Debra L. Bruce, JD, PCC.
A landmark event in the legal world launched in May. This event will ultimately change the course of the practice of law. Or perhaps it is just further evidence of how dramatically the legal world has already changed in the last 10 years.
Australian Law Firm Goes Public
An Australian law firm went public and was listed on the Australian Stock Exchange on May 21, 2007. Australia adopted legislation that permits non-lawyers to invest in the ownership of a law firm, and capital to be raised publicly. The 140-lawyer firm, Slater & Gordon, will initially have shares owned by 42 lawyers and staff, according to a June 1, 2007 article in The American Lawyer. Legislation has also been introduced in the United Kingdom to permit law firms there to sell stock publicly.
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