As much as the traditional partnership model has been disrupted in the last few years, no firm has gone as far as Gateley did yesterday (12 May) by filing its intention to float with the London Stock Exchange.

The filing contains detail on exactly how much of the firm will go to external investors – 49.9% – and how much will be kept in the hands of equity partners – 50.1% – who face a five-year lock-in, during which time some or all of their shares can be taken away if they leave.