Irwin Mitchell takes bank advice ahead of post-LSA float

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  • I wonder what WH Smith thinks of this, has it chosen the wrong legal partner? i

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  • And will law firms be considered to be a good investment, in the current economic climate?

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  • 'Funding flexibility.' LOL.
    ABS is just money for old men. Prepare for the senior associates exodus.

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  • Not the "old" men, Hugey. In fact, the two groups with looming career issues are the old (by which I mean the over 55) and the partnership- aspiring associate.
    For, after many years of "tenancy" partnership (nothing in at the beginning, nothing out at the end), at last the equity sees a chance of a capital profit by sale or flotation to round off a career comfortably.
    So the 55+ will be trying desperately to hold on...the aspiring will be trying desperately to get onto the ladder and the established middle will be finding increasingly innovative ways to ease out the former and incentivise the latter....

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  • really, senior associate exits??? I thought IM had never kept quiet about its plans post LSA and that has helped it pull in some forward thinking lawyers. Paralegals can move up their structure into the partnership as can other non-lawyers. As for being thinly liquiditised, this is a firm with turnover of £157m, so there will be money in the bank.
    More likely this is an exit strategy for those at the top who are looking for a way out.

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  • I applaud Irwin Mitchell for taking this step. Ignore the negative comments. Many firms are watching your move with envy as you may gain first mover advantage. As someone who's come to law later in life after a business career, I think opening up the investment base is sensible given the future legal trends.

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  • It will be fascinating to see how this pans out. Clearly, EPs are going to realise some serious wealth. I would imagine that those who are towards the end of their careeers will work through their earn out periods and then enjoy long and happy retirements. Good luck to them. The firm saw the changes afoot, built a strategy and - with apologies to RJW - are the only national firm with real muscle in volume areas of law.
    I think the challenges will come a few years down the line for their younger and aspiring future Partners who (a) missed out on the big money at floatation/similar event and (b) in future may well be remunerated in ways that are not as rewarding as the old EP model.
    It will be a fascinating ride, but one not without its bumps and twists.

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  • My comment at 1.38pm was aimed at the market post LSA generally and not at Irwin Mitchell. I don't know that Firm well and they may have the situation well sorted.

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  • Anonymous @ 3pm - That is exactly why it would be unwise to invest in this venture. What talented lawyer with a following is going to want to become a "partner" at Irwin Mitchell Plc, when that means:
    (a) earning less so the shareholders can take some; and
    (b) no possibility of making a killing on any future flotation?

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  • Anonymous @ 4:03 - and not wanting partnership because they will have to answer to the shareholders in addition to the clients.

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  • In short, guess I called it.

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