No free lunch – Will law firm IPOs be the next big thing?

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No free lunch – Will law firm IPOs be the next big thing?

For years it could, just about, be ignored. But no longer. The UK’s largest practices are being forced to consider a seductive, provocative, explosive question that strikes right to the heart of a law firm and what it means to be a professional: have they considered an initial public offering (IPO)?

By now, of course, at some level they all have, if only to construct a stock (no pun) rebuttal of the case for capital. But despite public dismissal by the leadership of the majority of top-25 UK firms, under the surface there is far more curiosity in this year’s string of legal floats. Continue reading “No free lunch – Will law firm IPOs be the next big thing?”

To list, or not to list? More, and much bigger, firms are asking that question

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To list, or not to list? More, and much bigger, firms are asking that question

As DWF positions to float, Hamish McNicol asks if the legal IPO is going mainstream

Eversheds Sutherland co-chief executives Lee Ranson and Mark Wasserman recently hosted more than 700 partners at the firm’s partner conference in New York. Continue reading “To list, or not to list? More, and much bigger, firms are asking that question”

Slater and Gordon to launch new corporate entity alongside plans for £30m legal tech investment

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Slater and Gordon to launch new corporate entity alongside plans for £30m legal tech investment

Revamped personal injury specialist Slater and Gordon (S&G) is set to roll its legal and former Quindell divisions into a single corporate entity and has earmarked £30m for investment in new technology.

The battle-worn firm today (11 May) announced plans to unify the two entities – Slater and Gordon Lawyers and Slater Gordon Solutions (SGS) – via an alternative business structure (ABS) in the coming months. Continue reading “Slater and Gordon to launch new corporate entity alongside plans for £30m legal tech investment”

Another legal IPO? Simpson Millar’s new owner advances £50m to law firms in two years

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Another legal IPO? Simpson Millar’s new owner advances £50m to law firms in two years

As expansive West End firm Gordon Dadds talks up its ambition to become a £100m business after going public last year, the new owner of Simpson Millar – which recently axed 91 jobs and had £17.7m in debt written off after its publicly-listed owner went bust – is not ruling out an initial public offering (IPO) after putting more than £50m into law firms over the last two years.

Following the administration of listed finance company Fairpoint Group last year, its former legal subsidiary, Leeds-based Simpson Millar, this week made 91 roles redundant following a consultation launched in December. Managing partner Greg Cox said Monday (26 February): ‘This was necessary to stabilise the firm after significant under-investment by Fairpoint Group during the period it owned the firm, which had resulted in a fall in revenue in 2017.’ Continue reading “Another legal IPO? Simpson Millar’s new owner advances £50m to law firms in two years”

‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market

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‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market

Often trumpeted as a potential disruptor to the UK legal market, the last of the Big Four accountancy firms, Deloitte, is primed to enter the fray as an alternative business structure (ABS).

The global professional services giant confirmed yesterday (10 January) that it would be using technology such as automated document review and contract management to underpin the new legal offering. In addition, Deloitte will be launching a consulting service to help in-house legal teams get the best out of technology. Continue reading “‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market”

‘A milestone’: Keystone becomes third UK law firm to float on London Stock Exchange

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‘A milestone’: Keystone becomes third UK law firm to float on London Stock Exchange

Following the trail blazed by Gateley two years ago and Gordon Dadds this summer, New Law player Keystone will become the third UK law firm to float on the London Stock Exchange (LSE) with shares to begin trading on 27 November priced at 160 pence per share.

Mid-market challenger firm Keystone Law, which will raise £15m from joining AIM, is valued at £50m and will be known as Keystone Law Group Plc. Panmure Gordon has been instructed by the firm to act as financial adviser, nominated adviser and broker. Continue reading “‘A milestone’: Keystone becomes third UK law firm to float on London Stock Exchange”

Five years on from pioneering S&G acquisition of Russell Jones, Aussie pioneer splits from UK business

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Five years on from pioneering S&G acquisition of Russell Jones, Aussie pioneer splits from UK business

Another chapter in the turbulent story of Slater and Gordon (S&G) has unfolded, with the beleaguered listed legal pioneer today (31 August) announcing the splitting off of its UK business from its Australian parent.

S&G’s UK arm will change into a new holding company, called UK HoldCo, which will be owned by the firm’s senior lenders, in a separation agreed as part of a recapitalisation programme linked to its ill-fated acquisition of the Quindell professional services business. Continue reading “Five years on from pioneering S&G acquisition of Russell Jones, Aussie pioneer splits from UK business”

‘We are not trying to be a standalone law firm’ – PwC Legal to integrate into wider accountancy practice through MDP

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‘We are not trying to be a standalone law firm’ – PwC Legal to integrate into wider accountancy practice through MDP

PwC Legal is to integrate into the wider accountancy firm PwC UK from tomorrow (1 October), enabling the outfit to operate as a multi-disciplinary practice instead of a standalone LLP.

Continue reading “‘We are not trying to be a standalone law firm’ – PwC Legal to integrate into wider accountancy practice through MDP”