Australian company Integrated Legal Holdings (ILH) is set to become the first legal business in the world to float. An initial public offering opened this week with the aim of raising A$14 million (£5.6 million). ILH operates in a similar manner to accountancy consolidators, and has already acquired three law firms in Western Australia, as well as a legal document company and a management consulting practice. After floating, it intends to acquire more legal practices, which will continue under their existing names. ILH said government figures showed that law firms are far more profitable than accountancy practices.