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Family law firm ‘exceeds expectations’ in FY20 results
Australia’s first ASX-listed family law firm has reported it “exceeded expectations” in its first full reporting year on the stock exchange, announcing a revenue growth of 39 per cent.
Naomi Neilson
Despite negative impacts of COVID-19, Australian Family Lawyers (AFL) has reported it had exceeded 2020’s financial year expectations and is ahead of schedule of its new plans for expansion. The firm reported a revenue increase of 39 per cent to $6.9 million and a gross profit increase of 58 per cent to $3.6 million.
The results are the first of the firm as an ASX-listed company having been approved to join the stock exchange in mid-2019. The firm joins legal operators Slater and Gordon, Shine Lawyers, Xenith IP Group, QANTM Intellectual Property and IPH.
Along with its results, AFL announced that the company’s management structure has been streamlined and enhanced, “to better capitalised on competitive advantages”.
Former managing director – now chair of the marketing advisory board – Edward Finn said: “This new management structure reflects the next step in growth, maturity and in evolution of our business. As the founder and largest shareholder my primary focus is the enduring success of the business and I can best contribute to this by focusing my skills on the continued refinement and improvement of our client acquisition engine.”
In addition, the firm strengthened the brand and delivery of quality family law by signing an international agreement with UK firm Stowe Family Law, achieving a formal service offering in binding financial agreements and launching “AFL Assist” amid COVID-19.
The firm was also recognised as a finalist for Law Firm of the Year and NewLaw Firm of the Year at Lawyers Weekly’s 2020 Australian Law Awards.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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