Shares in ASX-listed law firm Shine Corporate have plunged by 73 per cent after the company cut its earnings guidance in half following a review of its accounting policies.

The shares, which were placed in a trading halt on January 19, resumed trading on Friday, and fell from $2 to 53¢ after the company updated investors on its review of its work in progress.

Simon Morrison,Shine Lawyers managing director has told investors the business model remains "solid" despite cutting its guidance by half. Credit:Glenn Hunt

However, the market value has slid from $343 million to $102 million. The value of the stakes held by the founding shareholders Simon Morrison and Stephen Roche fell by $60 million each.

Mr Morrison, the firm's managing director, was not available for comment on Friday.