Profile London law firm Mischcon de Reya has postponed its planned Stock Exchange float – again – amid volatility on the market and following the issues we recently reported in LawFuel.
The IPO was anticipated to have seen Mischcon obtain a valuation of £750m, making it easily the most valuable listed law firm in the UK.
The original listing was to take place last year, although it was first discussed in 2019, but the path forward has been complicated for a number of companies recently with Bloombergs reporting that nine companies have put off their IPOs in New York.
The firm has embarked on a major expansion in recent years with the plan to more than double its current revenue from £189m last year to £400m over the next five. Mishcon is seeking additional capital to build its legal and consulting services and geographic expansion into Asia. ,
Mishcon has seen a number of partners depart since the vote to go public last September, including all five partners in its highly rated fraud defence and business disputes group and the head of its white collar crime and investigations group, all of whom joined Greenberg Traurig in London.
However, in December the firm signed up white collar and investigations specialist Alison Geary as a partner from WilmerHale and this week it has secured two more London partners.
The firm has also received bad publicity this month after being fined £232,500 by the Solicitors Regulation Authority over failings with anti-money laundering controls. The firm was also fined £25,000 by the Solicitors Disciplinary Tribunal last October over failures concerning football transfer payments, neither of which created an ideal atmosphere for the planned IPO.