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• Teaching Note | HBS Case Collection | 2013 (Revised from original 2013 version)

  Creating the First Public Law Firm: The IPO of Slater & Gordon Limited (TN)

  Benjamin C. Esty and E. Scott Mayfield

  Citation:

  Esty, Benjamin C., and E. Scott Mayfield. "Creating the First Public Law Firm: The IPO of Slater & Gordon Limited (TN)." Harvard Business School Teaching Note 213-027, April 2013. (Revised from original April 2013 version.)

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• Case | HBS Case Collection | 2013 (Revised from original 2012 version)

  Creating the First Public Law Firm: The IPO of Slater & Gordon Limited

  Benjamin C. Esty and E. Scott Mayfield

  Slater & Gordon (S&G), a midsized Australian law firm with a high-growth consolidation strategy, had an initial public offering (IPO) scheduled for May 2007. Due to a series of regulatory changes in Australia in recent years, the IPO provided an opportunity for S&G to become the first publicly-traded law firm in the world. The firm and its underwriters had just issued a prospectus and were now in the process of lining up investors for the offering. Gloria Rosen, a portfolio manager at Freemantle Securities, was trying to decide whether to buy the stock for her small-cap growth fund. With only a few days left to place an order for the offering, she had to decide whether to invest and, if so, how much to invest. To make her investment decision, Rosen had to understand the value implications of the firm's business model and its growth strategy, as well as the relevant risks.

  Keywords: IPO; Mergers ＆ Acquisitions; law firm; valuation; value drivers; growth strategy; revenue recognition; corporate governance; roll-up; consolidator; Initial Public Offering; Valuation; Consolidation; Mergers and Acquisitions; Financial Strategy; Growth Management; Corporate Governance; Business Strategy; Legal Services Industry; Financial Services Industry; Australia;

  Citation:

  Esty, Benjamin C., and E. Scott Mayfield. "Creating the First Public Law Firm: The IPO of Slater & Gordon Limited." Harvard Business School Case 213-019, April 2013. (Revised from original October 2012 version.)

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• Case | HBS Case Collection | 2013

  Value Partners and the Evergrande Situation

  Paul Healy and Keith Chi-ho Wong

  In June 2012, Cheah Cheng-Hye and his colleagues at Value Partners, a Hong-Kong-based investment firm, received a copy of a short-seller report alleging that Evergrande, one of China's largest property developers, was using fraudulent accounting and paying bribes to secure business. Evergrande's stock plummeted, and Value Partners, which had a sizable holding of Evergrande stock, had to determine how to respond to the allegations. The case provides an opportunity to review Value Partners' research approach to investing in Chinese companies and to assess the merits of the Evergrande allegations.

  Keywords: asset management; financial analysis; value investing; China; Asset Management; Crime and Corruption; Financial Services Industry; China;

  Citation:

  Healy, Paul, and Keith Chi-ho Wong. "Value Partners and the Evergrande Situation." Harvard Business School Case 113-113, April 2013.

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