Two recent developments have startled some people who follow the legal profession. The first was in May 2007, when the Australian law firm of Slater & Gordon engaged in an initial public offering ("IPO") and became listed on the Australian stock exchange. The second occurred at the end of October 2007, when the United Kingdom ("UK") passed legislation allowing non-lawyer investors to acquire interests in law firms in England and Wales.
Milton C. Regan Jr., Lawyers, Symbols, and Money: Outside Investment in Law Firms, 27 Penn St. Int'l L. Rev. 407 (2008).