Lawyer News Service Tips

Top Oceania Firms Providing Pro Bono Work For $500m IPO

One of the most common stereotypes in fiction is the amoral attorney, but many law firms and lawyers in the AU, from divorce solicitors in Melbourne to corporate lawyers in Queensland, are working hard to counter that, with four major firms in the country and NZ foregoing their fees for a good cause.

Sydney firm KardosScanlan are the Australian solicitors for the proposed initial public offering (IPO) of Hearts and Minds Investments, which is currently aiming to raise up to half a billion dollars for its debut on the Australian Stock Exchange. Webb Henderson will handle solicitation in New Zealand, and will also be working pro bono.

Ashurst, meanwhile, is advising Commonwealth Securities, National Australia Bank, as well as Creston Wealth, whose joint efforts led to the arrangement of the IPO. The Victor Chiang Institute, meanwhile, is advised by King & Wood Mallesons (KWM).

Both KardosScanland and Webb Henderson have agreed to provide legal advice to the IPO and the companies behind them in relation to normal operations on a pro bono basis, with legal fees only waived with regards to the preparation of the company’s prospectus.

Ashurst, meanwhile, provided pro bono legal advice to the joint lead arrangers, while KWM has agreed to give the Victor Chang Institute on corporate law on a pro bono basis.

They’re the largest law firms in the region, with divorce solicitors in Melbourne and people across the region, and they’ll be throwing their support on the IPO, which has received support even from the ASX, which will be waiving annual any annual fees, in exchange for Hearts and Minds agreeing to not charge investment fees, as well as investing a percent of its net tangible assets, regardless of financial performance, to support Australian medical research organisations biannually.

Designated charities of the effort include The Victor Chang Institute, the Brain and Mind Centre, the Charlie Teo Foundation, as well as the Florey Institute of Neuroscience and Mental Health.

Hearts and Mind will be calling on five of the AU’s leading fund managers, to be selected by its investment committee, who will be recommending 15 stocks for the company’s portfolio every financial quarter.