Login
AFL reports ‘record’ revenue, names new CEO
Listed national law firm Australian Family Lawyers has released its financial results for the year ended 30 June 2021 and named a new chief executive.
Jerome Doraisamy
Financial results
On a pro forma basis (that is, including the full-year contributions of Strong Law, Watts McCray and Kordos Law, all of which were acquired by AFL at different points in the last financial year), the firm reported revenue of $16.4 million, a 61 per cent jump on its FY20 numbers.
It also reported an operating EBIDTA of $5.8 million and underlying EBIDTA of $4.7 million, marking a 42 per cent and 54 per cent increase respectively.
Further, the firm had “record revenue” reported both in June 2021 and in its Q4 file openings. These results, it said, provide a “strong pipeline” for FY22.
On the marketing front, paid and organic lead growth were up 158 per cent and 93 per cent respectively compared to the previous financial year, AFL continued.
The results mean, AFL said, that it has experienced revenue growth (compounded annually) of 50 per cent each year since FY17.
AFL currently has 15 offices across Australia and more than 80 employees.
Board updates
In addition to the release of its financial year results, AFL also announced that current COO Stace Boardman is being promoted to CEO.
The board has also appointed Dr Sarah Kelly OAM as a new independent director, replacing retiring director Edward Finn.
Dr Kelly has worked as a commercial lawyer and is an “experienced” non-executive director with roles across the sport, tourism, technology, education, start-ups and not-for-profit sectors, with a focus on marketing and governance.
Mr Finn said that, as the largest shareholder in the company, he feels “incredibly confident” that the board has the right combination in place moving forward to drive the next stage of growth for its clients, staff and shareholders.
“I strongly endorse the appointment of Dr Kelly to the board and I look forward to continuing to support the Company for many years to come,” he said.
AFL executive chairman Grant Dearlove added: “The skills, independence and diversity Sarah brings to AFL will enhance our governance and we look forward to harnessing her experience to support the pace of the Company’s growth.
“I would also like to thank Edward for his service on the Board since listing and look forward to his continued support as a shareholder.”
The news follows last week’s release of financial results from listed national plaintiff firms Shine Lawyers and Slater and Gordon, whose results can be found here and here. Earlier on Monday, 30 August, listed software company Nuix also released its financial results, which can be found here.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
You can email Jerome at:
