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


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Man repeatedly struck with baseball bat during robbery

Police are investigating a violent robbery at a Loganlea store.

One of the men put the man in a headlock

Man killed after van bursts into flames in crash

Two cars were involved in the crash

Handbags, money stolen as women come to blows in carpark

police generic Handcuffs arrest. 07 October 2016

Police arrest three women after early morning altercation

Local Partners

Sir Elton John coming to Mackay: What you need to know

MACKAY will play host to one of the world's biggest superstars Sir Elton John later this year.

MAJOR ANNOUNCEMENT: Global superstar to rock Mackay in 2017

A major concert is set to rock Mackay this year.

Mackay, Cairns to host world's biggest superstars Sir Elton John

Robert Irwin introduces Jimmy Fallon to wild guests

Robert Irwin introduces Tonight Show host Jimmy Fallon to a cuddly sloth.

ROBERT Irwin continues Steve's legacy.

MOVIE REVIEW: Trespass Against Us a 'tender' crime film

Michael Fassbender and Brendan Gleeson in a scene from the movie Trespass Against Us.

Tough British film about criminal clan proves touching

Crocodile, hippo fears as I'm A Celeb filming hit by flooding

Flooding hits the set of I'm A Celebrity ... Get Me Out Of Here!

Fears crocodiles and hippos could infiltrate I'm A Celeb camp

Small screen users make switch to smaller screens

In this photo taken Oct. 16, 2013, a girl plays Supercelll's Hay Day game on an iPad. The Finnish 'Clash of Clans' mobile game maker Supercell said Wednesday, Feb. 12, 2014, it plans to launch its third game next month on a tide of soaring revenues and profits. The new game, 'Boom Beach,' will be launched in March. It's been tested in Canada and Australia, ranking fifth in both countries' iPhone app store lists, according to the company. (AP Photo/Lehtikuva, Milla Takala)  FINLAND OUT

The digital age generation makes the switch

Nadia visits Coast to escape Married At First Sight drama

Married At First Sight's Nadia Stamp takes a breather from the show's drama at Mooloolaba.

MAFS bride unwinds on the Coast ahead of commitment ceremony

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Expert: Why renters, home buyers may struggle

Matusik Property Insights director Michael Matusik.

What's next for the city's housing market

Massive seaside development of 3200 lots

DESIRABLE LIFESTYLE: The masterplan for the proposed Elliott Heads Estate.

"There's nothing else left along the coastline of Queensland now"

Potential home buyers punished for doing the 'right thing'

Should I go to university or buy a house?

50 more high rise buildings planned for Brisbane CBD

Height limits have been scrapped for Brisbane CBD

800,000 more people expected to work in city over next 20 years

Ready to SELL your property?

Post Your Ad Here!