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International Law

: Law and Justice

Law Firms Owned By Private Equity Funds? (2)

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Last year the British government proposed that external ownership of law firms should be allowed. The bill is now expected to pass in 2007. It would allow lawyers in England and Wales to set up practices as so-called "alternative business structures", with external, nonlawyer investors and even float their shares on the stock market.

This is not less than a revolution in the world of legal professions and surely deserves to be closely followed for UK law firms active across the European Union and certainly in Brussels where running combined firms with non lawyers like e.g. accountants is currently forbidden (very controversial, to say the least) and where it has been one of the reasons for the (now) Big 4 to split their legal services from their audit/accounting services.

Full post as published by Law and Justice on August 20, 2006 (boomark / email).

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