The Australian based class action law firm Slater & Gordon became the first law firm in the world to go public yesterday, as shares began trading on the Australian Stock Exchange.

According to an article from The Legal Times:

The IPO is the first for a law firm following new legislation in Australia that allows firms to raise funds on the public markets and allows non-lawyers to invest.

The IPO received extensive press coverage in Australia, with articles from the Sydney Morning Herald, The Australian, and The Brisbane Times, among others.

The Legal Times also notes that "a similar bill is under consideration in the United Kingdom," and the Times of London has a story here, on the Slater Gordon IPO and an in depth examination of the possibility of similar public offerings in the UK.

A copy of the Slater Gordon prospectus is available here.

Quote of note:

Lawyers have a primary duty to the courts and a secondary duty to their clients. These duties are paramount given the nature of the Company’s business as an Incorporated Legal Practice. There could be circumstances in which the lawyers of Slater & Gordon are required to act in accordance with these duties and contrary to other corporate responsibilities and against the interests of Shareholders or the short-term profitability of the Company.

Update: Both The D&O Diary and Best in Class have posts on the Slater Gordon IPO.