Australian class action law firm Slater & Gordon was listed on the Australian Stock Exchange on Monday, making it the first law firm in the world to go public. The firm’s principals and initial investors made a tidy profit in the first day of trading, with the stock closing at Aus$1.40, up from the initial Aus$1 listing price. (US$1=Aus $1.2198).
The prospectus warns investors that they are third on its list of priorities behind duties to clients and the courts. But managing conflicts is routine for lawyers, and a law firm is no different from other organizations, managing director Andrew Grech said. “Everyone profits from the law. I don’t think that’s going to be earth-shattering news, to be frank,” he told the Australian media.
