Preparing for an IPO: Lessons from a General Counsel
When a company is on the path to an IPO, the legal team often finds itself at the centre of the storm—juggling risk, readiness, and relentless scrutiny. But for James Maynard, seasoned General Counsel and Chief Legal Officer, the key lesson is simple: start earlier than you think you need to.
In a recent Q&A with Georgia Morgan-Wynne, James shared candid insights into what it takes to prepare for a successful listing—insights shaped by his own experience leading FARFETCH through its IPO on the New York Stock Exchange in 2018.
Five lessons on how to prepare for an IPO
Here are the five lessons from the front line on one of the most high-profile tech IPOs of the last decade:
IPO readiness begins long before the listing
Too often, IPO preparation is treated as a project with a defined start date. In reality, James argues, it’s about mindset. Legal teams should constantly ask, “How would this look in a prospectus?” Whether reviewing contracts, assessing risk or allocating budget, that lens can bring clarity long before bankers enter the room.
Legal needs to lead on structure and governance
From due diligence to disclosures, the legal function is expected to provide the backbone of IPO execution. But that doesn’t mean waiting for external counsel to define the roadmap. “Use RFPs early,” James advises, “and get to know your lawyers before the pressure’s on.” Trust, chemistry, and deep knowledge of your business matter—because IPOs are a marathon, not a sprint.
Resource planning is non-negotiable
IPOs demand bandwidth—often far beyond the daily load. Whether it’s standing up internal teams, backfilling roles, or hiring in-house interim support, the legal function needs a proactive resourcing strategy. James highlights the need to think ahead: “Where could this person sit in three years’ time?” That kind of forward planning helps unlock the right calibre of talent.
Make tech work for you—not the other way around
While much of the IPO spotlight falls on lawyers and advisors, operational readiness plays a silent but crucial role. Legal tech and document management tools—if properly scoped and implemented—can save weeks in diligence and reporting. Yet as James noted, even large businesses often find themselves underpowered here. Assign clear owners for legal tech early and invest in scalable tools that won’t break under pressure.
Build relationships across the business
An IPO exposes every corner of the company. Legal teams that sit in silos often struggle under the weight of discovery. Instead, James recommends spending real time in the business—“walking the beat” in offices, server rooms, and factory floors. This boots-on-the-ground knowledge not only sharpens legal advice—it builds credibility when it’s needed most.
An IPO may be the most high-profile event in a company’s lifecycle, but success doesn’t happen in the spotlight—it’s built in the months and years before. For legal leaders, that means planning early, hiring with intent, and embedding legal deep into the business fabric. As James puts it: “Be ready before you think you need to be.”
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