DWF becomes UK’s largest listed law firm as it completes £95m IPO

DWF becomes UK’s largest listed law firm as it completes £95m IPO

After announcing its record £95m IPO on Monday (11 March), DWF has today (15 March) issued 300,000,000 shares and been admitted to the main board of the London Stock Exchange.

With a £366m valuation and offer size of £95m, DWF has officially become the UK’s largest listed law firm. £19m of the proceeds will be used to repay a portion of members’ capital contribution to DWF, with £10m earmarked for IT investment and the remainder reserved for general corporate purposes. Continue reading “DWF becomes UK’s largest listed law firm as it completes £95m IPO”

DWF valued at £366m ahead of £95m IPO this week

DWF valued at £366m ahead of £95m IPO this week

DWF will be valued at about £366m when it lists on the main market of the London Stock Exchange this week, making it the largest law firm float to date.

The firm said today (11 March) the total offer size is £95m, at 122 pence a share, representing 26% of the company’s issued share capital. Of that, £19m will be used to repay a portion of members’ capital contribution to DWF, up to £10m will be used to invest in IT and the development of its managed services platform, with the remainder for general corporate purposes, working capital and to fund any future potential acquisitions. Continue reading “DWF valued at £366m ahead of £95m IPO this week”

Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round

Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round

Slaughter and May has announced today (27 February) its much-anticipated legal tech incubator, Slaughter and May Collaborate, with the firm primed to select about six legal tech companies for its first cohort.

Magic Circle counterparts Allen & Overy (A&O) and Linklaters, meanwhile, have both featured in fintech company Nivaura’s $20m funding round as the City elite bustle to achieve a technological advantage. Continue reading “Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round”

New Law champion Axiom announces IPO plans in trailblazing move for global legal market

New Law champion Axiom announces IPO plans in trailblazing move for global legal market

New Law pioneer Axiom is to make good on long-mooted plans to float in a potential milestone for the alternative law sector. Axiom announced today (19 February) that it has submitted a draft registration document for a proposed initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

The prospects of a public offering for the US-based trailblazer – regarded by many as the most prominent New Law brand in the world – is a symbolic development for the legal industry, potentially providing a bellwether for the fast-growing alt law market. Continue reading “New Law champion Axiom announces IPO plans in trailblazing move for global legal market”

Hope floats: DWF seeks £75m from expected March IPO

Hope floats: DWF seeks £75m from expected March IPO

DWF is planning to raise around £75m in an expected listing on the London Stock Exchange next month.

The firm said today (8 February) it expects to have a free float of at least 25% of its issued share capital following the initial public offering (IPO), with a final offer price announced following a marketing and book-building process. Continue reading “Hope floats: DWF seeks £75m from expected March IPO”

Luminance valuation hits $100m as Slaughters stumps up in $10m investment round

Luminance valuation hits $100m as Slaughters stumps up in $10m investment round

UK legal tech leader and Slaughter and May ally Luminance has received further backing from existing investors, propelling the start-up to a $100m valuation.

The AI company boosted its war chest by $10m following further backing from existing investors Talis Capital, Mike Lynch-backed technology investor Invoke Capital and City bluebloods Slaughters. Continue reading “Luminance valuation hits $100m as Slaughters stumps up in $10m investment round”

DWF equity partners stump up 60% profit share to fire up planned float

DWF equity partners stump up 60% profit share to fire up planned float

DWF’s equity partners will be paid 40% of what they used to earn in an anticipated stock exchange listing, although the resulting dividend yield on shares is expected to leave their total compensation not ‘a million miles apart’ from current remuneration.

DWF today (31 January) released further details ahead of an anticipated London Stock Exchange main board listing in the first quarter of this year. The firm’s full registration document is expected to be published later today, awaiting approval from the UK Financial Conduct Authority (FCA). Continue reading “DWF equity partners stump up 60% profit share to fire up planned float”

Former banking chief Trahair takes the helm of A&O’s consulting and tech arm

Former banking chief Trahair takes the helm of A&O’s consulting and tech arm

Andrew Trahair, Allen & Overy’s (A&O) former banking co-head, has been enlisted to head the firm’s Advanced Delivery technology and consulting group a week after its Peerpoint chief executive stood down.

Trahair, who was co-head of A&O’s banking practice from 2008 to 2016, will lead the firm’s dedicated resources and technology services group, which includes flexible lawyering platform Peerpoint and tech innovator Fuse. Continue reading “Former banking chief Trahair takes the helm of A&O’s consulting and tech arm”

Fieldfisher swims against the current with launch of stand-alone alternative investments law firm

Fieldfisher swims against the current with launch of stand-alone alternative investments law firm

Never a firm to rest on its laurels, fast-paced Fieldfisher has taken the unusual step of launching a separate law firm focused on hedge funds, derivatives and alternative investments.

The new entity – called Cummings Fisher – sees Fieldfisher hire three partners from other law firms to run it. Financial services partner Claire Cummings, who founded alternative investments boutique Cummings Law in 2003, has been appointed managing partner. She will be joined by James Tinworth, formerly head of Stephenson Harwood’s hedge funds practice, who will lead the funds practice. Ron Feldman, previously a partner at asset management consultancy MJ Hudson, will spearhead the derivatives practice. Continue reading “Fieldfisher swims against the current with launch of stand-alone alternative investments law firm”

Knights talks up selective acquisition policy amid strong first-half financials

Knights talks up selective acquisition policy amid strong first-half financials

The chief executive of Knights says its listing last June  has instilled market confidence in its ability to deliver an ambitious acquisition pipeline. This comes as the law company announced a third law firm acquisition today (15 January) and reported a 37% increase in revenue to £23.9m for the six months to 31 October.

Knights, the largest law firm initial public offering (IPO) to date after raising £50m last year, has acquired Leicester-based employment specialist Cummins Solicitors, which has five fee-earners and £784,000 in revenue, in a £1.5m deal. It takes Knights’ total fee-earner numbers to 485 across eight offices. Continue reading “Knights talks up selective acquisition policy amid strong first-half financials”