, we do think there is going to be value, over time, in being part of the network, whether through cross-referrals, cost efficiencies or best practices which can be passed within the group," he added.
Fowler is confident that ILH's excellent results, even in the face of the global financial, will send a strong message to firms thinking about joining ILH that it is a thriving and successful business.
"Clearly, we can't expect firms to join us unless we are producing good results. Over time, the expectation is that as we continue to do things well, more firms will put up their hand to join us," he said.