Following in the footsteps of Australia’s Slater & Gordon, the first major law firm to go public, on June 8 regional midmarket firm Gateley became the first in the United Kingdom to tap the public markets. Gateley listed on the London Stock Exchange’s Alternative Investment Market, in an offering that valued the firm at $150 million and raised $45 million.
The move highlights the increasingly wide use of the alternative business structure (ABS), a mechanism that permits nonlawyers to make equity investments in law firms under the U.K. Legal Services Act of 2011. In recent months, law firms from outside Great Britain have taken particular advantage of the structure to enter the U.K. legal market.
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