Law firm DWF's float could trigger share windfall for legal eagles

Law firm DWF is poised to step up efforts to get a £600 million float away by the end of March next year in a potential share windfall for several hundreds of its employees, the Standard understands.

Sources have said the company, which would be the first law firm to list on the main market, has recently completed pre-marketing rounds with potential investors and would accelerate efforts after Christmas, “in late January or early February”.

DWF, which has approximately 2800 staff, confirmed plans to float in June, and has Jefferies, Stifel and Zeus Capital on board as joint bookrunnners and advisers.

It is understood management is considering a share giveaway which could cover up to two-thirds of its staff. The company, which is chaired by veteran lawyer Sir Nigel Knowles, counts a host of major names among its clients including Barclays, Marks & Spencer and taxi-hailing app Uber.

The firm also acted for South Yorkshire Police in entertainer Sir Cliff Richard’s privacy claim against them earlier this year, over a raid on his home in 2014, and advised the Royal Borough of Kensington and Chelsea during the Grenfell Tower inquiry.

The float proceeds will be used to pay down debt as well as increase the global footprint of the firm, which began life in Liverpool in 1977.

Revenues jumped by 18% to £236 million last year, which would comfortably make the practice the biggest legal float so far since an overhaul of the sector in 2012.

DWF declined to comment.