231.ILH Group; listed entity of law firm Rockwell Olivier

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  Practice Intelligence Australia 10 March 2015 - Now We Know What Happens When a Publicly Listed Law Firm Goes Under   7 March 2015 - Maddocks Loses Heavyweights For Australian Launch of Pinsents Mason s Click abov e image to read de tails (image: website screenshot)  5 March 2015 - NSW Conveyancing Activity Up Again In February 2015, NSW property transfers were up 12% compared to February 2014. This is a turnaround because December 2014 and January 2015 combined were down by 5% compared to 12 months ago. February 2015 property transfers were up by 12% compared to 12 months ago but compared to 24 months ago (February 2013) it is up by 38%. The December and January figures started to point to a tempering trend in property sales after a buoyant calendar 2014. If there was a most likely factor for the latest surge in activity, it is probably the change in interest rate sentiment, actualised with a rate cut one month ago. Property prices and share prices have benefited from the change in sentiment on interest rates. As usual, when property prices are on the up so is c onveya ncing activity.  3 March 2015 - LegalVision Secures $1.2m Angel Round  U s F o r Indu st ry Su p p l i ers C ontact U s Home Lo g in & Purchases converted by Web2PDFConvert.com

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ILH Group: listed entity of Rockwell Olivier (p. 9-11)from 'Legal Practice Intelligence'

Transcript of 231.ILH Group; listed entity of law firm Rockwell Olivier

  • Practice Intelligence Australia10 March 2015 - Now We Know What Happens When a Publicly ListedLaw Firm Goes Under

    7 March 2015 - Maddocks Loses Heavyweights For Australian Launchof Pinsents Masons

    Click above image to read details(image: website screenshot)

    5 March 2015 - NSW Conveyancing Activity Up Again

    In February 2015, NSW property transfers were up 12% compared toFebruary 2014. This is a turnaround because December 2014 and January2015 combined were down by 5% compared to 12 months ago.

    February 2015 property transfers were up by 12% compared to 12 monthsago but compared to 24 months ago (February 2013) it is up by 38%.

    The December and January figures started to point to a tempering trend inproperty sales after a buoyant calendar 2014. If there was a most likely factorfor the latest surge in activity, it is probably the change in interest ratesentiment, actualised with a rate cut one month ago.

    Property prices and share prices have benefited from the change insentiment on interest rates. As usual, when property prices are on the up sois conveyancing activity.

    3 March 2015 - LegalVision Secures $1.2m Angel Round

    About Us For Industry Suppliers Contact Us Home Login & Purchases

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  • 2 March 2015 - Profitable Acquisitions Boost Shine Lawyers FinancialResults

    Shine Lawyers website screenshot

    Since 1 July 2014, Shine Lawyers (Shine) has made a number ofacquisitions: Stephen Brown Personal Injury Lawyers (WA), Emanate Legal(Qld), Sciaccas Lawyers Pty Ltd and Sciaccas Family Lawyers Pty Ltd (Qld).

    Shine has reported revenue of $73.1m for the six months to December 2014.The (normalised) EBITDA on this revenue was $22m or 30% of revenue.

    The 2015 half year revenue was $16.5m higher than the 2014 equivalentperiod.

    Acquired practices contributed $14.3m of this $16.5m increase. Therefore,Shines revenue growth excluding these acquisitions was 3.8%.

    Last financial year (2013/14), Shine reported annual revenue of $115.5m andEBITDA of $34.2m (29.6%).

    How is Shine performing? An EBITDA margin of 30% is around 6% betterthan Slater & Gordons 2015 first half result. The main factor in the differenceis staff costs. Shine has managed to keep these to around 46% of operatingrevenue.

    The Emanate and Stephen Browne acquisitions have increased Shine'srevenue for the half year and even more significantly, boosted profitability.

    27 February 2015 - Solicitor Employment Market Not Revealing itsIntentions

    After one year of mild recovery in the demand for employed solicitors, thegraphs have chosen not to reveal their current intentions. The downward joltdepicted for January 2015 is a normal movement for that time of the year.

    The Australian economy is similarly not showing a clear direction. TheReserve Bank was worried enough to reduce the official interest raterecently. This move implies that the glass is looking more half empty than halffull.

    The Federal Government has so far failed to make any meaningfulimprovements to its own fiscal position. On the other hand, if it had not failed,the economy would be feeling a lot worse than it is at the moment. Therecent spike in share prices brought about by an interest rate manipulation,as opposed to a robust economy, is a false sign of hope.

    It is interesting to note that the demand for employed solicitors follows closelythe pattern of demand for all occupations thus also being under the influenceof the state of the economy.

    The demand for employed solicitors may be a glass that is half empty or halffull. No doubt we will find out soon.

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  • The number of job advertisements on the internet

    26 Febraury 2015 - Sargeants Port Phillip and Jim's PropertyConveyancing complete first Victorian transfer through PEXA

    25 February 2015 - iBarristers

    19 February 2015 - Bold Predictions for the Business of Conveyancingfrom PEXA CEO

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  • "It will compress the time of settlements, possibly down to five orseven days from the traditional 60 to 90-day period. We think thisis going to make transactions $150 to $200 cheaper," Mr Pricesaid.

    The average conveyancing fee on a home transaction is about$800.

    The exchange's $100 million development costs wereunderwritten by four state governments (NSW, Victoria,Queensland and Western Australia), ANZ, NAB, CBA, Westpac,Macquarie (owner of 24 per cent), Link Market Services andformer transport executive and property developer Paul Little.

    PEXA's shareholders were not necessarily the "long-term naturalowners of the business" and it was likely to list on the stockexchange, Mr Price said.

    He forecast an initial public offering by the "middle of next year [orthe] second half of next year".

    [Excerpt from article in The Age]

    Link to full article

    13 February 2015 - Mediators Have Assisted Almost 11,000 Workers toCome to an Agreement with their Employer

    12 February 2015 - Slater & Gordon Has Been Bulking up its GeneralPractice in Australia

    Slater & Gordon (S&G) has built a general practice in Australia with annualrevenue projected to be $60 million this financial year. This figure excludespersonal injuries work. It covers what S&G calls general law: family law,conveyancing and business and specialised litigation services.

    After significant acquisitions in Australia and the UK, S&G has become a$500 million annual revenue company.

    For the half year to December 2014, annual revenue increased by 37.6%,largely as a result of acquisition activity. Importantly, profitability has beenmaintained with an EBITDA of 23.9%.

    The company has stated that the Australian Personal Injury Law practiceremains resilient despite continued challenges in Queensland.

    S&G now employs 1,300 people in 82 locations across Australia and 1,300people across 14 locations in the United Kingdom.

    11 February 2015 - Slater & Gordon Half Year 2014/15 Financial Results

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  • 10 February 2015 - USA Expansion Proves Profitable for Bentham IMFLitigation Funder

    image from half yearly accounts report

    In the six months to 31 December 2014, Bentham IMF made more profit fromUS cases than Australian cases. Its revenue from Australian cases was alsostrong producing a financially rewarding half year result. The cash reservesof the company leapt to $134 million.

    A total of 10 cases concluded during the half-year (2 in the correspondingperiod), generating total income from litigation contracts of $77,638,164, a131% increase over the corresponding period last year (of $33,557,582).

    Consolidated net profit from continuing operations after tax for the half-yearwas $23,010,207 (2013: $9,127,350), representing a 152% increase over thecorresponding period last year.

    The Group's cash position was $134,395,597 as at 31 December 2014 (30June 2014: $105,576,733) whilst its investments in cases was $79,135,370at 31 December 2014 (30 June 2014: $98,636,050).

    The Company raised capital during the period totalling $2,374,976 as a resultof its dividend reinvestment plan.

    In just its third year of operations in the U.S., Bentham reports: 10 American deals funded in 2014 including contract disputes, a patentinfringement trial, partnership disputes, and five law firm case portfolios. Client recoveries of $100 million from jury verdicts and settlements backedby the firm. Gross returns of more than $31 million in the U.S., with net profit of $17million; clients and outside counsel achieved returns of 69% of caserecoveries. Four cases resolved in 2014 including three that commenced this year. Nearly 200 total cases reviewed for funding in the U.S., coming from apipeline of major law firms, corporate law departments, businesses andindividual claimants.

    6 February 2015 - Knowledge in a Law Firm Packaged into aSubscription Product

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  • 3 February 2015 - E-Conveyancing Now Fully Operational in Victoria

    3 February 2015 - Keypoint Law Expands into Banking & Finance

    Allan McDougall

    Keypoint Law has announced that Allan McDougall has joined the firm. He isthe ninth senior lawyer to join the innovative firm since its launch in mid 2014.

    Keypoint Law's value proposition: "Our lawyers come from Australias largestlaw firms and senior in-house roles, and have achieved internationalrecognition for their expertise. All of them share a common goal of providingfirst-class, individualised service to clients free of the constraints of aconventional firm."

    Allan McDougall has over 25 years experience as a banking and financelawyer, specialising in asset-based finance, equipment leasing, corporatelending, secured transactions and treasury.

    Allan joins Keypoint from one of Sydneys oldest firms, Pigott Stinson. Prior tothat, he was part of the leadership team of Socit Gnrale in Australia,where Allan held the positions of General Counsel, Assistant CompanySecretary and roles in their treasury. Earlier in his career, he worked withpredecessor law firms to Allens Linklaters and K&L Gates. Allansprofessional credentials include an MBA and being a Fellow of the SecuritiesInstitute of Australia.

    Allans areas of specialisation are: Corporate lending, asset-based finance and equipment leasing; Personal property securities and revenue law; SME loans and borrowings; Financial markets and consumer finance; Privacy and internet law.

    Keypoint Law CEO Warren Kalinko said:

    Allan brings to the firm a wealth of experience in banking and finance law, aswell as long-standing relationships with some of Australias leadingequipment finance companies. His expertise in advising not just largecompanies, but also smaller firms and private clients aligns well withKeypoints client base. We look forward to working with Allan to grow thisarea of our practice.

    Allan McDougall stated:

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  • I am delighted to be joining a law firm with such an innovative and client-friendly business model.

    2 February 2015 - LawPath Launches a Legal Documents SubscriptionService for Businesses

    Website screenshot of new service

    LawPath has already built an online business which it says has servedalmost six thousand individuals and businesses. Users can search for adocument precedent, complete it online, and for an additional fee theycan have a lawyer review it.

    For example, an online Will is $39. For an additional $260 a user can haveup to 2 hrs of additional legal drafting and legal advice with no hidden orunexpected charges.

    Now, instead of selling one document at a time, LawPath is giving enduser business clients unlimited access to over 200 easy to use documentsincluding Website T&C's, Contractor Agreements and ShareholdersAgreement.

    The subscription is planned to be $49 per month. The company is currentlyrunning a promotion offering the first 200 users an opportunity to sign up for$19 per month.

    Lawyers who partner with LawPath agree to provide fixed fee reviews tousers who purchase documents via the website.

    LawPath maintains a public directory of lawyers. Prospective clients can posta legal question direct to a lawyer. Lawyers agree to provide the first 30minutes of their time for free.

    LawPath was founded in February 2013. In September 2013 it announced astrategic alliance with LexisNexis.

    Last year it closed a new funding round, with the full investment coming fromBrook Adcock, the founder of the jewellery business Pandora Australia.

    Adcock invested $600,000 into LawPath. I look for businesses that are trulydisruptive and have the potential to scale, not only in Australia but globally LawPath is such a business, Adcock said.

    29 January 2015 - 5.8% Predicts Robert Walters

    Increased hiring for legal professionals in 2015 is predicted according to the2015 Global Salary Survey from specialist recruitment consultancy RobertWalters.

    The survey covers a range of professions and is based on real placementsmade by Robert Walters consultants. It found growth in corporatetransactions, demand for in-house counsel at the major banks due toregulatory reform, and the commencement of major construction projects willall lead to increased hiring in 2015.

    Salary freezes were largely lifted in 2014. In 2015, permanent salaries areexpected to grow year-on-year on average by 5.8%.

    Robert Walters Legal Director, Andrew Hanson, said:

    Hiring managers are likely to struggle to secure lawyers within their budgetedsalary bandings. After years of salary freezes, more associates are nowdriven by remuneration, and companies will need to make competitive offersif they want to secure top talent, possibly including sign-on and retention

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  • bonuses. Financial services, construction and corporate M&A associates willprobably be the most difficult to source, while construction and corporatecandidates, although not so scarce, may have already moved practice orbeen well compensated for staying.

    The Robert Walters Global Salary Survey is the most comprehensive of itskind and is based on the analysis of permanent, interim and contractplacements covering all 24 countries in which Robert Walters operates. Thesixteenth edition offers an overview of salaries and recruitment trends from2014, as well as those expected in 2015.

    Video commentary below discussing all professions

    27 January 2015 - Does the ASX Kill Professional Services Firms?

    21 January 2015 - Civic Legal Emerges from ILH Ashes

    21 January 2015 - We Ask Lift Legal About the Law Firm that IncreasedFile Openings by 61%

    15 January 2015 - Demand for Employed Solicitors Rising From theDepths

    The number of job vacancy advertisements for solicitors rose in 2014 fromthe depths of 2013. The increased demand for employed lawyers must be

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  • coming from smaller firms. At the end of last year The Australian publishedstatistics showing that through calendar 2014 the number of non-partner feeearners in 39 large firms decreased by 4.9%. Growth in non-partner feeearner numbers occurred in only about 30% of those firms.

    The graphs below show the number of internet job advertisements.

    Above: Internet Job Vacancy Index. Star symbol tags November of each year

    12 January 2015 - In-House Lawyering is Booming - Right?

    5 January 2015 - Sold in Under 7 days: Law Central and CapricornPartners

    KordaMentha was appointed Administrator of ILH Group at 5.15pm on 17December 2014. By the afternoon of 24 December 2014 theAdministrator had a binding sale of shares in Law Central and CapricornInvestment Partners (Capricorn).

    Left within the group is the law firm business, including Rockwell Olivier, forwhich the unpaid creditors will be holding out hope.

    ILH bank debt - believed to be courtesy of St George Bank - was around $14million as per ILH's 2014 financial year annual report. The amount owed toother creditors plus employee entitlements is likely to be around another fewmillion dollars.

    Capricorn is a financial planning business that found its way into ILH inSeptember 2013. The owners of Capricorn received in the order of $4.5million cash as well as now worthless ILH shares and promises ofperformance payments. The identity of the purchasers of Law Central andCapricorn have not been disclosed. The most likely scenario is that theprevious owners of Capricorn gave back the cash they received and ran forthe exit.

    It is no surprise that Law Central sold so quickly. It is an internet-based legaldocuments business which had higher margins than the law firm business.The problem for the ILH creditors is that Law Central is a small business withan estimated turnover of $1m to $2m (a Legal Practice Intelligence

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  • guesstimate based on historical ASX disclosures).

    It is hard to see how St George Bank and the other creditors will not be takinga substantial loss. They will no doubt be pondering the lessons learned oflending to a law firm that was a failure for investors from day one to the veryend.

    19 December 2014 - ILH Group Enters Voluntary Administration

    Click image below to visit ILH Group website for more information

    18 December 2014 - Indicators Pointing to a Busier 2015 for FamilyLawyers

    Click image below to view full article

    15 December 2014 - AGS to consolidate within the Attorney-GeneralsDepartment

    Statement by AGS CEO:

    The Government has decided that AGS will be consolidatedwithin the Attorney-Generals Department (AGD) and no longeroperate as a government business enterprise. AGD and AGS areworking closely with a view to the consolidation occurring on 1July 2015.

    This decision will not impact on the service AGS provides to its

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  • clients. AGS will continue to have its own independent functionalidentity within AGD. The expertise and experience of our lawyerswill continue to be available to serve you with the professionalismyou have come to expect.

    We value your continued support in this interim period and will becontinuing to operate without changes to our personnel orservice delivery.

    Ian Govey, Chief Executive Officer

    15 December 2014 - ILH Shares in Voluntary Suspension During NewNegotiations with Bank

    ILH is the listed entity of law firm Rockwell Olivier

    At the time of the trading halt on the ASX last week, ILH shares were at ahistorical low point of 1.9 cents per share. The original shares were issued inAugust 2007 at 50 cents per share.

    During 2013 the company acquired a financial planning business, paying for itwith a combination of ILH shares (9 cents per share) as well as $4.51 millionin cash. During financial year 2014 the legal services business was the maincontributor to a heavy financial loss for the year.

    By 30 June 2014 ILHs bank debt was up to $14.4 million. This amountrepresented roughly 50% of the 2013/14 annual revenue of the business.

    A new financing / repayment arrangement with the bank was announced inSeptember 2014. Now the company has obtained agreement by the bank todefer a $250K payment that was due in December. ILH expects to make afurther announcement by the end of this week.

    In the first week of December 2014 the long term managing director of ILHresigned and the company appointed a corporate advisory firm to assist withstrategic planning.

    14 December 2014 - Australian Government Solicitor to Close

    The news was leaked over the weekend:

    The Weekend Australian can reveal the 175 agencies to be cutinclude the Australian Government Solicitor as well as obscurecommittees such as a governance board on computersystems and a partnership group on student services. Whilethe AGS had been seen as a potential asset sale, thegovernment will instead close it down and transfer some of itsstaff to the Attorney-Generals Department in order to scale backoverall spending.

    Legal Practice Intelligence commentary from 19 November 2014

    10 December 2014 - Volume of Property Sales in 2015

    8 December 2014 - Corrs disrupts its own BigLaw business modelwith a contract lawyer service

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  • 4 December 2014 - Lawson Smith Lawyers Join HWL Ebsworth

    4 December 2014 - Cridlands MB will Join HWL Ebsworth to Form theFirm's new Darwin and Alice Springs offices

    3 December 2014 - Productivity Commission RecommendsContingency Fees and Limited Opening of Family Law to Non-Lawyers

    1 December 2014 - Exemplary Marketing of a Criminal Law Practice

    28 November 2014 - In a Globalised World, Local GCs are Losing theAutonomy to Choose Law Firms

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  • 26 November 2014 - E-Conveyancing: First Full Transfer, Lodgmentand Financial Settlement

    25 November 2014 - Justice Connect moves into Fair Work support forunrepresented litigants

    19 November 2014 - Closing Australian Government Solicitor will nothelp Federal Government Fiscal Deficit

    18 November 2014 - S & G Looks to Expand in Canada

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  • 14 November 2014 - Galilee Solicitors Wins Bragging Rights for FirstNSW E-Caveat

    13 November 2014 - Top 20 Private Law Firms Partnering with LegalAid NSW

    10 November 2014 - E-Conveyancing Sceptics Proved Wrong Today

    click above image to read more

    7 November 2014 - Macquarie Secures 25% of PEXA Shares

    According to recent AFR reporting, Macquarie Capital has become a 25%shareholder of PEXA which is the maximum ownership limit for any singleshareholder.

    Western Australia Governments Landgate owns 16%. Other shareholdersinclude the four major banks, Link Market Services (Pacific Equity Partners),Paul Little (Little Group) and the governments of New South Wales, Victoriaand Queensland.

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  • $50-$60 million of the capital raised has gone into building the PEXA platform.

    GlobalX Legal Solutions CEO Peter Maloney said the company was lookingforward to its customers being able to fully access the Property ExchangeAustralia (PEXA) in NSW from November 10.

    Mr Maloney says that the Brisbane based company is Australias largestproperty settlement provider to the practitioner market.

    "We have been preparing and investing significantly in our technology, peopleand industry partnerships, to ensure we have a competitive advantage indelivering PEXA to all our clients and solutions partners, Mr Maloney said.

    We are thrilled to be able to deliver PEXA to GlobalXs practitioners whocurrently utilise the companys online search, conveyancing and practicemanagement software solutions.

    We are very pleased to have agreements in place to deliver access to PEXAto the broader practitioner market via our strategic partners and their softwaresolutions.

    Read more

    6 November 2014 - Blue Rock Law Joins M+K Lawyers

    Headed by Principals George Haros and Alex Ninis, Blue Rock Law focuseson IT, workplace relations, property, litigation and commercial law.

    George and Alex have done a wonderful job in a tough market to grow theirfirm since founding it only five years ago, comments Damian Paul, NationalM+K Managing Director. Their focus on mid-market businesses alignsperfectly with ours. This union creates enormous opportunity to introduce, onthe one hand, their clients to the wider skill sets within M+K and, on the other,their specialist skill sets to the M+K client base.

    A team of eight lawyers and three support staff [based in Melbourne] willaccompany George and Alex, with two team members based in Perth.

    Blue Rock Law is excited by this opportunity, says Alex Ninis. We feel thereis a real synergy between M+K and Blue Rock Law of a vision to use ourindustry knowledge to truly understand our clients business, and then toprovide them with a practical and commercial legal service.

    As Blue Rock Law strives to keep ahead of the curve and meet the everchanging need of our clients, teaming up with M+K will allow for greateroperating efficiency, solidify our presence nationally, and deliver all-roundbetter value for our clients, concludes George Haros.

    M+K Lawyers has 350 staff with offices in Victoria, New South Wales,Tasmania, Queensland and Perth.

    6 November 2014 - Tim's Story

    ... and "Besties" from Shine Lawyers

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  • 3 November 2014 - Kemp Strang Opens Office in Brisbane

    Commercial law firm Kemp Strang today opened the doors to its Brisbaneoffice. It comes only nine months after announcing it would open a Melbourneoffice and the firm now has offices across the eastern seaboard in Brisbane,Sydney and Melbourne.

    Kemp Strang provides high quality legal services to clients across a widerange of industries with particular strengths in banking & finance, disputeresolution & insolvency and corporate advisory.

    The Brisbane office is headed by partners Glen Williams and Paul Wong,both from Kemp Strangs former Brisbane affiliate law firm, Thynne &Macartney.

    Said Kemp Strang managing partner, Michael Joseph: This is the next stepin our business strategy of providing a national service to our clients underthe Kemp Strang banner.

    Mr Williams is an insolvency specialist and has over 20 years experienceproviding expert services in dispute resolution to banks, financial institutionsand commercial enterprises. Mr Wong has 15 years experience in bankingand finance specialising in transactional banking and finance. He also acts forBanks and insolvency practitioners in the realisation of assets. They aresupported by a highly experienced team of lawyers and paralegals.

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