Law Firm Known for Advising Princess Diana Plans London IPO
(Bloomberg) -- Mishcon De Reya LLP, known for its legal work advising Princess Diana in her divorce, is considering an initial public offering that could make it the largest publicly-traded law firm in the U.K.
Mishcon hired JPMorgan Chase & Co. to advise on an IPO on the London Stock Exchange as soon as the fourth quarter, the firm said in a statement Wednesday. The firm expects a valuation of more than 600 million pounds ($832 million), according to a person familiar with the matter.
The firm had annual sales of 188 million pounds and if listed, would be among the 250 largest companies, according to the person, who asked not to be identified because the financial details are confidential. With an IPO, Mischon would be the largest of a small number of publicly traded law firms including Manchester-based DWF Group Plc, which has a valuation of some 270 million pounds.
The firm, smaller than London’s best known “Magic Circle” firms, has a storied past. Founded just before World War II, it represented Gina Miller in two Supreme Court cases that complicated the government’s Brexit plans. The firm, which currently represents Sanjeev Gupta’s GFG Alliance, has a reputation for handling tough corporate litigation.
All employees will receive shares, according to the proposal, with the proceeds going to boost its expansion in Asia after it established an outpost in Singapore last year.
In its statement, Mishcon said it was engaging with the Solicitors Regulation Authority “on historic matters.” The regulator is looking into the firm’s role in connection with a tax investigation into transfers of Premier League soccer players.
(An earlier version of the story was corrected to reflect the amount of valuation.)
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