They were supposed to become for family law what Slater and Gordon is to personal injury law. That hasn't happened. And I'm not sure how they're going to make it happen. S&G had a clear route to nationally recognised household name - regular advertising on TV and newspapers in the 90's. Everyone watched TV, read newspapers back then. Not so much now. So, not sure AFL has a pathway to household name in family law.
Without brand recognition, does corporate ownership of a professional services firm work? I'm not so sure. Lawyers who own their own firms are more motivated than lawyers who are corporate employees - if they succeed, they get all the profits, if they're mediocre, they suffer all the losses. That surely has to be a disadvantage of the corporate roll-up model. Let's see if they can make it work.
This stock is such a dud, page-5
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