Fieldfisher has dismissed media reports it is considering to float shares on the stock market in an IPO that would make it the biggest listed law firm. The speculation follows hard in the heels of reports last week that fast-growing firm DWF is set to list on the London stock exchange later this year with a valuation of up to £1 billion.
Reports suggested the firm was holding meetings in the City and was ‘poised’ to make a move that would value the firm at up to £800m. A statement was promptly issued denying the reports, ‘As a fast-growing and innovative firm, we are constantly considering a range of options and opportunities to help realise our strategic objectives and to stay ahead of the competition in our dynamic and ever-changing market.’ The statement emphasised, ‘We do not, however, have any plans to list the firm.’ The statement added that the firm’s primary focus remains its strategy of developing key sectors such as energy and natural resources, finance and financial services, technology, and life sciences – as well as investing in innovative technologies and international expansion. The statement concluded ‘We will of course be watching developments in the legal market with interest as we continue to build a successful firm,’.
Fieldfisher has made a number of significant announcements recently, including a 24% increase in annual turnover to £207m, average profit per equity partner rising by 17% to £750,000 and, new offices opening in Belfast, Frankfurt and Luxembourg. The Lawyer magazine had earlier reported that Fieldfisher has been “pilot fishing” to examine whether investors would be interested in a flotation.