Morgan & Morgan Explores $1 Billion Stake Sale With JPMorgan as IPO Ambitions Stay Distant
Updated
Updated · Reuters · Jun 5
Morgan & Morgan Explores $1 Billion Stake Sale With JPMorgan as IPO Ambitions Stay Distant
3 articles · Updated · Reuters · Jun 5
Summary
Morgan & Morgan has hired JPMorgan to explore selling a minority stake that could raise more than $1 billion, according to sources familiar with the talks.
The family-controlled firm is seeking a private equity partner that could help professionalize the business and position it for a public listing years down the road.
John Morgan said discussions are early and any capital raise is uncertain, adding the firm does not need outside money and that ethical and regulatory hurdles make an IPO a distant prospect.
Morgan & Morgan reported $2.4 billion in annual revenue and has expanded to offices in all 50 states since its 1988 founding, funding growth from its own profits.
Private equity has been pushing further into professional services, often using management-services structures to navigate U.S. limits on non-lawyer ownership of law firms.