Appearing before shareholders on Monday to discuss the plans, Mr Grech revealed that Slater & Gordon will reduce the number of offices it has in the UK from 47 to 32 by the beginning of next year. The closures will translate into roughly a 16 per cent overall downsize of the firm’s UK practice, a move that Mr Grech assured shareholders would bring ‘immediate financial benefits’ to the embattled Australia-listed firm. Last month it was revealed that Slater & Gordon clashed more than 600 roles from its UK business in the last financial year.
Transformation will ‘take time’
Also in Mr Grech’s plans to revitalise the firm’s flailing UK arm is a planned reorganisation of the firm’s legal services offering into three key categories: serious and specialised personal injury claims; family law, employment law and dispute resolution; and fast-track personal injury claims. Mr Grech urged shareholders to be patience with the firm as it attempts to claw back from a $1bn loss last financial year: ‘The business remains in a process of transition… It is important to recognise that this is a business transformation programme that will take time to complete.’
Remuneration report rejected
More than 40 per cent of Slater & Gordon shareholders voted against the firm’s latest remuneration report at the firm’s annual general meeting on Monday, easily surpassing the 25 per cent threshold required to deliver a ‘first strike’ for the firm. Since listing on the Australian Securities Exchange last year, the value of Slater & Gordon shares have spiraled from around A$3.17 per unit at its debut to as little as 35 cents.
Sources: The Lawyer; Legal Business; SBS
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