Business

Coast's biggest law firm up in the air as founder departs

THE Sunshine Coast's largest law firm appears to be in trouble with one of its founding partners, Travis Schultz, preparing to leave.

Schultz Toomey O'Brien (STO Law), was bought out by Slater and Gordon in November 2014 for nearly $20 million, but Mr Schultz stayed on as "special counsel".

He was not available for comment, but sources close to him said the highly-regarded lawyer would be leaving the firm he founded in 1988 at the end of March.

It is unclear if Mr Schultz's departure has anything to do with Slater and Gordon's financial strife.

It was reported in February last year the world's first "legal law firm" was struggling after slumping to nearly a $1 billion loss.

Travis Schultz
Travis Schultz

The problems were ascribed to the firm's $1.3 billion acquisition of the professional services division of UK firm, Quindell, in March 2015.

It emerged in the Sydney Morning Herald yesterday (February 16) the firm had pitched a life-saving debt for deal equity swap to its bankers that was expected to see investors wiped out.

Investors had already began dumping shares in the company last week.

But the impact of the financial woes hadn't appeared to be taken any toll on the Sunshine Coast firm, yet.

A reliable source said Slater and Gordon was in "real strife" but STO Law was "financially sound and operating as normal".

"If Slater and Gordon collapses, STO Law wouldn't collapse, but it might be once again be for sale," the source said.

The question would be whether its founder, Mr Schultz would be in a position to buy it?

A Slater and Gordon spokeswoman said: "Slater and Gordon's current discussions with its lenders have no impact on the current day to day running of the business including the Sunshine Coast office."

Topics:  financial troubles slater and gordon sto law travis schultz



Hansen considers entering race for deputy mayor

Fraser Coast Regional Council - (L) Cr. James Hansen and Cr. Rolf Light. Photo: Alistair Brightman / Fraser Coast Chronicle

Mr Hansen is the longest-serving member of the current council.

Cyclone Debbie on collision course with CQ towns: BOM

UPDATE: New radar images show Cyclone Debbie is on a collision course with CQ towns.

CYCLONE Debbie to make a U-turn to CQ's coast after wreaking havoc.

Police called after threats for refund at pizza shop

The incident happened Saturday night, just past 7.10pm.

Local Partners

PHOTOS: More than 500 turn up for Bay Break fun run

As the sun rose on Sunday morning and rain drizzled from the sky, Fraser Coast fitness enthusiasts weren’t going to sleep in.


CMC Rocks is just the ticket for Eric Paslay

HAPPY TO BE HERE: American country singer Eric Paslay will play CMC Rocks 2017.

Country music singer is touring overseas for the first time.

Things to do on the Fraser Coast this weekend

A SPOONFUL OF BUTTER. Helen Jones and Vicki Barrett take time out to enjoy some homemade butter on a biscuit from Jill Harvey at Sunday's Pioneer Day at the Brooweena Museum. Photo Erica Murree / Central & North Burnett Times

From St Patrick's Day celebrations to Pioneer festivals.

Daredevils of Nitro Circus to thrill Lismore

Oakes Oval in Lismore will host the sell-out, worldwide phenomenon that is Nitro Circus Live during its 15-city Australian tour in April.

The (in)famous 55-foot high Nitro Giganta ramp is the centrepiece

Pete Evans' 'extreme advice' slammed after TV tell-all

Celebrity chef Pete Evans is “putting his fans’ health at risk”, after he defended his controversial claims on national TV, say Australian doctors

Housewives’ shocking public fight gets physical

The Real Housewives of Sydney.

Real Housewives’ public fight: ‘She’s a f***ing embarrassment’.

Married At First Sight's shock vow renewal decisions

Nadia’s final decision at the vow renewal ceremony leaves us stunned.

NADIA and Susan's decisions stun viewers.

Family Feud host Grant Denyer in hospital after rally crash

He’s OK. Grant Denyer has survived a serious car crash near Melbourne. Picture: Zak Simmonds

Grant Denyer airlifted to hospital after horror crash

Would you like 90 weeks of paid parental leave?

“It’s changed the culture,” say the Latte Papas of Sweden’s generous parental leave provisions.

Why not move to Sweden: the world’s best place to be a dad

Only one woman nominated for the Gold Logie

Love Child and The Wrong Girl star Jessica Marais is nominated for a Gold Logie this year.

Jessica Marais is about to star in a new Logies controversy

Beer in boot makes lasting impression at CMC Rocks

Country music star Tyler Farr posted this picture of himself drinking a 'booty' at the CMC Festival.

American country star Tyler Farr debuts at CMC Rocks

Dalwood waterfall up for sale

Two people have died at Dalwood Falls, Ballina.

How would you like to own your very own waterfall?

Hospital hub key to recovering Fraser Coast market

MEDICAL BOOM: The medical precinct in Hervey Bay's Urraween has strengthened the suburb's prices. Pictured is the team working on the construction of a new aged care across from St Stephen's Private Hospital.

The region's medical facilities have attracted a new breed of buyer

Launch of brand and opening of new office

Brett Graham, Tony Warland and Dan Smith celebrate the new Ray White office opening in Burnett St, Buderim.

Ray White celebrate expansion

An extraordinary offering

The talk of town

Ready to SELL your property?

Post Your Ad Here!