Top partners take 3pc stakes as UK law firm prepares to float

June, 01 2015

Senior executives in the Midlands law firm Gateley will take a share worth about three per cent each of the total launch market capitalisation of £100m when the practice floats on the junior UK stock exchange, AIM, on 8 June.

Legal firms were permitted to accept outside investment under a rule change in 2011 lassedesignen

The CEO, Michael Ward (now senior partner), COO Peter Davies (now managing partner), London head Paul Hayward and board member Brendan McGeever will each have 3.12 per cent of the launch valuation. The firm is issuing 30 per cent of its shares, according to its regulatory filings. Schroder Investment Management is taking an eight per cent stake - and Miton Asset Management is taking 5.6 per cent. The firm has 81 partners at the moment.