Slater and Gordon's share price may have finally turned a corner

Wang He/Getty Images

Shares in troubled law firm Slate and Gordon have surged higher today.

A short time ago, they were up 24% to 8.8 cents.

However, the shares are still down 45% since Friday when they closed at 16 cents.

In 2015 the shares hit a high of $8.07, valuing the company at $2.8 billion, but have been on steep slide because of its underperforming UK business and the British government plans to limit compensation for road accidents.

The turnaround of the law firm is taking longer than expected. On Monday, the company posted another loss, adding $425.09 million in red ink for the six months to December.

The result included a $350.3 million impairment charge against the value of its troubled UK business. Revenue was down 22.8% to $322.66 million.

The company said negotiations with its banks continue as it looks to refinance with debts currently exceeding equity in the business.

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