A $1 Billion (AU) Loss for Slater & Gordon, an International Plaintiff’s Firm
Plaintiff’s work is not all profit all the time, although it can be quite lucrative. Like all entrepreneurs, plaintiff firms also make not so good investments. Some proof arises from an August 25, 2016 Global Legal Post article about a major loss for Slater & Gordon, an international plaintiff’s firm that started out in Australia, went public, and expanded to the UK.
The article introduction is as follows:
“Australian listed law firm Slater & Gordon has informed shareholders that it expects to post an A$1.01bn loss for the 12 months to 30 June, with full-year revenue coming in at A$908.2m. Confirmation of the devastating result comes after the embattled firm reported a first half loss of A$958.3m in November, citing an impairment of goodwill stemming from the firm’s acquisition of UK-based legal outsourcer Quindell’s professional services arm. An FCA investigation into an overstatement of Quindell’s 2014 profits was launched shortly after S&G acquired its professional services business for £700m. The investigation has since been handed over to the Serious Fraud Office.”