The price of shares in Gateley rose by more than 10% when the markets opened this morning as it became the first law firm to successfully list on the London Stock Exchange.

At 8am shares opened at 109.5p, 14.5p up on the 95p price set by the firm two weeks ago for its initial public offering (IPO) today.

However, by 9am this morning, the price had fallen back to 101.9p.

Gateley raised £30m by placing 31.6 million ordinary shares, filings with the exchange confirmed. The float gives the firm a market capitalisation of £100m.

Gross proceeds of £5m and £25m have been raised for the firm and the selling shareholders respectively.

Gateley said approximately 10% of the shares put up for sale had been sold to the firm's existing clients.

The successful listing comes less than a month after the firm announced its intention to float.

Since then Gateley has successfully converted from a limited liability partnership to trade under the name Gateley (Holdings) Plc.

Chief executive Michael Ward (pictured) said today's listing "marked a significant achievement" for the "successful, fast-growing and entrepreneurial legal services group".

He added: "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."

Having used Cantor Fitzgerald as its financial adviser, nominated adviser and broker before the float, Gateley has also turned to KPMG as its reporting accountant and tax adviser.