With IPOs and dealmaking in retreat, the City’s communications shops stitch together crisis, sustainability and geopolitics into an all‑in‑one offer.

With London’s main IPO window still largely shut, the City’s public relations houses have been busy changing their own story. In the first half of 2025, just five companies floated in London, raising about £150m, according to market tallies — the lowest haul on record — and by late August the total raised this year had climbed only to roughly $208m, Reuters reported, leaving advisers to compete for a thinner pipeline of transactions. As dealmaking and listings dry up, many of the Square Mile’s most recognisable PR brands have re‑introduced themselves as what clients say they need: multidisciplinary boardroom advisers capable of handling a reputational crisis at breakfast, an activist approach at lunch and a geopolitical briefing before the close.

The rebrand is not merely cosmetic. Over the past two years, several firms have altered their names, websites and pitchbooks to emphasise ‘advisory’ over ‘PR’. H/Advisors, the re‑badged Havas‑backed network formerly known as /AMO, is explicit about marrying corporate communications with financial, public affairs and cyber expertise. Boutiques and mid‑sized players around St Paul’s and Mayfair now describe themselves as partners to the board, not just spokespeople for the press. The narrative is that communications has migrated from the press office to the C‑suite.

The capital structure of the industry has shifted, too. In late 2024, WPP agreed to sell its majority stake in FGS Global to funds backed by KKR, in a deal valuing the consultancy at about $1.7bn — a rare private‑equity bet on strategic communications. Earlier, in 2023, US advisory group Teneo acquired London rival Tulchan, consolidating its City presence and bolstering its claim to be a ‘global CEO advisory firm’. Such moves underline the wager that counsel delivered across issues — finance, politics and society — can command premium fees even when deal fees ebb.

What corporate clients are asking for today looks like a single front door to many specialisms. A typical brief now bundles financial communications for results day, stakeholder mapping ahead of a refinancing, culture and change programmes after a restructuring, and sustainability advice that is grounded in materiality rather than marketing gloss. Crisis planning — for cyber incidents, supply‑chain shocks or a whistleblower allegation — is no longer a side hustle; it is the spine of year‑round retainer work.

Private markets are a major driver of this pivot. With exits delayed and valuations volatile, private‑equity sponsors and their portfolio companies are leaning on advisers to speak to multiple audiences at once: lenders and rating agencies, employees, regulators and, increasingly, limited partners. Edelman Smithfield’s 2025 research on capital allocators found that leadership visibility and credible strategy communications shape how institutional investors deploy money in private markets — a reminder that investor relations does not end when a company is private.

Geopolitics, once the preserve of a handful of former diplomats, has moved to the centre of the pitch. Teneo’s risk practice markets integrated geopolitical, cyber and physical‑security advice, and FTI Consulting and others foreground similar offers, blurring the line between communications and enterprise‑risk management. Kekst CNC’s long‑running work with the Munich Security Conference reflects how risk perception now informs not only what a company says, but where and when it acts. From sanctions to supply chains, the external world is dictating the narrative arc.

Technology is another accelerant. Firms are using AI to spot disinformation surges, summarise regulatory filings and pressure‑test messages against likely stakeholder reactions. But the most sophisticated players are careful to sell judgement, not algorithms. As several senior advisers in the City note, machine outputs can narrow options just when leaders need the widest aperture. In an age of synthetic media, the scarce commodity is accountable human counsel — and clients increasingly want it tied to outcomes the board can measure.

The industry’s shape‑shifting has not happened in a vacuum. A year after the UK overhauled its listing regime, regulators and the London Stock Exchange are experimenting with new routes to liquidity, including the FCA‑approved Private Intermittent Securities and Capital Exchange System (known as Pisces), which will run periodic auctions in private markets. Supporters hope such tools will nurture companies on the path to listing; sceptics warn they could make staying private more attractive. Either way, communications briefings that once orbited quarterly results are now being written for auction windows, secondary placements and dual‑track processes.

Meanwhile, London faces stiffer competition on its continental flank. Bankers in Frankfurt and Zurich see a stronger pipeline of flotations than the City does this autumn, according to dealmakers and data, underscoring how the balance of European equity issuance has tilted since the 2021 boom. That shift is forcing UK advisers to double down on sectors where London still punches above its weight — energy, financial services and global consumer names — and to cultivate relationships that travel with clients irrespective of venue.

One consequence of this squeeze is convergence with other professions. Law firm Schillings, best known for high‑stakes privacy and defamation work, has built a communications arm to complement its legal, investigations and security capabilities — a textbook example of the ‘one‑stop’ model. Elsewhere, accountancy‑born consultancies and political shops are hiring journalists, former regulators and cyber specialists to offer a rounded proposition for the C‑suite. The promise to clients is fewer hand‑offs and fewer surprises.

The promise is also tested. When advisory houses try to be everywhere at once, critics warn of diffusion of expertise and conflicts of interest — a theme sounded in commentary on the rise of the ‘everything adviser’. Boards still value independence, and some prefer to separate communications, legal and strategy briefs, particularly on contested transactions or sensitive investigations. The firms that thrive are likely to be those that can assemble multidisciplinary teams without muddling accountability.

The sustainability brief captures both the opportunity and the backlash. Investor appetite for credible climate transition plans and human‑capital disclosures remains strong, but the language has evolved: many boards now talk less about ‘ESG’ as a banner and more about financially material risks and opportunities. Advisers who can connect emissions pathways or supply‑chain audits to value creation — and defend them against political cross‑winds — are finding work even as green‑hype budgets are cut.

Talent markets have adapted in step. Recruiters say London’s communications firms are hiring not only ex‑reporters and investor‑relations managers but also intelligence analysts, data scientists and cyber responders. Pay structures increasingly reward insight generation and issue navigation rather than press‑cuttings volume. That reshapes the day job: a morning might begin with a horizon‑scan on Red Sea shipping risks and end with a rehearsal for an activist defence.

None of this means the City has given up on an IPO revival. Law firms and consultancies report busier ‘IPO readiness’ workstreams and selective hiring in equity‑capital markets support, preparing for a turn in sentiment. Should listings return in 2026, communications teams will still be different from their 2021 selves: more data‑literate, more operational and more embedded alongside treasury, HR and risk. The rebrand is, in that sense, a strategy for all seasons — one that says reputation is a board‑level asset, however companies choose to raise capital.

For now, the pivot to one‑stop counsel looks rational. With deal fees scarce and scrutiny intense, clients want fewer advisers who can do more things well — from activism defence and crisis containment to sustainable business narratives and culture change. In the City of London, where headlines once mattered most on results day, the most sought‑after commodity in August 2025 is quieter: advice that helps leaders make better decisions before the news breaks.