Could take place later this year
Law firm Mishcon de Reya is set to float on the London Stock Exchange (LSE) after partners voted in favour of “exploring” a premium listing later this year.
If given the go-ahead, the move would see every member of staff, including trainees and junior lawyers, become a shareholder in the listed firm.
Mishcon has drafted in JP Morgan to advise on a possible IPO which, subject to market conditions, “might take place as early as the fourth quarter of 2021”, the firm said in a statement.
Kevin Gold, Mishcon’s executive chairperson, said:
“I am delighted that the leadership team is mandated to explore a public listing as we look to further develop our offering to clients. It will enable us to invest in talent, our core areas, our allied services, as well as technology and Asia. I am also proud that my partners have decided to award shares to all staff. It means every single one of our people will have a meaningful stake in our business.”
Last year Legal Cheek reported that the firm was exploring two ways of raising capital: either by listing itself on the public stock market in the hope of attracting new investors, or selling off a stake to a private equity investor. At the time, a spokesperson for Mishcon said it was “considering all options” and that no decisions had been made.
News of the partner votes comes amid rumours that national law firm Irwin Mitchell is eyeing a flotation of its own. “City sources” claim the Sheffield headquartered outfit is working closely with investment bankers from Rothschild on the possible float, with aspirations of securing a £500 million valuation.