Plans include further expansion in Asia
Mishcon de Reya LLP (the ‘firm’), a leading independent provider of legal and related advisory services, headquartered in London, confirms that its Partners have voted in favour of exploring a premium listing on the London Stock Exchange later this year. An initial public offering would enable the firm to accelerate its expansion in the provision of legal and advisory services and to invest in high growth potential opportunities contiguous to its current operations.
Mishcon de Reya has mandated J.P. Morgan Cazenove to advise on a possible IPO which, subject to market conditions, might take place as early as the fourth quarter of 2021. Mishcon expects to report revenues of c.£188 million for the 12 months to April 9, 2021.
As part of an IPO every member of staff at Mishcon de Reya would become a shareholder in the listed business.
Mishcon de Reya is five years into its 10-year strategy which aims to establish market-leading positions in core advisory areas such as complex litigation, real estate, private client, employment, corporate transactions, intellectual property, data and regulatory consultancy as well as allied services including its Group companies MDR Brand Management and MDR Mayfair, together with continuing to provide venture capital funding to legal tech start-ups.
The firm is also committed to building its international presence and embracing emerging technologies to transform the way it does business.
In the past five years, the firm has delivered successfully on many aspects of its strategy, growing revenues from £130 million to £188 million in the year to April 9, 2020. Under the 10-year plan, it would more than double that figure to over £400 million over the next five years which would place Mishcon de Reya in the UK’s top 20 law firms by revenue. A key part of the firm’s rationale for an IPO is to access additional capital to help accelerate its growth. The firm is planning to raise funds to invest in retaining and attracting new talent, core businesses, allied services, technology and further expansion in Asia following its successful launch in Singapore in 2020.
The firm also confirms that it continues to engage with the Solicitors Regulation Authority on historic matters which it reported to the SRA.
Kevin Gold, Executive Chairperson, Mishcon de Reya:
“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.”
Legal Practice Intelligence notes: Mishcon de Reya LLP has 178 Partners and Legal Directors and over 550 fee-earners in total. The firm employs more than 900 people.