Diana’s law firm abandons flotation

CITY law firm Mishcon de Reya has abandoned plans to float on the stock market despite spending years working towards what would have been a lucrative payday for its partners.

Mishcon, best known for its work representing Diana, the Princess of Wales, in her divorce from the Prince of Wales, has concluded that the volatile economic and market backdrop will not allow it to proceed with a listing.

The plans, which would have created the legal second’s largest listed firm with an estimated valuation of £750m, had already been repeatedly postponed since they were first considered in 2019.

It is understood that the preparations were formally abandoned yesterday. Hours after the decision was made a source said: “We can’t see market conditions improving in a way that would make this viable.”

The process has been far from smooth sailing for Mishcon, which was fined £232,500 for breaching anti-money laundering rules in January, weeks before it had initially planned to pitch its float to investors. Earlier this year it also came under pressure for advising wealthy Russians through its “VIP Russia” initiative following the invasion of Ukraine, which it has since closed.

Mishcon’s float has been closely watched by others in the legal industry who have also considered going public, with Irwin Mitchell among those weighing up the idea. Keystone Law, Gateley and DWF are among the few listed law firms in London.

A spokesman for Mishcon said: “We can confirm that we have decided to put our IPO [initial public offering] plans on hold for the foreseeable future due to market conditions. We remain an ambitious and bold business with a clear strategy and vision for our future.”