Mishcon shelves floatation plans
London firm blames ‘market conditions’
London law firm Mishcon de Reya‘s planned listing on the London Stock Exchange has been put on hold for the “foreseeable future”, it confirmed today.
The outfit was expected to go public at some point this year after 93% of partners voted in favour of the flotation in September 2021.
But in a statement issued today a firm spokesperson said:
“We can confirm that we have decided to put our IPO plans on hold for the foreseeable future due to market conditions. We remain an ambitious and bold business with a clear strategy and vision for our future.”
The decision comes some six months after the firm temporarily postponed the listing, deeming the market to be too volatile.
If the flotation had gone ahead, Mishcon would have become the sixth UK law firm to float, joining the likes of DWF, Gateley, Ince Group and Knights, among others. The move would have also seen every member of staff, including trainees and junior lawyers, become a shareholder in the firm.
The Legal Cheek Firms Most List 2022 shows the firm offers around 24 training contracts each year, with newly qualified associates earning a recently improved salary of £90,000.
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Partners missed the gravy train by about 18 months. A blessing for the firm in the long run.