Compass’ hunt for a securities attorney reignites talk of IPO

The brokerage is looking to hire a lawyer with expertise in SEC and stock exchange reporting compliance

TRD NATIONAL /
Jun.June 17, 2020 11:00 AM
Compass CEO Robert Reffkin (Getty, iStock)

Compass CEO Robert Reffkin (Getty, iStock)

Compass is beefing up its in-house legal team and seeking expertise a public company would require.

A new job posting reveals that the brokerage is seeking a securities lawyer who specializes in meeting U.S. Securities and Exchange Commission and stock exchange reporting and compliance requirements, Inman reported.

The potential new hire revives the looming question of if and when Compass will go public. The brokerage’s last fundraising round was in July 2019, when it raised $370 million in a Series G. At the time, CEO Robert Reffkin told CNBC’s Andrew Ross Sorkin that “we’re likely going to have an IPO.”

But last October, Reffkin said Compass’ initial public offering was at least 18 months away.

However, the market has shifted considerably for Compass and its competitors since the pandemic set in. Compass has laid off about 15 percent of its staff, and cut pay and hours for other employees. Though many residential brokerages have taken similar measures, Compass’ recruitment of agents has continued, according to the company.

Reffkin told Inman earlier in June that the brokerage’s revenue is up in 2020 by 47 percent compared to the same period in 2019.

Lemonade, another SoftBank-backed startup, filed to go public this month. [Inman] — Erin Hudson


Related Articles

arrow_forward_ios
Photo illustration of Ryan Schneider and Robert Reffkin (Getty)

Compass to appeal decision sustaining Realogy’s suit

Compass to appeal decision sustaining Realogy’s suit
Compass CTO Joseph Sirosh (Getty, iStock)

Compass debuts AI tool to advise on home renovations

Compass debuts AI tool to advise on home renovations
Lemonade CEO Daniel Schreiber (iStock)

Investors reward Lemonade with $3.8B valuation

Investors reward Lemonade with $3.8B valuation
Lemonade co-founders Daniel Schreiber and Shai Wininger

SoftBank-backed Lemonade raises IPO target to $319M

SoftBank-backed Lemonade raises IPO target to $319M
Lemonade co-founders Daniel Schreiber and Shai Wininger

Will Lemonade’s IPO be sweet or sour?

Will Lemonade’s IPO be sweet or sour?
Clockwise from top left: Deirdre O'Connell of Sotheby's International Realty, Paul Breunich of Sotheby's International Realty, and Heather Harrison of Compass

Tri-State brokers are busier than ever as buyers warm to suburban living

Tri-State brokers are busier than ever as buyers warm to suburban living
After WeWork’s botched IPO, real estate startups have learned to add women to their boards.

“Change is happening”: Inside real estate tech’s race to diversify their boards

“Change is happening”: Inside real estate tech’s race to diversify their boards
Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Getty, iStock)

Realogy drops non-compete suit against Compass

Realogy drops non-compete suit against Compass
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...