Gateley’s revolution

Posted By: James

Monday 8th June 2015

Daniel Dunkley interviews Gateley chief executive Michael Ward in the Sunday Times, who details his early legal career and the difficulties involved with convincing the City that floating the firm would be a good idea. Changes to the Legal Services Act four years ago meant legal firms were allowed to have investors who weren’t lawyers, opening the way for flotations. Mr Ward says the listing will enable Gateley to use incentive schemes to lure top lawyers and acquire more law firms and legal services businesses. Gateley will retain 70% of the firm with 10% owned by clients and aims to distribute up to 70% of post-tax profits to shareholders. “We’re going to be the only law firm that sends its clients a dividend cheque twice a year,” Ward says. “You’re actually going to get money from a lawyer. It’s quite revolutionary.”

The Sunday Times

 

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