Magic Circle giant lands key role as Claude-maker eyes public markets
Magic Circle heavyweight Freshfields has bagged a role in Anthropic’s hotly anticipated Initial Public Offering (IPO), advising the underwriters as the AI giant behind Claude gears up for its stock market debut.
The work is being led by Freshfields’ Silicon Valley office, marking another major win for the firm as it continues to expand its US presence. Anthropic has filed paperwork with US regulators ahead of its proposed Nasdaq listing, with reported valuation estimates ranging from $1.5 trillion to $2 trillion.
And it’s not the first blockbuster IPO on Freshfields’ CV this year. Back in June, the firm advised on the European side of SpaceX’s record-breaking stock market debut, which valued the company at more than $1.75 trillion.
The latest mandate also builds on Freshfields’ existing relationship with Anthropic. The pair teamed up earlier this year in a multi-year deal to develop legal AI tools, with plans to roll out Claude across all 33 of the firm’s offices and build tools to help lawyers with everything from contract reviews to document drafting.
There’s plenty of legal firepower on the deal, too. US firm Wilson Sonsini is advising Anthropic itself, while Cravath is acting for its co-founders. Orrick and Cleary Gottlieb are also involved, handling matters ranging from executive pay to corporate governance.
According to the 2027 Legal Cheek Firms Most List, Freshfields recruits around 70 trainees each year through its Trainee Associate Programme. Rookies earn £56,000 in their first year and £61,000 in their second, with pay rising to £150,000 upon qualification.