find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
ASX grabs law firm division

ASX grabs law firm division

THE AUSTRALIAN Stock Exchange has for the first time seen the listing of a business ‘spin-off’ from a law firm. Noyce Legal last week announced the successful listing of its mortgage and…

THE AUSTRALIAN Stock Exchange has for the first time seen the listing of a business ‘spin-off’ from a law firm. Noyce Legal last week announced the successful listing of its mortgage and documentation processing business, which will operate as a wholly owned subsidiary of InfoChoice, an online ‘infomediary’ for financial and investment services.

Noting the listing represented a first for the Australian legal profession, managing partner of Noyce Legal and now executive director of InfoChoice, Michael Noyce told Lawyers Weekly that “law is a business [and] that is what we have been building — a differentiated business”.

At an Extraordinary General Meeting last week, InfoChoice shareholders approved the acquisition of all of the issued capital of Noyce Legal’s mortgage and documentation processing business, National Lending Solutions (NLS). Settlement of the sale was expected on 19 March and trading in the shares of the merged entity will resume on the ASX on 30 March.

“Use of an incorporated legal practice has allowed us to corporatise and commercialise our firm’s intellectual property and systems, with the sale allowing the business to grow more rapidly thanks to easier access to capital and the ability of our parent company to issue scrip for acquisitions,” Noyce said.

Pressed on the nature of the relationship between the publicly listed company and the rest of the incorporated legal practice, Noyce insisted it was a “win-win situation” for shareholders and clients.

He dismissed suggestions that there could be conflicts between corporations law and the NSW Legal Profession Act 1987. As well, he felt there was no need for measures to resolve any conflicts between duties to shareholders and the incorporated legal practice’s duty to the legal profession.

“We will have no problems balancing [the company and the subsidiary],” Noyce said.

There would be no connection between the remaining Noyce Legal practice and the business, he added. “Noyce is rolling out the mortgage and documentation processing business, which is now NSL, and this will be a subsidiary of InfoChoice with no connection to the Noyce firm.”

As an incorporated legal practice, NLS can continue to offer its clients professional indemnity insurance and transaction certification. NLS will now “drive the business for the shareholders” and “maintain the high ethical standards that we have”, Noyce said.

He said the transaction also brought benefits for the remainder of the firm. The sale will enable it to continue the firm’s focus on the provision of services in the areas of general litigation and commercial disputes, debt recovery, insolvency and liquidation, property, family law and wills and estates.

“The transaction brings many benefits for Noyce Legal and will enable us to return to the grassroots provision of traditional legal services, while maintaining a commitment to commercial innovation and best practice,” Noyce said.

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

ASX grabs law firm division
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
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 & ...