As the legal marketplace prepares for its largest law firm flotation, more law firms than ever consider external financing.
With Knights lining up to the the UK's largest-ever law firm flotation, new research reveals that more UK law firms than ever are open to listing on the stock exchange or raising finance through private equity. The finance directors at one in five law firms would consider listing on the stock exchange whilst one in four would consider private equity, according to Thomson Reuters.The survey reveals that 20 per cent of finance directors would consider listing on the stock market, up from 12 per cent the previous year with the percentage of FDs who would consider private equity investment as a source of funding tripling last year to 24 per cent, up from eight per cent. Rosenblatt is the latest firm to list on the London Stock Exchange, preceded by Gordon Dadds, Keystone Law and Gateley. Later this month Knights is aiming to float, valuing the business in excess of £100m.
The research also revealed that many law firms are rethinking their international expansion plans because of volatility in the global economy. Expansion interest in Sub Saharan Africa experienced the sharpest decline as the region was hit by lower oil and metal prices with law firms also downscaling in Russia. China was the most attractive destination with North America, Western Europe and Japan becoming more popular.