How much is a 400-person law firm worth as a business?

By Peter Frankl. 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 cash, DWF shares and a cash earnout. 1.4 times is subject to them receiving the full earnout component. Upfront cash is the equivalent of 21% of partners’ annual revenue and DWF shares is the equivalent of 77% of their revenue. The earnout represents the remaining 42%. The deal […]
Share
Tweet
Share

How firms can survive the Christmas ‘quiet season’ and be set for success in the new year

by Peter Maloney, GlobalX CEO. For many legal firms, the festive break is a time to take a breath, reflect on the year that was and wind down over the few weeks leading up to the new year. With this winding down comes the quieter period of supplier and partner shut downs, absent clients, and staff who aren’t on leave are often left looking for work. It is important to make sure the office remains productive during these quieter times when work slows down, as the festive ‘quiet season’ is actually a great time to get yourself in shape for […]
Share
Tweet
Share

ANZ completes first settlement on Sympli’s new digital platform

Australia and New Zealand Banking Group (ANZ) together with Gold Coast firms K2 Law and WP Lawyers have completed the first financial settlement through Sympli Australia Pty Ltd (Sympli). The electronic settlement of a property in Queensland through Sympli marks a significant milestone for the industry as it moves towards greater competition and choice for practitioners, lawyers and financial institutions. David Wills, Sympli’s Chief Executive Officer, commented: “This is an important step forward for the long-term interests of the industry and for Sympli’s progress. To create a sustainable conveyancing market, competition is incredibly important. A competitive marketplace will deliver real […]
Share
Tweet
Share

My Legal Mate app gives students immediate access to tailored advice in seven languages

Posted on by Editor
In an Australian first, Study NSW has joined forces with the Redfern Legal Centre to launch a new mobile app offering free legal advice to international students studying across the State. The innovative new app, My Legal Mate, gives students immediate access to tailored advice in seven languages courtesy of over 3000 multi-language videos. “For the 264,000 international students currently studying NSW, this is another step in making the experience as rewarding and as safe as possible,” Deputy Premier and Minister for Trade John Barilaro said. “My Legal Mate gives international students 24-hour access to legal advice – something which has […]
Share
Tweet
Share

Debtors collections solved for law firms using LexisNexis Affinity

Posted on by Editor
LexisNexis Affinity users can now integrate their practice management system with FeeSynergy’s automated debtors collection software, FeeSynergy Collect. Collecting debtors is one of the least-liked activities of running a law firm business. It requires constant attention, difficult conversations with clients and persistent follow-ups. Slip-ups in any of these steps ends up with a worsening debtors situation. With FeeSynergy Collect, these disliked and manual tasks are automated in a way that is appropriate in a professional services context.   FeeSynergy began 12 years ago as a fee-funding company, servicing accounting and legal practices. As a result of providing funding solutions, the company […]
Share
Tweet
Share

GlobalX beefs up senior management team ahead of 2020

Posted on by Editor
One of Australia’s leading legal technology providers, GlobalX, has made several new senior management appointments in the lead up to 2020. David Cohen has been appointed as GlobalX Group Chief Financial Officer and Company Secretary – bringing a fresh perspective, advanced industry knowledge and years of experience to the company’s board. In addition, industry veteran David Favretto has been promoted to General Manager, Information Services, Lara Paholski has been appointed Chief Marketing Officer and Martin Rushe has been appointed as an Independent Non-Executive Director. David Cohen – Chief Financial Officer Mr Cohen, who is working alongside Chief Executive Officer Peter […]
Share
Tweet
Share

An Australian Legal Tech IPO

Posted on by Editor
Australian Legal technology company thedocyard has issued a prospectus to raise $4m to $5m and list on the ASX. thedocyard is a cloud-based deal space for managing the entire lifecycle of any corporate or commercial transaction. The company describes it as an end-to-end deal management platform. The proposed listing date is 14 February 2020. Funds from the capital raising are intended to be used for sales and marketing and to establish a based in the UK. Around 35% of the funds raised will be used for product development.  The prospectus points out the competitive landscape: “Professional services collaboration platforms in […]
Share
Tweet
Share

200 Australian law firms are now using Smarter Drafter

Posted on by Editor
More and more Australian law firms are putting faith in legal technology More than 200 Australian law firms are using Smarter Drafter as of this week, indicating a shift in the attitudes towards ‘legaltech’. Smarter Drafter specialises in providing ready-to-go automated legal documents to small and medium-sized law firms across Australia.  At the heart of the software lies Real Human ReasoningTM, a proprietary technology that guides lawyers through a Smart Q&A form and then produces an advanced legal document instantly. Its appeal lies in the fact that lawyers are able to sign up and make the switch to automated document […]
Share
Tweet
Share

Leadership succession at FilePro

Posted on by Editor
A milestone for FilePro and a milestone for the legal practice software industry in Australia From 1st January 2020, Todd Keeler will assume the role of CEO for FilePro, assisted by Lasse Stenersen, co-director and CTO. David Keeler will move from CEO to a directorship and CFO role. David Keeler is FilePro’s founder and has led the company for 30 years. The are few people today who can claim to have shaped the way that law firms operate through the use of software. David Keeler is one of those people, having conceived, designed and developed much of the core functionality […]
Share
Tweet
Share

Most optimistic home price gains in 2020 for Queensland

Posted on by Editor
A positive prediction for conveyancing in 2020 Westpac analysis predicts continued price growth for properties across Australia. As long as prices are not falling, sales volumes and conveyancing can expect increased activity. According to Westpac predictions, Queensland homes are likely to see the biggest percentage price gains in 2020, partly because the state has lagged the price growth of New South Wales and Victoria. If the Australia-wide prediction is realised, it will likely be modest price gains, as the recent factors that have caused price booms, especially in Sydney and Melbourne, have already flowed through the property market.  
Share
Tweet
Share