Andrew Grech, the ex-boss of Slater and Gordon, will receive a whopping AUD1.5 million for the 2017 financial year as he prepares to hand over the firm in a terrible state.

Grech's leadership has coincided with a tumultuous tie for S&G. Handily, it seems that his remuneration was structured on a per-disaster basis. In 2015 Grech announced that after "a very extensive due diligence process" Slater and Gordon would be purchasing Quindell. It proved to be a disastrous decision. S&G recorded a AUD1 billion loss in the financial year 2015/16 and a loss of AUD546m in the financial year 2016/17. Its shares were suspended last year. In July this year, it agreed in principle to an AUD36.5 million settlement payment to its own disgruntled shareholders. To add to the firm's woes, it recently announced that it will be axing a number of Australian staff and cutting off its UK arm. Other than that, three cheers for Andrew!

Grech is poised to leave the building with his legacy intact.  

Grech stepped down as the Managing Director in June, but remains as a non-executive director to have his nose rubbed in the mess he's made support the new board during the transition. His AUD1.5 million bumper packet includes a base salary of AUD560,384, an "expatriate allowance" of AUD286,462 for living in the UK, three months’ salary in lieu of notice, 13 weeks’ salary as a termination payment and unclaimed holiday. But no tip.
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Comments

Anonymous 09 November 17 14:09

It seems that "opening up the legal market to competition" has simply resulted in a small group of lawyer making themselves fabulously rich by piling law firms together and selling them on knowing they are completely unviable. The Plexus few flogged their conglomeration of badly assimilated law firms for £200m; about £40m each and then bought the whole thing back for £2m.

A tiny minority of owners get ridiculously rich leaving suppliers, customers and staff with the mess. What benefit to the consumer?