The art of 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 not only look through the lens of the business as it stands, but also apply the perspective of “How would this look going through the IPO process; will it require a specific disclosure; and how will this flow though into life as a public company?”

Take the opportunities of material transactions such as fundraisings to get your house in order in terms of structure, cap table, shareholder agreements and governance. Whether reviewing contracts, assessing risk or allocating budget, that lens can bring clarity and lay strong foundations long before bankers enter the room.

Choose the right external advisor

You will need strong external counsel with experience of your sector and market. There are plenty of great firms to choose from, but invest plenty of time in finding the right match for the company as it will pay dividends through the IPO process. “Use RFPs early,” James advises, “and get to know your external counsel 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.

In addition, James stresses that life as a public company will require additional resource to manage the higher reporting and regulatory burden. As such, start building that into team design and budget going forward, and understand the areas you will need to prioritise.

Make tech work for you—not the other way around

While much of the IPO spotlight falls on legal, finance and the extensive roster of external 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 notes, 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. James highlights that bringing someone focused on legal ops into the team can pay huge dividends. While this has historically been a difficult sell to the business, that view has changed positively over the past few years.

Build relationships across the business

An IPO exposes every corner of the company. Legal teams can’t sit in a silo. Instead, James recommends spending real time in the business—“walking the beat” in offices, server rooms, and the ‘factory floor’ . 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 over a few months leading up to the event— the smooth execution of an IPO is 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.

If this all sounds like a very heavy lift (an IPO certainly is for the internal teams), there is comfort for those on the journey. When asked about the experience overall, James concludes, “The IPO planning and execution was incredibly fulfilling – it was tremendously hard work, but all teams were rowing in the same direction, overcoming obstacles and stretching themselves towards a significant milestone for the company and themselves, which gives a real sense of togetherness.”

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