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Pay rises bite into Integrated Legal

Holdings' profit
T H E

Advertisement

A U S
| M
T A
R R
A C
L H
I A1 0N2 3: 0, 0 2A 0 M 1 0

Susannah Moran
Reporter
Sydney

Follow @susannahmoran
4:46 pm (19 Dec)

Happy holidays, see you in 2015!

LISTED law firm Integrated Legal Holdings has suffered a fall in first-half
profit, despite a 53 per cent surge in revenue, because it renegotiated salary
packages for key partners.
ILH, one of only two law firms listed on the Australian Securities Exchange and chaired
by former treasurer John Dawkins, reported a fall in net profit from $896,000 to
$711,000 on revenue which jumped from $7.59 million to $11.59m.
The increase in the company's costs are in large part due to renegotiated salary
packages for key law firm partners in the two "foundation" law firms that were part of
ILH at the time of its August 2007 float.
More than $12.4m was raised when the company floated at 50c per share in 2007, but
its share price has never risen above its float price, and yesterday closed at 13c.

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ILH was launched as a new concept for a legal business and the company itself holds
and acquires pre-existing law firms.
The firms retain their original branding and are part of the ILH "network". Eight lawyers
from Perth, the "foundation partners" from Talbot Olivier and Brett Davies Lawyers,
did very well out of the 2007 float -- they were paid close to $4m in cash for their
practices and were given 26 million shares in ILH.
Their initial two-year employment contract included a base salary of $100,000 a year, in
recognition of their share windfall.
But when the contracts were renegotiated last year the partners enjoyed an increase in
base pay, with some being backpaid to 1 January 2009.

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Managing director Graeme Fowler told shareholders the initial base pay of $100,000
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was "artificially low" and "non-competitive".

Yesterday he told The Australian that the renegotiated contracts were in the best
interests of shareholders and would provide cost certainty for following years.
The new contracts will lock-in the eight law firm partners, or directors, for four years,
with a six-month notice period.
Mr Dawkins said yesterday that the initial agreements for the eight Perth lawyers had
been negotiated before his time.
"We're now back in the business of being able to pay dividends," he said.

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