Four non-executive board directors have stepped down from Mishcon de Reya, following the news that the firm’s planned IPO has been postponed “for the foreseeable future”.
The directors were appointed to the board of Mishcon de Reya Group in February this year, along with the firm’s current chief financial officer Matt Hotson, who joined the firm in the newly established role in December 2021.
Following termination of appointment notifications on Companies House for Rachel English, Pavita Cooper, Anna Troup, and Patrick Butler, a person with knowledge of the situation confirmed that the four directors had stepped down from their roles.
The team joined the firm’s group board alongside existing board members chief executive Kevin Gold, and executive director James Libson. At the time, the firm said: “The diversity of their leadership experiences will be critical as the group moves into the next stage of its development as a public company.”
However, earlier this month, a firm spokesperson confirmed that IPO plans had been put on hold. In a statement, a Mishcon spokesperson said: ”We can confirm that we have decided to put our IPO 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.”
The firm’s people were informed that IPO plans are “not off the agenda permanently but will not go ahead imminently”, according to one person with knowledge of the situation.
A Mishcon float would potentially be the largest law firm listing in the U.K.
Earlier this year, 11 lawyers left Mishcon de Reya for Greenberg Traurig in London, taking the total number of Mishcon departures to Greenberg since the U.K.-based firm pressed ahead with its plans to list on the stock exchange to 18.
The firm has also added a number of partners so far in 2022, including Dentons’ co-head of intellectual property & technology Campbell Forsyth, as well as associate Lee Foxcroft from Slaughter and May.