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Listed firm acquires boutique for $200k
AF Legal Group has bolstered its presence in the ACT with the acquisition of a boutique family law practice.
Jerome Doraisamy
AFL (also known as Australian Family Lawyers) (ASX: AFL) announced on Tuesday the “asset acquisition” of ACT-based firm Strong Law Pty Ltd from Lessli Strong.
The boutique was purchased by AFL for an upfront cash payment of $200,000, with Ms Strong entitled to receive further deferred cash consideration of up to $150,000 “contingent upon certain performance conditions”, AFL said in its letter.
The business purchase agreement between AFL and Strong Law was executed on 1 December 2020, with the effective date of the acquisition being 1 October 2020.
“All unbilled work in progress will be acquired by [AFL] as part of the acquisition,” it said.
Strong Law recorded “over $1m in professional fees for the financial period ending 30 June 2020”, AFL continued, noting that the acquisition of the boutique is “expected to be highly earnings accretive” for the listed firm.
AFL executive chairman Grant Dearlove (pictured) welcomed Strong Law and Ms Strong “to the team”.
“The acquisition of one of Canberra’s most established specialist boutique family law firms is complementary to our existing Canberra office. This acquisition creates greater scale, broadens our referral sources and adds to the depth and quality of our legal offering in the region,” he proclaimed.
AFL listed on the ASX in mid-2019, and in June of this year, spoke with Lawyers Weekly reflecting on the year that was since its listing.
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.
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