Preparing for an IPO is tough enough on senior management at the company as it is, let alone having to arrange underwriting, vendor placings, etc, without quali

Preparing for an IPO is tough enough on senior management at the company as it is, let alone having to arrange underwriting, vendor placings, etc, without qualified professionals holding your hand. Lawyers know the law, not the market. Also, who would do the pricing (flawed as it may be?) Also, in the UK, a 'sponsor' (typically, a financial institution, like an ibank - http://www.fsa.gov.uk/pages/Doing/UKLA/sponsors/index.shtml http://www.fsa.gov.uk/pages/Doing/UKLA/sponsors/index.shtml) is very often required, by law and by stock market listing/trading rules, to be involved throughout a stock offering to the public. Sensible, or regulatory capture? It may be a bit of both. Likewise, it's tricky for lawyers here to advise on the offering of shares to the public (it's a "regulated activity" per s21 of the Financial Services and Markets Act 2000 - http://www.legislation.gov.uk/ukpga/2000/8/section/21 http://www.legislation.gov.uk/ukpga/2000/8/section/21 )