Shine Lawyers has revealed that non-personal injury areas of law generated $43.6 million in revenue for the six months to December 2020. Personal injury revenue was $49 million for the six months.
Shine Lawyers has been focused on diversifying from its traditional revenue base of personal injury law.
New Practice Areas include abuse law, disability and superannuation claims, asbestos and dust disease, federal compensation law, medical law, class actions, commercial disputes, employment and private client services such as family law and estates.
Personal injury revenue went backwards in the six months by 13%. New practice areas increased by a significant 37%. There were strong contributions from class actions, abuse law, medical law and disability and superannuation.
Shine Lawyers’ revenue for the six months was $93.57 million, up by 4.6% on the six months to December 2019. Profitability and cash flow were also stronger. The EBITDA margin was 26%.
Managing Director & CEO Simon Morrison, said
“We are very pleased with improved profitability in the first half of FY21. Revenue increased overall due to growth in our new practice areas, including class actions, abuse law and medical law. The challenges posed for business and the entire community by the COVID-19 pandemic in 2020 were met by the team at Shine Justice with remarkable resilience. The financial performance and outstanding results for our clients demonstrate the Group’s adaptability, innovation and organisational discipline to execute across our business. We implemented a range of initiatives to maintain communication, workflow continuity and importantly to ensure our team remained motivated and in good health.
We commenced a body of work to improve consistency of client experience. The impact of COVID accelerated the implementation of digital marketing and user facing client technology. As a result, the Group has made good progress and remains on track to achieve its long-term strategy to expand its capabilities and set a platform for growth”.