Sponsored briefing: The rise of the law firm IPO

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Sponsored briefing: The rise of the law firm IPO

An oft-cited phrase from partners of law firms is that ‘the partners are the guardians of the firm for the next generation of lawyers’.

However, cultural changes and behavioural traits, particularly those of Generation Y and Millennials, has – and is – leading certain professional services firms to consider the appropriateness of their existing corporate and organisational structures, as well as their working environment and culture. Continue reading “Sponsored briefing: The rise of the law firm IPO”

EY makes further inroads into the legal sector after acquiring Thomson Reuters’ LPO arm

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Less than a year after it acquired Riverview Law, EY has maintained its acquisitive form by agreeing to buy the managed legal services business of Thomson Reuters.

The acquisition of the business, named Pangea3, will see EY bolster its corporate legal department by more than 1,000 legal professionals across eight service delivery lines. Pangea3 aims to mitigate legal risk, reduce cost and provide efficiency to legal teams. Continue reading “EY makes further inroads into the legal sector after acquiring Thomson Reuters’ LPO arm”

No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator

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No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator

Leading AI platform Kira Systems will not feature in the latest cohort of tech companies in Allen & Overy (A&O)’s  Fuse incubator, making room for more nascent start-ups to enter the Magic Circle firm’s tech space.

In September of last year Kira secured $50m in private equity backing in what was a benchmark for the legal tech sector, while Kira enjoyed year-on-year revenue growth of more than 100% for 2017. Meanwhile Bloomsbury AI, which was purchased for $23m by Facebook in July of last year, has also left Fuse. Continue reading “No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator”

DWF becomes UK’s largest listed law firm as it completes £95m IPO

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DWF becomes UK’s largest listed law firm as it completes £95m IPO

After announcing its record £95m IPO on Monday (11 March), DWF has today (15 March) issued 300,000,000 shares and been admitted to the main board of the London Stock Exchange.

With a £366m valuation and offer size of £95m, DWF has officially become the UK’s largest listed law firm. £19m of the proceeds will be used to repay a portion of members’ capital contribution to DWF, with £10m earmarked for IT investment and the remainder reserved for general corporate purposes. Continue reading “DWF becomes UK’s largest listed law firm as it completes £95m IPO”

DWF valued at £366m ahead of £95m IPO this week

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DWF valued at £366m ahead of £95m IPO this week

DWF will be valued at about £366m when it lists on the main market of the London Stock Exchange this week, making it the largest law firm float to date.

The firm said today (11 March) the total offer size is £95m, at 122 pence a share, representing 26% of the company’s issued share capital. Of that, £19m will be used to repay a portion of members’ capital contribution to DWF, up to £10m will be used to invest in IT and the development of its managed services platform, with the remainder for general corporate purposes, working capital and to fund any future potential acquisitions. Continue reading “DWF valued at £366m ahead of £95m IPO this week”

Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round

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Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round

Slaughter and May has announced today (27 February) its much-anticipated legal tech incubator, Slaughter and May Collaborate, with the firm primed to select about six legal tech companies for its first cohort.

Magic Circle counterparts Allen & Overy (A&O) and Linklaters, meanwhile, have both featured in fintech company Nivaura’s $20m funding round as the City elite bustle to achieve a technological advantage. Continue reading “Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round”

New Law champion Axiom announces IPO plans in trailblazing move for global legal market

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New Law champion Axiom announces IPO plans in trailblazing move for global legal market

New Law pioneer Axiom is to make good on long-mooted plans to float in a potential milestone for the alternative law sector. Axiom announced today (19 February) that it has submitted a draft registration document for a proposed initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

The prospects of a public offering for the US-based trailblazer – regarded by many as the most prominent New Law brand in the world – is a symbolic development for the legal industry, potentially providing a bellwether for the fast-growing alt law market. Continue reading “New Law champion Axiom announces IPO plans in trailblazing move for global legal market”

Hope floats: DWF seeks £75m from expected March IPO

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Hope floats: DWF seeks £75m from expected March IPO

DWF is planning to raise around £75m in an expected listing on the London Stock Exchange next month.

The firm said today (8 February) it expects to have a free float of at least 25% of its issued share capital following the initial public offering (IPO), with a final offer price announced following a marketing and book-building process. Continue reading “Hope floats: DWF seeks £75m from expected March IPO”

Luminance valuation hits $100m as Slaughters stumps up in $10m investment round

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Luminance valuation hits $100m as Slaughters stumps up in $10m investment round

UK legal tech leader and Slaughter and May ally Luminance has received further backing from existing investors, propelling the start-up to a $100m valuation.

The AI company boosted its war chest by $10m following further backing from existing investors Talis Capital, Mike Lynch-backed technology investor Invoke Capital and City bluebloods Slaughters. Continue reading “Luminance valuation hits $100m as Slaughters stumps up in $10m investment round”

DWF equity partners stump up 60% profit share to fire up planned float

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DWF equity partners stump up 60% profit share to fire up planned float

DWF’s equity partners will be paid 40% of what they used to earn in an anticipated stock exchange listing, although the resulting dividend yield on shares is expected to leave their total compensation not ‘a million miles apart’ from current remuneration.

DWF today (31 January) released further details ahead of an anticipated London Stock Exchange main board listing in the first quarter of this year. The firm’s full registration document is expected to be published later today, awaiting approval from the UK Financial Conduct Authority (FCA). Continue reading “DWF equity partners stump up 60% profit share to fire up planned float”