Law firm Knights’ float to break £100m record

London is set for its biggest legal float so far as regional solicitor Knights Law confirmed plans for a City listing.

The move — revealed by the Standard in March — is set to value the company at more than £100 million and generate a paper fortune for chief executive David Beech, who owns 65% of the company along with other managers.

Knights, which traces its roots back to 1759, has around 7500 clients including big corporate names such as Aldi, Paddy Power and Rolls-Royce.

Gateley was the first law firm to float in London in 2015, followed by Gordon Dadds and then Keystone Law last year, as practices move from the traditional partnership model and look for other sources of capital for acquisitions in a consolidating sector.

“The old model for the legal sector is rapidly becoming redundant,” said Beech.

Part of the proceeds from the IPO will be used to pay down the majority of the existing debt pile. The funds will also be used as “an alternative financing option to the group to further assist its strong acquisition strategy”, Knights said.