City firm Mishcon de Reya is set to float on the London Stock Exchange after proposals to press ahead with a public listing passed a major partner vote, it has been confirmed today.

In April, Mishcon announced that it had mandated investment bank J.P. Morgan Cazenove to advise on the 'possible float on the London Stock Exchange'. Subject to market conditions, it said this could take place in the fourth quarter of 2021.

Mischon de Reya

The firm hinted at a potential stock market float in April

Source: Rex Features

The firm said in April that, as part of an initial public offering, every member of staff at Mishcon would become a shareholder in the listed business.

So far, just a handful of firms have listed on the stock exchange. However, IPOs appear to be gaining traction, with Irwin Mitchell also understood to be gearing up for a stock market float with hopes of securing a £500m valuation.

Yesterday, Mishcon announced a £150m litigation funding arm in partnership with Harbour, which describes itself as the largest privately-owned litigation and arbitration funder in the world. MDR Solutions I will fund litigation and arbitration cases for Mishcon de Reya's clients, including complex fraud cases, intellectual property disputes, group litigation, and asset recoveries.