Slater & Gordon has announced a 37% increase in global revenues alongside the £32.5m acquisition of UK personal injury law firm Fentons Solicitors.

The fast-growing Australian firm, which in 2007 became the world's first publicly listed law firm, saw revenue grow 36.7% to A$297.6m (£171.2m) in 2012-13, while net profit after tax was up 67.6% to A$41.9m (£24.1m).

The firm, which last year took over UK PI firm Russell Jones & Walker in a £53.8m deal, has now grown 373% since 2006-07, when turnover stood at A$62.9m (£43.2m).

Meanwhile, UK revenues rose 10% to A$70.5m (£40.5m) during the year, a figure which the firm expects to increase to A$80m (£46m) in 2013-14, excluding additional contributions from acquired businesses. The firm said it expected total group revenue to increase to A$320m (£184m) in 2014, excluding revenue from acquisitions.

Slaters' latest acquisition, announced today (21 August), is the takeover of UK firm Fentons Solicitors. Both Fentons and Slater & Gordon said the bulk of the due diligence work had been completed, and that a formal business agreement has been signed.

The £32.5m figure paid for Fentons, which has annualised revenues of £27.7m, comprises an upfront cash payment of £24.25m, £4m in equity and £4.25m in deferred conditional cash over two years.

The deal marks the latest in a string of acquisitions for Slaters, which this month completed the takeover of Taylor Vinters' personal injury practice, with a deal to acquire Liverpool firm Goodmans set to be finalised by the end of the month. However, discussions with Leeds-headquartered Simpson Millar, news of which first emerged this May, have been deferred until early next year.

Fentons has offices in Manchester and London and approximately 280 staff, including 120 lawyers. The firm said its equity partners had unanimously voted in favour of the deal, which would create a UK operation comparable to those on the outskirts of the UK top 50 in revenue terms.

In a statement, Slaters UK head Neil Kinsella (pictured above right, with managing director Andrew Grech) said: "The planned acquisition will help cement Slater & Gordon's ambition to be one of the UK's leading consumer law firms and it is a big part of a continued growth strategy. We believe Fentons is an ideal partner to move forward with our plans for strategic growth and to boost our presence in the UK."

Fentons senior partner Kieran Maguire added: "At a time when Government reforms are putting greater pressure on claimants and their lawyers, we feel by combining our talents, we will be able to serve our clients and articulate their causes better."

The deal saw Macfarlanes corporate and M&A partners John Dodsworth and Jessica Adam advise Slaters, while Fentons turned to Pinsent Masons, which fielded a team led by corporate partner Gregg Davison.

Baker Tilly corporate finance partner Geoff Wightwick, which also advised Fentons on the deal, said: "Our recent study into the future of the legal profession highlighted the potential for significant structural change, and we anticipate further activity in this market moving forward."

Slaters has set out an intention to to take full advantage of the UK's legal market reforms and create the leading consumer law brand in the country. Its 2007 Australian Stock Exchange listing sparked an extended programme of acquisitions that saw it swallow up no fewer than 20 law firms.

For more, see Aiming high – Slater & Gordon's plans to conquer the UK consumer legal market.