Because once you're on, you're on.
Mishcon de Reya has called off its plan to float on the stock exchange.
"We can confirm that we have decided to put our IPO plans on hold for the foreseeable future due to market conditions", said the firm in a statement. "We remain an ambitious and bold business with a clear strategy and vision for our future."
Although the firm was at pains to emphasise that it has paused - not cancelled - Project Mishcorp, sources told RollOnFriday the market was beginning to lose its appetite for floating law firms.
Some of the UK's other listed firms have encountered problems in recent months which have seen their market values fall. Knights' share price plummeted from a high of 455p a share in March to a low of 92p in May after it informed the market that its performance would not meet expectations due to the impact of the pandemic. It has still not recovered, with the price currently bumping along at around 130p.
Meanwhile, the Ince's share price has plunged to less than 18p. When Gordon Dadds, which was listed, snapped up the collapsed shipping firm three years ago, it was a buy recommendation at 192p. Ince also made a mess after deciding to buy its own nominated advisor, leading to the temporary and unplanned suspension of its shares. Not all listed firms are floundering: DWF shares have bounced back to over 100p after a Covid trough briefly halved their value.
Mishcon instructed JP Morgan after it decided in April 2021 to explore an IPO. The partners, all of whom have equity, voted overwhelmingly in September to proceed, and it had been predicted that Mishcon would become the most valuable listed law firm in the UK.
Management planned to give all staff some shares in the business, though it never specified publicly how large their stakes would be. With the IPO on ice, employees will have to shelve their dreams of riding high on an MdR portfolio.
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