The city’s law firm, Mishcon de Reya, has abandoned plans to go public despite spending years working for what would have been a lucrative salary for its partners.
Mishcon, best known for her work representing Princess Diana during her divorce from the Prince of Wales, concluded that the volatile economic and market backdrop would not allow her to proceed with a listing.
The plans, which would have created the world’s second largest publicly listed company with an estimated valuation of £750m, had already been postponed several times since they were first considered in 2019.
It is understood that the preparations were formally abandoned on Tuesday. Hours after the decision was made, a source said: “We cannot see market conditions improving in a way that would make this viable.”
The process has been far from smooth for Mishcon, who was fined £232,500 for breaking anti-money laundering rules in January, weeks before he originally planned to launch its float to investors.
Earlier this year he also came under pressure for advising wealthy Russians through his “VIP Russia” initiative following the invasion of Ukraine, which he has since shut down.
The Mishcon float has been closely watched by other players in the legal industry who have also considered going public, with Irwin Mitchell among those who have considered the idea. Keystone Law, Gateley and DWF are among the few law firms listed in London.
A spokesperson for Mishcon de Reya said, “We can confirm that we have decided to put our IPO plans on hold for the foreseeable future due to market conditions.”
“We remain an ambitious and bold company with a clear strategy and vision for our future.”
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Source: www.telegraph.co.uk
This notice was published: 2022-06-08 09:07:09
