Three Australian law firms are bidding to become the first-ever listed legal practices, following the launch of Integrated Legal Holdings’ (ILH’s) A$14m (£5.5m) initial public offering.
The three firms will all become 100%-owned subsidiaries of ILH, which hopes to list on the Australian Stock Exchange on 12 December, in what is thought to be the first move of its kind for a law firm.
The firms – Talbot Olivier, Durack Zilko and Brett Davies Lawyers – are small- to midsized firms and will continue to practise under their own names and the ILH umbrella.
The move follows the introduction of legislation that allows law firms to be owned by non-lawyers in some Australian states, including New South Wales and Victoria.
Despite the small size of capital being raised by the float and the small size of the firms involved, the deal has generated interest in London.
Allen & Overy partnerships expert Richard Turnor said this sort of consolidator model may be adopted in the UK once the Legal Services Bill comes into force.
Talkback: Should law firms in London float on the market?
