Law firm looks at £500m IPO
Reports suggest that Sheffield-based law firm Irwin Mitchell is laying the foundations for an IPO that would make it the most valuable law firm on the London stock exchange.
The 109 year-old legal services provider is apparently working with investment bankers at Rothschild on plans which could see it listed as early as this year.
City sources told Sky News that the firm had aspirations of securing a half a billion pound valuation. If achieved this figure would eclipse the handful of law firms listed in London such as DWF and Knights Group.
Irwin Mitchell currently employs 2,800 people across its 15 UK offices, with 214 of them partners. It previously adopted an Alternate Business Structure (ABS) in 2011 in order to broaden its access to capital and enhance its funding flexibility as it looked to grow.
An Irwin Mitchell spokesperson declined to comment on the Rothschild link but said: “We’ve taken no decision to introduce external investment. We remain in a strong position financially with our existing bank facilities offering us sufficient firepower to invest further in the growth and transformation of our business.”