Mischon de Reya revives IPO plans despite investigation by regulator

Law firm favoured by wealthy eyes £750m London listing with all 1,000 staff poised to become shareholders

Last modified on Wed 28 Apr 2021 14.34 EDT

Mishcon de Reya, the law firm favoured by the wealthy, famous and powerful, has revived plans for a stock market float, despite revealing that it remains under investigation by the regulator for the legal profession.

Mishcon has been pondering a float since 2019 but its partners are understood to have been concerned about market conditions at the time.

The climate for a listing only worsened when the London-based firm revealed in September 2020 that it had been under investigation by the UK’s Solicitors Regulation Authority for two years.

But on Wednesday, Mishcon said its partners had voted in favour of going public on the London Stock Exchange and it was taking advice from JP Morgan Cazenove.

The company is expected to seek a value of about £750m, based on typical valuations in the legal sector, a price tag that would make it the largest London-listed law firm.

Every member of its 1,000 staff, from partners to receptionists, will become a shareholder as a result.

Mishcon de Reya has developed a reputation as a combative firm with an appetite for high-profile challenges, having represented Diana, Princess of Wales, during her divorce from Prince Charles.

It also acted for Gina Miller in her legal battle against Brexit, while its corporate client roster includes Microsoft, Pfizer, Sky and Ladbrokes Coral.

The company was criticised for threatening libel action against Daphne Caruana Galizia, the Maltese journalist who was murdered while investigating corruption on the island.

Mishcon de Reya will use the cash raised in the float to fuel its push into Asia, having recently opened an office in Singapore, as well as to invest in law technology and venture capital.

The money will also help fund its move into advising family offices, vehicles for wealthy and high-profile jetsetters and powerful dynasties.

The chief executive, Kevin Gold, 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.”

Mishcon de Reya said: “The firm also confirms that it continues to engage with the Solicitors Regulation Authority on historic matters which it reported to the SRA.”

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