Manchester law firm set to make history with £1bn float
A law firm which was launched in Manchester just over a decade ago will be valued at £1bn when it is listed on the London Stock Exchange later this year.
The float will rake in a fortune for the 275 partners who work for DWF.
If given the go-ahead by the firm’s partners the flotation could see a small number of DWF’s senior manager handed £10 million in shares.
DWF confirmed it is considering “a number of strategic options for our business”, including the “possibility” of an IPO (initial public offering).
The statement added: “If we were to proceed with an IPO, we believe that it would enable us to achieve our strategic objectives more quickly, while also enhancing our ability to attract and retain the best talent and to incentivise our people by aligning them through offering ownership within the business.”
Following its launch 2006 the firm has become a major player on the national and international scene.
The floatation is also likely to be the largest ever seen in the legal sector and will dwarf anything that has gone before.
DWF currently has 3,000 employees and its clients include Marks & Spencer, Uber and Barclays.
According to reports members of the senior management team are about to become overnight millionaires making them the highest paid lawyers in the City.
DWF is now an international law practice with 30 offices generating revenues of more than £200 million. Last year DWF made profits of £21.3m.
The firm has seen major growth in the last two years with new offices in Istanbul, Qatar and Newcastle in southeast Australia.
The firm currently has 275 partners, including 70 equity partners, who earn between £180,000 and about £850,000.
DWF has been involved in a number of high profile cases including advising Kensington and Chelsea council on the inquiry into the Grenfell Tower fire.
Earlier this month Manchester firm Knights announced it is planning to float on the Stock Market.
Knights, who’s clients include a series of big names, unveiled plans for a float in excess of £100m on the Stock Market this morning.
The float will be the largest ever by a law firm in the UK but will be dwarfed by DWF.
The first UK law firm to float was Gateley, which is based in Birmingham and floated in June 2015 with a market value of £100 million.
