Partners at London firm Mishcon de Reya have voted to explore a public listing later this year in order to accelerate the firm's expansion, the practice announced today. 

In a long expected announcement, Mishcon said it has mandated investment bank J.P. Morgan Cazenove to advise on the 'possible float on the London Stock Exchange'. Subject to market conditions, this could take place in the fourth quarter of 2021. The firm said it expects to report revenues of around £188m for the 12 months to 9 April 2021.

As part of an initial public offering, every member of staff at Mishcon would become a shareholder in the listed business.

While the firm said it is too early to speculate on an expected valuation, national media reports say it could fetch a value of around £750m, making it the most highly valued law firm on the London stock market.

Kevin Gold, executive chairperson, said: I am delighted that the leadership team is mandated to explore a public listing as we look to further develop our offering to clients. It will enable us to invest in talent, our core areas, our allied services, as well as technology and Asia. 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.’

The firm said an IPO would allow it to access additional capital to help accelerate growth. The firm is planning further expansion in Asia following its opening in Singapore last year.

IPOs appear to be gaining traction in the legal sector after shares in most listed firms bounced back from pandemic shock last year. Earlier this month, it was reported that Irwin Mitchell is gearing up for a stock market float with hopes of securing a £500m valuation.

However, Nicola Foulston, chief executive of listed firm Rosenblatt Limited, said many practices are too conservative to float and full-service firms would struggle to secure a vote in favour of listing.