Law firm Mishcon de Reya has indefinitely postponed plans to float on London’s stock exchange, according to a report in the Law Society Gazette of England and Wales.
The firm had been expected to go public this year, after a vote in favour of the move by 93% of partners last September.
The plans had been developed over the previous months, with investment bank JP Morgan Cazenove brought on board to advise.
According to the Gazette, it is understood that the firm still believes that there is a clear rationale for an initial public offering (IPO), but the market is considered too volatile at this stage. Any decision to proceed would come only when market conditions had improved.
It is also understood that the firm has closely monitored businesses in other industries that have decided to put off plans to go public.
Earlier this week it was reported that WeRock, the company that owns the WeTransfer file service, was cancelling its IPO, despite substantial investor interest, after being spooked by volatile market conditions.
The Gazette says that the Mishcon de Reya postponement would appear to be a significant moment in the move of law firms into listed businesses.
A handful of firms – including Gateley, Knights, Keystone Ince, DWF and Rosenblatt – have floated on the stock exchange in recent years, but many more are thought to have toyed with the idea but opted against it.