The Lawyer reports that UK headcount in the Australian listed firm fell from 3,950 in 2014/15 to 3,310 last year; it also closed its offices in Bristol, Derby, Halifax, and Failsworth, Manchester. In comparison, Slater & Gordon’s Australian headcount fell by 5 per cent, from 1,400 to 1,330, and it closed six offices in the country, leaving it with 61 locations across Australia.
Slater & Gordon’s accounts show that the firm made a loss of A$1.02bn during the 2015/16 financial year, the majority of which was caused by the £673m acquisition of legal outsourcer Quindell. It was later revealed that Quindell had overstated its 2014 profits, into which the Financial Conduct Authority and later the Serious Fraud Office launched investigations. Quindell has since been rebranded as the Watchstone Group, with Slater & Gordon recently announcing it had instructed Olswang to sue the Group for losses associated with its acquisition of Quindell’s professional services arm.