Rosenblatt confirms it will be the fourth English law firm to go public
City law firm Rosenblatt has confirmed that it plans to float in London next month, which will make it the fourth English law firm to go public.
Morning Wire exclusively revealed last month that the firm was considering a float and had appointed Cenkos Securities as a broker.
Read more: Exclusive: City law firm Rosenblatt appoints advisers as it looks to float
Rosenblatt confirmed today in a statement to the London Stock Exchange that it plans to float on London’s Aim market on 8 May.
A successful listing would make it only the fourth English law firm to float, following Gateley, Gordon Dadds and Keystone.
A source told Morning Wire that part of the motivation for the float was to raise money to fund litigation cases, reducing the need to rely on external litigation funders.
Rosenblatt has previously received litigation funding from private equity firm Doorway Capital
In a statement Rosenblatt’s chief executive Nicola Foulston said: “The funding will support the growth of the firm, building on our position as one of the top three dispute resolution firms in the capital and allow us to take advantage of the disruption in the UK legal marketplace. Dispute resolution is a growing market with London set to remain the biggest international centre for this work.”
Foulston joined Rosenblatt in 2016 as its first chief executive.
She previously floated motor sport business Brands Hatch on the London Stock Exchange in 1996, selling it in 1999 for over $195m (£140m) to US marketing giant Interpublic.
Rosenblatt, which was founded in 1986, had a reported revenue of £16m in 2017 and advises clients on areas such as corporate, disputes and finance.
Senior partner Ian Rosenblatt has a 55.4 per cent stake in the firm, according to its intention to float document.
Recent matters for the firm include advising long-time client Richard Desmond on his sale of newspaper group Northern & Shell to Trinity Mirror for £127m.
The group publishes the Daily Star, Daily Express, Sunday Express, and OK! Magazine.
Other famous clients the firm has acted for include former Sun editor Kelvin Mackenzie and former Football League chairman Keith Harris.
Senior partner Ian Rosenblatt, who is well-known as a patron of the arts, was appointed OBE in 2016 for services to music.
Read more: Gateley gets blue chip backing for first UK law firm IPO
Gateley was the first English law firm to go public in 2015 when it raised £30m on London’s junior market.
Last year West End firm Gordon Dadds and formerly virtual law firm Keystone joined it on the public markets raising £20 and £15m respectively.
Earlier this month law firm Knights appointed advisers as it explores options for a potential float.