Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

Yesterday, I published the most in-depth law firm application video I’ve ever made.

It’s a 90-minute, line-by-line review of a real application to a US law firm.

I was joined by Ronak (@TheTransactionalTrainee), and together we:

• put one of his actual applications on screen,

• discussed why each sentence worked well, and

• explained how you can reuse the structure in your own answers.

There’s literally no generic advice in it (like “don’t make any typos”). It’s all practical stuff you can apply immediately.

Drop a comment on YouTube with your thoughts — I can do more content like this if people like it.

– Idin

FEATURED REPORT 📰

🇬🇧 London’s IPO market is waking up (here’s what it means for lawyers)

London’s IPO market has been quiet for a while. Fewer companies have listed, and most deals have been smaller than usual. That’s bad for law firms, because IPOs are lucrative pieces of work.

When a company goes public, it’s a big source of revenue for commercial lawyers (specifically, capital markets teams).

Lawyers help restructure the business, prepare public disclosure documents, manage regulatory approvals, advise on investor rules, and coordinate with banks, regulators, and stock exchanges. It is complex work — but generates big fees.

A few high-profile businesses are now being tipped as possible candidates for a London listing this year. We’re going to look at the most talked-about potential IPOs. Who they are, why they might list now, and how you can discuss this in your applications.

Visma

What’s happening?

You may not know Visma by name. But it is one of Europe’s largest software companies.

It provides accounting and payroll tools to more than 2 million businesses across Europe and Latin America.

In 2024, the Norway-based group said it plans to list in London rather than Amsterdam, at a valuation of around £17 billion.

London won out for two main reasons:

1. It has a much deeper pool of money, with huge pension funds, insurers, hedge funds, and everyday investors all actively looking to invest in listed companies.

2. A lot of UK investors are actually limited to buying UK-listed shares or shares that are part of UK indices like the FTSE 100. Listing in Amsterdam would have meant they couldn't invest.

The IPO is expected sometime in the first half of 2026.

Why should you care?

If it goes ahead, Visma would be one of London’s largest main-market IPOs since 2021. And if it goes well, it could encourage other international tech companies to see London as a good venue to list.

It would also be an early test of recent UK market reforms. In 2024, the Financial Conduct Authority simplified the London listing rules to make it easier for global companies to list here (as opposed to in New York — which had got more popular).

For example, one change they made was to allow companies listed on the London Stock Exchange to file reports in the most suitable currency for their business. For Visma, which earns most of its revenue in euros, that removes a practical barrier that had previously made London less attractive.

Waterstones

What’s happening?

Waterstones could be heading towards a stock market listing this year.

Its chief executive said that listing Waterstones and Barnes & Noble (a US-based bookshop chain) would be the logical next step. Both chains are owned by the hedge fund Elliott Capital Management.

The group expanded quickly in recent years. It’s opened dozens of new shops in the UK and 67 stores in the US. Last year, the group generated around £2.5 billion in revenue and £300 million in profit (which could mean a strong valuation if it goes public).

Timing matters on this, though. The group’s financial year ends in April — so an IPO before the summer is unlikely. The business will want to show investors full year-end financial results before going public so they can price the shares with confidence.

Why should you care?

The group hasn’t confirmed where it would list. New York is still an option — but its preference for London tells you something important about how UK and US markets differ.

• UK investors: Pension funds and insurers dominate here. They prefer stable businesses with predictable profits and regular dividends (which fits Waterstones and Barnes & Noble well).

• US investors: Growth and tech investors dominate here. They’re more willing to accept low or no dividends if a company’s profits are reinvested to drive rapid expansion and share price growth.

That’s why London may be a better fit for Waterstones than New York. It matches the type of investors who occupy the UK market.

Navoi Mining

What’s happening?

Navoi Mining is a state-owned mining company based in Uzbekistan. It’s the world’s fourth-largest producer of gold.

The company had plans for an international IPO in 2025, but that was paused. Uzbek officials were concerned about the timing, since Navoi’s dividends are a major source of state revenue, and selling part of the company could reduce that income.

An IPO is now expected in 2026. It would support Uzbekistan’s President’s wider push to privatise state assets and attract foreign investment.

London is seen as a strong option. The London Stock Exchange has a long history of hosting emerging-market and state-owned mining companies, which makes it familiar to global investors.

Why should you care?

Navoi’s potential IPO shows how commodity prices can drive capital markets.

Gold prices surged in 2025, hitting record highs. That makes gold miners more valuable for two reasons.

1. Their revenues rise as gold prices increase.

2. The gold reserves they own are suddenly worth more.

That improves IPO conditions for companies like Navoi. Higher valuations mean shares can be sold at a higher price, raising more capital for the company. Also, investor demand for gold stocks is stronger, making new listings more likely to succeed.

Kraken

What’s happening?

Kraken is the technology arm spun out of Octopus Energy. It uses data and machine learning to automate customer service and manage energy flowing to and from the national grid.

In December 2025, Kraken closed a $1 billion funding round. That deal valued the business at around $8.6 billion. An IPO is now being discussed, but nothing is confirmed.

Founder Greg Jackson is weighing up where to list — London and New York are both options.

Why should you care?

Kraken highlights a recurring concern about London as a listing venue.

Jackson has said he would like Kraken to list in London, but only if the London Stock Exchange shows more “hustle”. By that, he means being more active and aggressive in attracting investors and promoting London-listed companies.

So, even with the reforms in place, founders still care about visibility, investor demand, and valuation. New York beats London in those areas. So, if London wants big tech IPOs, it needs to sell itself harder.

How can you use this in your applications?

IN OTHER NEWS 🗞

• 💰 Clifford Chance had a huge year, financially (with partners sharing an even bigger profit pot). The firm’s total revenue rose to £2.4 billion, profit per equity partner reached £2.1 million, and the highest-paid partner took home £7.2 million. Growth came from almost everywhere, especially the Middle East, where revenue jumped 36%, alongside solid gains in the US, Europe, and Asia Pacific.

• 🚕 Ride-hailing trips in London are about to get more expensive. The government is making apps like Uber and Bolt pay full VAT on fares, closing a loophole they used to pay tax only on profits. Black cab drivers say this finally evens things up, but Uber says prices will rise and drivers will get less work. The change only applies in London and is expected to raise about £700 million, though critics say it will push up the cost of living.

• 🇺🇸 The Magic Circle’s US strategy is paying off. All four firms grew US revenues last year, and the US now makes up a bigger share of total income. A&O Shearman now gets about a quarter of its revenue from the US after its merger, while Freshfields is close behind through organic growth. Clifford Chance is growing steadily, and Linklaters is smaller in the US but expanding fast. As growth slows elsewhere, the US is becoming essential to growing the firm’s revenues.

AROUND THE WEB 🌐

• 🐶 Avoidance: A lawyer in the US is suing the tax authorities for refusing to recognise her dog as a dependent (like a child would be)

• 🚗 Typing: Race others online by typing quotes from books as fast as you can (my score is 71 wpm, if you beat it let me know)

• 🕵️‍♂️ Cheeky: Government workers in China used print-outs of their colleagues’ faces to fake office attendance records — here’s what it looked like 👇️ 

  

STUFF THAT MIGHT HELP YOU 👌

• 💻️ Free application advice: Check out my YouTube channel for actionable tips and an insight into the lifestyle of a commercial lawyer in London.

• 📁 Law firm application bank: A growing library of real, verified successful applications for training contracts and vacation schemes. Helpful if you want to learn from others who answered the same questions you’re stuck on.

• 📝 Write winning law firm applications: A practical course to help you write clearer applications, faster. Avoid common mistakes, learn how to structure answers properly, and get lifetime access to future updates. Try it for 14 days, risk free.