City dispute resolution specialist Rosenblatt Solicitors is to become the fourth law firm to list on the London Stock Exchange in its own right. The firm said this morning that it expects to be admitted to the Alternative Investment Market on 8 May as Rosenblatt Group plc, a holding company for alternative business structure Rosenblatt Ltd.
Rosenblatt said the share sale would allow the business to grow and allow employees' salaries to be brought closer into line with the firm's performance.
The firm would not reveal what proportion of the business would make up the initial public offering. However, in a statement chief executive Nicola Foulston said the finance generated would build the firm’s position as one of the top three dispute resolution practices in London and ‘take advantage’ of the disruption in the UK legal marketplace.
‘There has already been strong interest from investors who recognise both the quality of our offer to clients and the strong commercial management of the firm,’ she said. ‘We are focused on improving margins and profitability, compared to traditional legal partnerships run by lawyers, which concentrate on revenue and often lack commercial expertise.
‘Importantly, the listing will allow us to better align remuneration for employees with the overall performance of the firm.’
The 20-partner firm, founded by dispute resolution and corporate specialist Ian Rosenblatt OBE in 1989, specialises in financial services, banking and real estate. Among its recent deals was acting for Daily Express publisher Northern & Shell in the £127m sale of its newspaper business to Trinity Mirror.
Rosenblatt will join Gordon Dadds, Gateley and Keystone Law in opting to float on the stock exchange.