Irwin Mitchell is understood to have appointed advisers at investment bank Stifel to explore external backing as it reviews its ownership structure.
The move comes nearly 15 years after the firm's abandoned IPO plans left many former partners holding shares in its parent company.
Irwin Mitchell is understood to have appointed investment bankers to explore securing external investor backing, as the firm looks to address an ownership structure dating back to its abandoned IPO plans.
The Sheffield-headquartered firm is working with advisers at US investment bank Stifel, in a move first reported by The Sunday Times.
The situation traces back nearly 15 years when Irwin Mitchell created a holding company structure as it eyed a stock market listing following the introduction of the UK's alternative business structure (ABS) regime, which allows non-lawyers to own stakes in law firms.
Ownership challenge
Partners were granted shares in Irwin Mitchell Holdings Limited, but the planned flotation never went ahead.
As partners subsequently retired or left the firm, many retained their shareholdings in the parent company despite no longer being members of the LLP. Former partners now own a majority of the company, The Lawyer reported earlier this year.
The arrangement has created an unusual governance challenge, with many of the firm's owners no longer working in the business, creating the potential for misaligned incentives and complicating any future ownership restructuring. The firm is understood to be looking at external investment to solve the situation.
External capital has become one of the legal industry's most closely watched themes, with a growing number of firms exploring ways to access outside investment to fund growth, technology spending and acquisitions.
Irwin Mitchell is one of the UK's largest law firms, best known for its high value personal injury practice. The firm generated revenue of £329 million in the 2025 financial year.
No decision made
In a statement shared with Non-Billable, a firm spokesperson said: "Irwin Mitchell is financially stable and debt-free, allowing us to continue to invest significantly in our people, technology and regional presence to support sustainable long‑term growth.”
“We regularly review our funding options but no decisions have been made to take on external investment,” they added.
Join 10,000+ City law professionals who start their day with our newsletter.
The essential read for commercially aware lawyers.
