Hildebrandt Headlines, April 6, 2007: “Australian investor and workers’ rights firm Slater & Gordon will become the first law firm in the world to open its ownership to the public. According to a prospectus issued April 2, the offer for 35 million shares at about A$1 each will open on April 11 and close on April 27. Proceeds will be shared with seven vendor shareholders, who will own 48.8% of the firm.” The newsletter cites The Lawyer, April 30, 2007 and Legal Week, April 30, 2007
Once law firms file disclosure statements as publicly-traded entities, law departments will be able to know much more about the firms’ operations, prospects, plans and resources. Not only will those firms have more capital to invest in client-benefiting capabilities but they will have a marketing edge in an industry that is notoriously secretive. Imagine a day when RFPs will shrink drastically and there will be investment industry analysts scrutinizing the law firm sector!