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May 31, 2020

2020 will go down in history as the year of Covid-19, the tragic loss of life, lockdowns, social distancing, zoom meetings, face masks and obsessive hand washing. In the UK it might also become known as the year that saw the unravelling of the ‘gold rush’ of law firms...

May 3, 2020

Will the demand for legal services face a temporary disruption, a longer term downturn or a no-end-in-sight structural change?

These are three different degrees of potential economic upheaval triggered by Covid-19.

The fourth degree of change is the boom that will be exp...

December 12, 2019

We now have the answer to this question as a result of publicly listed law firm DWF acquiring 400-person law firm Rousaud Costas Duran ("RCD"). 

The partners of RCD will be selling their equity at close to 1.4 times their annual revenue. This will be made up of upfront...

October 22, 2019

How do you run a publicly listed law firm? The answer is Gateley

Although law firm IPOs started in Australia, it is in the UK where they have taken off. Five public listings took place in the UK over 2017 and 2018. The largest occurred in 2019 with the listing of DWF. 

T...

March 12, 2019

The world’s largest public float of a law firm has taken place with the listing of DWF on the London Stock Exchange.

Although there have been some changes in partner numbers since October 2018, at that time the firm was trending towards annual revenue (after recoverable...

February 25, 2019

You may be offered a succession arrangement from a practice owner or partner who has retirement in their sights.
 

The simplest transition is one where you buy 100% of the equity at the outset. However this is not a succession arrangement. It is an acquisition. A succes...

October 14, 2018

Legal practices are different

Debtors collection approaches that are borrowed from other industries will typically fail for a legal practice because legal practices are different.

What make them different:

1. Every matter is like a unique journey. Each matter represents a...

September 24, 2018

Common criteria for buying a legal practice are geographic location and type of work but how does the size of a practice fit into the equation? Can a practice be too big or too small?

Let's consider various sized practices: 

A legal practice with $200K annual revenue
...

June 18, 2018

The latest development comes from UK-based multinational law firm DWF which is weighing up an IPO. The firm has more than 2,700 people and four offices in Australia.

UK law firm Knights is moving towards an imminent float that would value the firm at £100 million.
 

Anex...

May 18, 2018

I have been selling and valuing legal practices for 15 years. During that time I have analysed the financial statements of literally hundreds of firms.

When someone asks me questions such as how much rent should I be paying? How much should I pay my staff? What is a r...

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May 18, 2018

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Email: peter @ peterfrankl .com.au     Tel: 0413 871 231
Peter Frankl Pty Ltd, PO Box 848 Edgecliff NSW 2027
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