Uni of Law 2018/19
Title: IPO of Law Firms
Executive Summary
More law firms are listing on the UK stock markets as each new listing proves successful.
The firms that have listed are generally mid-tier, national firms which are performing well
financially and which already have a “corporatised” structure. These firms have listed to
increase brand recognition, expand and diversify their services, pay off debt, invest in
technology, provide staff incentives and attract and retain talent. All of the IPOs on the
Alternative Investment Market (‘AIM’) have been considered successes. DWF is the only
firm to float on the Main Market and is the only international firm to float but, considering it
has only recently floated (March 2019), it is too early to conclusively judge the success of its
float. Nevertheless, there are indicators that it has not been as successful as those firms on
AIM. The issues involved in listing law firms are the loss of control to investors, the risk of
leavers, regulatory obstacles, obtaining partners’ support, greater accountability and scrutiny
and the amount of time and money spent on IPOs. There are many advantages and
disadvantages to law firm IPOs and, so far, it is those mid-tier national firms that have
managed to capitalise on the advantages and minimise the disadvantages. It is thus highly
likely that there will be future listings of law firms but this will most likely be restricted to
these types of firms whose IPOs have already proven successful. Whether larger,
international firms will list is less likely, however, much will depend on the success of
DWF’s float.
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Title: IPO of Law Firms
Executive Summary
More law firms are listing on the UK stock markets as each new listing proves successful.
The firms that have listed are generally mid-tier, national firms which are performing well
financially and which already have a “corporatised” structure. These firms have listed to
increase brand recognition, expand and diversify their services, pay off debt, invest in
technology, provide staff incentives and attract and retain talent. All of the IPOs on the
Alternative Investment Market (‘AIM’) have been considered successes. DWF is the only
firm to float on the Main Market and is the only international firm to float but, considering it
has only recently floated (March 2019), it is too early to conclusively judge the success of its
float. Nevertheless, there are indicators that it has not been as successful as those firms on
AIM. The issues involved in listing law firms are the loss of control to investors, the risk of
leavers, regulatory obstacles, obtaining partners’ support, greater accountability and scrutiny
and the amount of time and money spent on IPOs. There are many advantages and
disadvantages to law firm IPOs and, so far, it is those mid-tier national firms that have
managed to capitalise on the advantages and minimise the disadvantages. It is thus highly
likely that there will be future listings of law firms but this will most likely be restricted to
these types of firms whose IPOs have already proven successful. Whether larger,
international firms will list is less likely, however, much will depend on the success of
DWF’s float.
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