World’s first listed firm acquires RJW in £53.8 million deal
updated on 02 February 2012
Slater & Gordon, the Australian practice credited as the world's first listed law firm, has agreed to acquire PI specialists Russell Jones & Walker (RJW) for £53.8 million in a landmark transaction for the legal world.
Reported in Legal Week, the deal is expected to be completed in April subject to the SRA granting an alternative business structure licence. It will see the UK business operate under the name 'Russell Jones & Walker part of Slater & Gordon Lawyers'. All of RJW’s senior management will continue in their roles for at least three years.
Melbourne-based Slater & Gordon was listed in May 2007, after regulation of the Australian legal market was changed to allow firms to have multi-disciplinary partnerships with non-lawyers, to incorporate and to seek external investment. Slater & Gordon has made 20 acquisitions in the local market since listing, but the RJW takeover is the first outside of Australia.
Slater & Gordon’s managing director, Andrew Grech, said: "In RJW we have found a great firm built on values which are aligned with our own. The team at RJW gives us confidence that we have the right people on the ground with local knowledge to achieve our joint aspiration of being the first choice for personal legal services in the UK. The UK market is inherently attractive to us because of its size and its jurisdictional similarities to Australia, which the recent changes bring even closer into line."
