Norton Rose and DLA Piper have maintained their positions as the law firms with the broadest base of Alternative Investment Market (AIM) clients despite the drop in activity on the market, according to quarterly client rankings released this week.
The latest figures from Hemscott reveal Norton Rose has held on to its ranking as the firm with the highest number of AIM-listed clients even after losing three clients over the three-month period from January to April this year.
The top 10 City firm has a client base of 62, with a combined market cap of just over £6bn Ñ taking it to the top of the rankings by market cap as well as by number of listed clients. The figures are marginally down on the previous quarter, when the firm had 65 AIM-listed clients worth a combined total of £6.45bn.
Norton Rose corporate finance partner Chris Randall told Legal Week: “We have been able to establish ourselves as a market leader for AIM work. The market is quieter than it was a few months ago. Mining is strong and we have a strong deal-flow, but investors are more focused on quality and corporate governance.”
DLA Piper, meanwhile, closed the gap to Norton Rose to hold on to second place by number of clients. The firm gained two clients over the quarter to take its tally to 61 clients.
National rival Pinsent Masons remains in third place, with 56 clients - up from 53 the previous quarter - while LG held on to fourth place.
The market cap rankings show more change. While Norton Rose managed to climb one place despite the overall value of its clients falling, LG saw a more significant drop in value. The firm was knocked down to second place after the market cap of its AIM client base fell from £7.6bn to £5.9bn.
Isle of Man-based Cains held on to the top spot alongside Norton Rose by volume when it came to the biggest AIM companies, with each firm having six AIM 100 clients - down from eight the previous quarter. DLA Piper moved into third place after winning one client, while US firm Akin Gump Strauss Hauer & Feld and offshore leader Conyers Dill & Pearman entered the table for the first time with three AIM 100 clients each.
Looking at advisers to AIM 100 by market cap, Linklaters fell out of the top 20 rankings altogether, despite being ranked seventh last quarter with clients worth £1.75bn.
The rankings follow a slow period on the AIM market, with transactions involving AIM-listed clients and initial public offerings on the market at a low.
Pinsents corporate chief Gareth Edwards said: “This is an area we have spent a lot of time on... but we are now seeing a shift of activity back to the main market.”
Taylor Wessing’s head of securities, Tim Stocks, added: “Institutions are putting money aside for rights issues at the moment. They will need liquidity to raise shares. If they have money to spend, it will be on FTSE 100 companies.”
