The next GameStop? (In a good way!)
Mishcon de Reya's partners have voted to explore floating the firm on the London Stock Exchange later this year, with all staff set to receive shares in the business if the plan comes to fruition.
It is predicted that Mishcon will become the most valuable listed law firm in the UK and reach as much as £750m if it does float, more than double the valuations of listed UK firms like DWF (circa £275m), RollOnFriday Firm of the Year 2021 Keystone Law (£210m), and almost-Golden Turd Knights (£350m).
Mishcon partners voted last week to explore an initial public offering and have instructed JP Morgan to advise on the IPO.
When other firms have floated, the spoils have allowed them to invest in expansion, but have also brought untold bounty to senior partners in management, sometimes to the chagrin of other staff left without a stake in the firm's stock market fortune. However, all versions of Mishcon's plan to float include doling out shares to "every member of staff".
Mishcon wouldn't be drawn on the details of who would get how much, noting that planning was at an early stage, and emphasised instead that the income would "raise funds to invest in retaining and attracting new talent, core businesses, allied services, technology and further expansion in Asia".
The firm has noted one issue, though it doesn't expect it to be an obstacle to floating. It confirmed that it "continues to engage with the Solicitors Regulation Authority on historic matters" it reported to the SRA, which includes the bizarre claim that one of its partners offered the police a £1 million bribe to set up a conman.
"I am delighted that the leadership team is mandated to explore a public listing as we look to further develop our offering to clients", said Kevin Gold, Mishcon's Executive Chairperson. "I am also proud that my partners have decided to award shares to all staff. It means every single one of our people will have a meaningful stake in our business".