July 1, 2002. The Sterling Law Group today became the first law firm to be listed on Nasdaq, with a $400 million initial public offering. Trading was brisk, with the stock rising from its $17-a-share opening price to $33, before settling at $27.

The Sterling Law Group was formed last year by more than 200 lawyers from some of the country’s largest firms. Tired of hewing to decades-old traditions that have made law firms seem increasingly outdated in a rapidly changing business world, they banded together to revolutionize the practice of law. “This IPO shows that law firms truly are a valuable business,” said Sparky Newman, one of SLG’s founders, whose 5 percent stake in the company is now worth $20 million. “The funds we’ve raised today will enable us to create an even more dynamic, innovative law firm.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]