City firm Mishcon de Reya is set to go public after proposals to go ahead with a listing on the London Stock Exchange were approved by at least three quarters of the partnership.

The UK top-40 firm first announced in April that it had brought in JP Morgan to advise on a possible listing, which it said at the time could take place 'as early as the fourth quarter of 2021'. As part of the offering every member of staff at the firm will become a shareholder.

A spokesperson declined to comment on the amount the firm expected to raise through the listing, though The Financial Times reported that the aim was to float around 28% of the firm at a potential value of £750m. That would make it the most valuable listed UK law firm, worth far more than other listed firms like Knights (£350m), DWF (£275m) and Keystone Law (£210m).

Although still a rare move, IPOs do seem to be gaining traction among UK law firms, with Sheffield-based full service firm Irwin Mitchell also understood to be gearing up for a stock market float at a hoped-for valuation of £500m.

Mishcon described capital injection as a ‘key part’ of its rationale for going public when it first announced a possible IPO earlier this year. The firm is currently five years into a long-term expansion strategy that aims to double its current revenue to £400m over the next five years.

Mishcon said at the time that an IPO would enable it to 'invest in high-growth potential opportunities' and 'accelerate its expansion in the provision of legal and advisory services'. The firm cited its plans to raise funds to invest in attracting and retaining domestic talent as well as build its presence in Asia following its launch in Singapore last year. 

The IPO, the firm said, would also enable it to expand its non-legal branches, such as its venture capital work offering funding to tech startups, as well as its allied services, including its brand management business and its private family advisory arm, MDR Mayfair.  

Mishcon has also announced MDR Solutions I this week, a litigation finance arm that will fund litigation and arbitration cases for its clients. The new venture has been created in partnership with Harbour Litigation Funding, which is contributing £150m to fund cases including complex fraud, intellectual property disputes, group litigation and asset recoveries.