World's first listed law firm takes over UK's Russell Jones & Walker

Australia's Slater & Gordon, the world's first publicly listed law firm, is set to acquire UK personal injury specialist law firm Russell Jones & Walker (RJW) for £53.8m in a Legal Services Act first.

Slater & Gordon became the first law firm ever to go public after listing on the Australia Stock Exchange five years ago. Managing director Andrew Grech said that while the UK had a similar legal jurisdiction to Australia, it had spent three years searching for the right opportunity in the UK.

He said: "In RJW we have found a great firm built on values which are very aligned with our own. The team at RJW gives us confidence that we have the right people on the ground with local knowledge to achieve our joint aspiration of being the first choice for personal legal services in the UK".

The RJW principals and senior management will remain in place for at least three years. All of the equity owners of RJW have taken a substantial proportion of the consideration as shares in Slater & Gordon.

RJW said that the fact Slater & Gordon is already listed would give it a head start on any UK law firm considering this option.

RJW chief executive officer Neil Kinsella said:"As a result of today's announcement we will have the resources and backing to develop and grow. We want to become the largest and most trusted provider of personal legal services in the UK."

"Our commitment to making justice and legal services accessible and affordable to all remains, but our ability to do this increases as a result; this development will bring real benefits to our clients and affiliated organisations."

The move comes at a critical time of change in the UK legal industry as the LSA, which came into force 6 October 2011, opens the market to outside investment and ahead of impending changes to the personal injury sector.

Subject to regulatory approval, the acquisition of Russell Jones & Walker is expected to be completed by April.

By Sofia Lind