Birmingham law firm Gateley has raised £30 million as shares began trading on AIM today following its decision last month to float.

The firm, headquartered in Edmund Street, has become the first in UK legal history to be listed after the rules on governance and ownership for law firms were changed as a result of the Legal Services Act 2007.

In a statement to the stock exchange today, Gateley said £30 million had been raised following the place of 31.5m shares at 95p per share, giving it a market capitalisation of £100 million on placing.

The net proceeds raised will be used to support the transition from the previous LLP structure and for general working capital to support and implement Gateley's growth strategy.

The practice, which has offices across the UK and in Dubai, represents 5,500 corporate and private clients.

Chief executive Michael Ward said: "We are delighted to be the first UK law firm to list on AIM and today marks a significant achievement for this successful, fast growing and entrepreneurial legal services group.

"The IPO will provide the platform for the continued success of the business, as well as accelerate its growth opportunities and facilitate value creation through an increased ability to acquire, incentivise, differentiate and where sensible diversify.

"We view the support from staff, partners, clients and investors as a strong endorsement of the group's growth plans and we look forward to creating value for our new shareholders as we begin life as a listed public company."