离岸律所Appleby探讨向私募出售股权，预标Paradise股票为语义误映射

Paradise Papers law firm explores private equity sale
Appleby, the offshore law firm once at the centre of the ‘Paradise Papers’ data leak, is exploring selling a stake to private equity as deals in the legal sector take off.
The firm, one of a small group that advises companies and individuals in offshore tax havens such as the Cayman Islands, has drawn up a list of fewer than 10 potential investors for a deal, according to people with knowledge of the situation.
Appleby, whose parent entity is a limited liability company, has a small group of shareholders, which means that a decision on any deal would need fewer people’s approval compared with most big law firms, according to people with knowledge of its structure.
However, if a sale went ahead, it would be unlikely to be completed until next year, the people said.
Private equity firm Synova was among the investors that have spoken to Appleby but is not pursuing an investment, according to people with knowledge of the talks. Synova declined to comment.
Appleby, like its rivals, does not disclose its financial results. Appleby declined to comment.
The news comes as rival offshore firm Mourant announced that it had sold a 27 per cent stake to private equity investor MML this week. Mourant, which has governance and consulting arms alongside law, also did an equity raise allowing its 60 shareholders to co-invest.
Another rival, Walkers, also agreed a deal with Vitruvian Partners in December to co-invest in its non-legal corporate services arm.
Private equity has been trying for a number of years to break into the legal industry as investors seek to get in on the highly profitable sector.
However, unlike accountancy, which has seen an increasing number of large private equity deals, law firms have been more reluctant to take investment.
Lawyers are generally more wedded to the traditional partnership structure than accountants, and are used to taking home a firm’s entire profit pool annually rather than investing in the future of the business.
Pay has also become increasingly competitive in recent years after large investments from US law firms in places such as London have driven up compensation. Top partners can now take home more than $20mn a year, making investors more vulnerable to partner departures.
Appleby was thrust into the spotlight nearly a decade ago when it was at the centre of a data leak known as the Paradise Papers in which millions of its documents detailing the tax affairs of the rich and famous were published.
Offshore firms advise companies and wealthy individuals looking to legally reduce their tax bills.
The firm said at the time that the information had been stolen in a cyber attack and denied any wrongdoing on behalf of itself and clients. In 2018, Appleby settled a dispute with the BBC and Guardian after it filed a claim for breach of confidence over the leak.
Appleby, founded in Bermuda in the 1890s, has more than 500 people, including more than 200 lawyers across 11 offices, according to its website.