First Law Firm IPO Ever

Australian class action law firm Slater & Gordon was listed on the Australian Stock Exchange May 21st, making it the first law firm in the world to go public, according reports from the National Law Journal and The American Lawyer. 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, according to LT. The IPO is the first for a law firm following new legislation in Australia that allows firms to raise funds on the public markets and allows non-lawyers to invest.  A similar bill is under consideration in the U.K. Here is the story as reported in the Sydney Morning Herald. And, if you're wondering who's next, you may want to peruse The Global 100 list.