More than one in five companies which have floated may change their legal adviser, according to a Mori survey commissioned by Osborne Clarke.
Mori warned that recent research indicates any customer satisfaction rating less than “very satisfied” represents a real risk of client loss, and 22 clients out of 100 interviewed fell into this category.
But of 100 company directors who had floated their companies on AIM or the London Stock Exchange, 30 said they felt their broker had made the most valuable contribution, while 26 said it was their lawyer. The remaining 44 chose equally between auditors, merchant banks, accountants, reporting accountants and sponsors.
Asked who they would turn to first if their business ran into difficulty, 25 said it would be their broker, 24 said their lawyer, 20 said it would be their accountant and 16 said their merchant bank.
However, 33 thought their lawyer would be most loyal in such a situation, with only 18 having faith in the loyalty of their broker.
Some 34 directors said their lawyer had made the most effort to help them in their professional capacity as directors since the float, while only 21 indicated that their broker had offered the most assistance.
There was more good news in that, although only 22 per cent of directors were “very satisfied” with their legal advisers, 99 per cent were “fairly satisfied” or better. The usual level of satisfaction for professionals is 85 per cent, according to Mori, which concluded “the firms in question are clearly held in very high regard”.