Australian law firm Slater & Gordon buys British firm Russell Jones & Walker
Slater & Gordon has concluded a deal for the takeover of British firm Russell Jones & Walker for $80 million. The deal, which is still subject to regulatory approvals, was the result of 12 months of negotiations.
The deal was made possible by recent regulatory changes in Britain, which permit law firms to be wholly or partially owned by non-lawyers. Since Slater & Gordon is listed on the Australian Securities Exchange, these changes were essential for the deal to go forward.
"The UK market is inherently attractive to us because of its size and its jurisdictional similarities to Australia," said Slater & Gordon managing partner Andrew Grech.
"We have the huge advantage of having a five-year head start in operating in a listed environment and we can bring that experience to the UK through a kindred firm in RJW, which has the business structure and the people to exploit that advantage."