DWF has confirmed that it is proceeding with plans for an IPO on the London Stock Exchange. At 31 October 2018, DWF comprised around 3,100 people in 27 offices globally including four offices in Australia. There were 319 partners and partner equivalents. The firm also has a global claims management business. 

At the moment the IPO is pre-prospectus so the amount to be raised and the expected market capitalisation is undetermined.

Partners who sell their equity as part of the IPO are expected to be prevented from selling their shares for five years. The firm’s revenue for the six months to 31 October 2018 was £133 million.

Major UK firms that have floated, including their approximate market capitalisation at time of float:

  • Knights £100 million
  • Anexo Group, a specialist integrated credit hire (Edge) and legal services (Bond Turner) £110m
  • Rosenblatt IPO market capitalisation of £76 million
  • Keystone Law Group IPO market capitalisation of £50.0 million
  • Gordon Dadds IPO market capitalisation of £40m
  • Gateley IPO market capitalisation £100m

Gately’s IPO was in 2015. All the others occurred in 2017 and 2018.

The market capitalisation of DWF might be close to or greater than the IPO market capitalisation of all the law firms combined that have listed so far in the UK.