Listing Lessons: Slater & Gordon 12 Months On

On May 21st 2007, Australian personal injury specialists Slater & Gordon, became the first fully listed law firm in the world.  The listing was closely monitored by UK firms who, at the time, had one eye on the Legal Services Bill as it progressed through the legislative process.  One year on, with the Legal Services Bill having become the Legal Services Act, what is there to learn from the Slater & Gordon experience?

Slater & Gordon raised Aus $35million (£14.6m) by floating 35 million shares at Aus $1 each.  The shares opened trading at a significant premium and rose to a high of just under Aus $2 in September 2007.  The shares have fallen back since to Aus $1.35 and while this decline looks severe it closely follows the fall in the ASX 200 average which fell by a similar amount over the same period.