Biglaw, Money

It's Easy To Joke About Money When You Own A $4.8M Stake Of Your Firm

How much did this Biglaw firm raise through its initial public offering?

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If there’s one thing I’ve learned through this process, it’s that I don’t like paying professional fees, but I do like receiving them.

— Michael Ward, senior partner at Gateley, joking about all the fees paid to outside companies like Field Fisher Waterhouse and Cantor Fitzgerald in the handling of his firm’s landmark initial public offering. Gateley otherwise represented itself internally, and is the first British firm to go public. Gateley managed to raise $45 million through its IPO. Ward now owns a 3.12 percent of the firm, and his stake is valued at about $4.8 million.

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