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Law firm Knights Group to seek Aim listing this month

In the year to the end of April, Knights reported revenue was of £34.9mln and adjusted operating profit of £6.8mln, excluding recently acquired Turner Parkinson
A book of law
Knights has eschewed the traditional partnership model of law firms

Legal and professional services provider Knights Group Holdings PLC is to list on Aim, London’s junior market.

The initial public offering, or IPO, is expected to take place later this month.

Some of the money raised in the IPO will be used to pay down most of the firm’s debt and to provide general working capital.

Knights is ranked within the UK top 100 largest law firms by revenue and first against all UK law firms for its percentage increase in revenue per partner (2016 to 2017), the firm said.

It is unusual for a law firm in that it has moved away from the traditional partnership business structure to what it calls an alternative business structure (ABS).

"We have worked hard to build a resilient business model that is well-positioned to disrupt the UK legal sector and an AIM listing would enable us to continue with this journey, building on the strong momentum we have generated in recent years to become one of the UK's leading regional law firms,” claimed David Beech, the chief executive officer of Knights.

"I firmly believe that the old model for the legal sector is rapidly becoming redundant and, as pioneers in the sector following the group's early adoption of the ABS structure in 2012, we are well placed to benefit from the continued trend of commercial clients demanding an ever more relevant and value-based service offering," Beech claimed.

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