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Slaters in the money

Slaters in the money

Recent expansion has contributed to Slater & Gordon's revenue increasing to $182.3 million for the 2010-11 financial year, a 46.2% rise on the previous period.Slaters released its financial…

Recent expansion has contributed to Slater & Gordon's revenue increasing to $182.3 million for the 2010-11 financial year, a 46.2% rise on the previous period.

Slaters released its financial results on Tuesday (16 August). The firm also reported net profit after tax of $27.9 million for the last financial year, a 40.9% increase from 2009-10.

"It is always nice to exceed expectations in the market," Slaters managing director Andrew Grech told Lawyers Weekly after the announcement.

In February, the firm set itself a full year revenue target of $170 million. Grech said the firm was able to exceed its revenue targets after the high profile Trilby Misso and Keddies acquisitions of 2010 had been integrated into to the firm.

"Because we have a much bigger business in the personal injury area, we feel comfortable with future growth of between five to seven per cent organically year on year," said Grech.

Slaters has set a revenue target of $200 million for the current financial year, with Grech scoffing at any suggestion that the firm risked overstretching itself in striving to meet this target.

"Our driving philosophy remains a simple one," he said. "That is, to provide access to the legal system for everyday Australians.

"That continues to be our focus and we are not looking to expand our existing areas of expertise."

Grech nominated conveyancing, family law and "boutique" areas of commercial litigation as providing opportunities for growth for the firm in 2011-12.

As one of only two listed law firms in Australia, Slaters is required to publicly report its financial results.

The other listed law firm, ILH, has yet to releases its financial results for FY11.

*See Lawyers Weekly magazine on Friday for the cover story on why more law firms haven't followed the lead of Slaters and ILH and listed on the ASX.

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Slaters in the money
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