When Slater and Gordon became the world's first publicly-listed law firm in 2007, it was supposed to herald a new era of law firm ownership.

Instead, a decade after its landmark initial public offering, the Australian personal injury and employment claims specialist's business is in tatters, thanks to a disastrous acquisition and stifling regulatory reform in one of its core practice areas.

Having been bailed out by lenders to avoid a potential bankruptcy after racking up losses of almost $2 billion, Slater is currently in the midst of a comprehensive restructuring that will result in its U.K. business taken over by hedge funds.