Buyout by world's first publicly listed law firm
Employment and personal injury firm Russell Jones & Walker (RJW) has been bought by Australia’s Slater & Gordon Lawyers, the world’s first publicly listed law firm.
The acquisition should be completed by April. RJW’s equity partners have taken “a substantial proportion” of their consideration as ASX shares in Slater & Gordon. Its principals and senior management have said they will remain in place for at least three years.
Slater & Gordon managing director Andrew Grech says the firm spent three years searching for the right opportunity in the UK and had looked at more than 30 firms.
“We will be among the first to take advantage of a number of significant changes which are occurring in the legal profession in the UK,” he said, referring to the Legal Services Act 2007.
David Greene, partner at Edwin Coe and NLJ consultant editor, says: “The S & G template has been to take over firms in Australia fuelled by capital from the market.
“The S & G business fits well with that of RJW. It’s a business with which they are very familiar, although the costs and precise modelling are likely to be quite different.
“There is nothing new about firms being taken over but this is the first following the introduction of alternative business structures, which will make the regulatory process much easier. It could well be a one-off but it seems to suggest potential international consolidation of services.”
RJW chief executive officer Neil Kinsella says the move will give the firm the “resources and backing to develop and grow”.
“We want to become the largest and most trusted provider of personal legal services in the UK,” he says.
“Our commitment to making justice and legal services accessible and affordable to all remains, but our ability to do this increases.”
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