Home Market Private equity-backed law firm and City law firm explore London listings

Private equity-backed law firm and City law firm explore London listings

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Two further major law firms are exploring London initial public offerings (IPOs) as interest in raising funds from the capital markets grows in the sector.

Private equity-backed firm Keoghs and City firm Fieldfisher are both understood to be exploring potential London IPOs.

Read more: Watch out Burford: Listed law firm could launch its own litigation fund

Keoghs is understood to have interviewed advisers about a potential float, with one source saying that investment bank Investec has been appointed by the Bolton-headquartered firm.

Keoghs, which is backed by Lloyds Banking Groups private equity arm LDC, focuses on acting for insurance clients on claims work.

LDC invested in Keoghs in 2012, taking a minority 22.5 per cent shareholding in the firm.

The firm has used its backing from LDC to act as a consolidator in the insurance defendant market; earlier this year it acquired a £23m insurance law business from Liverpool-headquartered firm Hill Dickinson.

Read more: Law firm Knights gunning for largest-ever law firm flotation

Fieldfisher, which posted revenue of £207m last year, has also been scoping out a float, with trade magazine The Lawyer reporting that the firm has been speaking to City investors about a potential listing.

In a statement Fieldfisher said: “As a fast-growing and innovative firm, we are constantly considering a range of options and opportunities, among them a potential listing, to help realise our strategic objectives and to stay ahead of the competition."

However, a spokesperson added that there were currently no “plans to list the firm”.

A Keoghs spokesperson said: “As a firm we have a policy of not commenting on market or press speculation.”

There has been a recent upsurge of interest among both investors and law firms about the listed-law firm model.

Read more: DWF latest law firm to catch flotation bug with £1bn IPO

Regional firm Knights is set to list later this month, and last week it emerged that £200m revenue firm DWF was exploring a float with a potential valuation of up to £1bn.

Last month City firm Rosenblatt went public raising more than £30m.

Gateley was the first firm to float in 2015, followed by Gordon Dadds and Keystone in 2017.

Investec declined to comment.

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