Eversheds and DLA acquire top shares of AIM clientele

GROWTH COMPANIES: Berwin Leighton and Memerys popular

City firms Eversheds and DLA are the most popular legal advisers for companies on the Alternative Investment Market (AIM).

According to Gazette research based on the 2002 AIM guide from Growth Company Investor, Eversheds and DLA are both instructed by 30 AIM companies.

In total, 154 law firms are retained by the 637 small and medium-sized companies which have floated on AIM since it was launched in 1995.

Hot on their heels are City firm Berwin Leighton Paisner and Mayfair practice Memery Crystal, which tie for third with 23 clients.

They are followed by Taylor Joynson Garrett, with 21 clients, and Pinsent Curtis Biddle and Field Fisher Waterhouse, both with 19.

Making up the top ten are SJ Berwin (16), Bristol firm Osborne Clarke (14) and Stringer Saul (13).

Andrew Sherratt, a corporate finance partner at DLA, said: 'AIM is a very attractive proposition for younger companies, as it is more flexible than the official list in terms of raising the funds needed for flotation.'

He said the firm's involvement with AIM was entirely client-led.

'We do not distinguish between AIM and other stock markets,' he said.

Neil Matthews, a corporate partner at Eversheds, said AIM filled an important equity gap in the marketplace.

'AIM allows younger companies to raise capital and hence allows them to grow faster,' he said.

Mr Sherratt said AIM was particularly attractive to overseas companies because of its less rigid regulatory structure.

'It's user-friendly for all smaller companies, but it is being marketed particularly strongly overseas, and I predict that that will be a big growth area.'

Victoria MacCallum