Another English firm goes public

By Yves Faguy April 23, 201823 April 2018

Another English firm goes public
Photo by Ed Robertson on Unsplash

 

Rosenblatt Solicitors has just announced its intentions to go public. It would be the fourth English law firm to do so since the liberalization of the market for legal services in England and Wales five years ago. The other three are Gately, Keystone and Gordon Dadds.  

According to Rosenblatt chief executive Nicola Foulston, the principal reason is to grow its dispute resolution practice in London and  “to take advantage of the disruption in the UK legal marketplace.”

Matt Byrne at The Lawyer notes that the reasons for going public can vary from one firm to the next, whether it is to attract a different kind of talent or fund growth through acquisitions. And though firms have been shy about making jumping in the fray, we can expect to see more law firm IPOs in the coming months:

Inevitably, there will be speculation about which firm will next go public. Personal injury giant Irwin Mitchell has long been seen as a candidate, while brand-savvy Mishcon de Reya is said in some circles to have at least considered an IPO last year. Highly profitable litigation boutique Stewarts could also make sense.

What is notable with the trio of deals so far in the UK is that the firms have different reasons for going public, highlighting the fact that each is a different type of firm. And while Gateley, which floated in 2015, is at the more traditional end of the market (IPO notwithstanding), the latter two deals underline the extent to which the market is reshaping. Indeed, it is the shape of the new breed of firms that might offer clues as to where the next IPO will come from.

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