We are initiating formal coverage of Gateley, which we see as the standout investment opportunity in the growing sub-sector of full-service commercial law firms. The company is executing well on its strategy of combined organic and acquisitive growth, with defensive attributes as we face short-term uncertainty in the UK. It has delivered consistently better than expected results since IPO three and a half years ago (EBITDA CAGR of 13.4%) and following the market’s recent setback is trading on a ....