Monday, May 21, 2007 10:02 AM
Returning briefly to a subject that has been discussed across the blawgosphere off and on over the last couple of years (at least)...
Hat tip to the The Legal Soapbox's post this morning, Listing a law firm on the stock exchange, for pointing me to an article in The Australian regarding the law firm of Slater and Gordon going public: History made as Slater and Gordon shares list.
Some bullet points from the article.
- MELBOURNE lawyers Slater and Gordon made legal and corporate history today as the first law firm in the world to list on a stock exchange.
- Shares in Slater & Gordon opened at a significant premium when they began trading today at $1.32 compared to their issue price of $1 a share.
- The practice has explicitly set out in its constitution that its primary duty is to the court, then to clients, and then to its shareholders.
- The firm has more than 95 million shares on offer and another 12 million non-voting shares.
- [Managing Director Andrew] Grech and fellow director Peter Gordon hold more than 14 million shares each.
- Of the capital raised from its IPO last month, $15.4 million will go to an acquisition program and marketing and advertising.
Law firm IPOs. A future global trend? Or not? My mind's eye can already see the forces, for and against, lining up...