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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 2011 version)

  Kroll Bond Rating Agency

  Bo Becker

  The established credit raters were criticized for inflating the mortgage credit bubble that imploded in 2008. A new rating agency, KBRA, is considering how to capitalize on the opportunity this presents and how to enter the industry. A small group of managers have to decide on a business model, how to meet hiring and funding needs, and what types of ratings to start with: municipal, corporate, or structured. Where are the needs for new ratings stronger? How can investors be convinced to use the new ratings? How can KBRA compete with Fitch, Moody's, and S&P?

  Keywords: Financial Instruments; Financial Management; Financial Services Industry;

  Citation:

  Becker, Bo. "Kroll Bond Rating Agency." Harvard Business School Case 212-034, April 2013. (Revised from original October 2011 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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