Law firms going public?

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lovelaw27
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Joined: Thu Dec 18, 2008 6:35 am

Law firms going public?

Postby lovelaw27 » Sun Sep 19, 2010 9:55 pm

“We read with great interest Monday morning a release about Matthew Hudson, a former partner at SJ Berwin, O'Melveny & [deleted] and Proskauer Rose who has formed his own firm with seed backing from several private equity funds. Some of those funds plan to take a stake in Hudson's law firm, MJ Hudson, when the Legal Services Act goes into effect in the U.K. next year, allowing outside investors to take stakes in law firms and firms to offer publicly traded shares. The investment in Hudson's case will go the other way, too; Hudson is free to buy up positions in the PE funds that will invest in his firm, thereby ensuring that his interests are intertwined completely with theirs. ”
http://www.law.com/jsp/law/internationa ... 2463691626

I am really interested to see how all this plays out. Anyone have any thoughts on this?

Anonymous User
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Re: Law firms going public?

Postby Anonymous User » Sun Sep 19, 2010 9:57 pm

Worked at a v50 firm this summer and there was talk of this happening + tons of ethics research being done on it (by summers and 1st & 2nd year attorneys)

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MrKappus
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Re: Law firms going public?

Postby MrKappus » Sun Sep 19, 2010 10:00 pm

Interesting. I thought the Rules of Professional Responsibility (or their equivalent) for all state bar associations said something along the lines of "no partnering or sharing profits w/ non-lawyers." Guess it's more nuanced than that...should've figured as much.

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rayiner
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Re: Law firms going public?

Postby rayiner » Sun Sep 19, 2010 10:04 pm

MrKappus wrote:Interesting. I thought the Rules of Professional Responsibility (or their equivalent) for all state bar associations said something along the lines of "no partnering or sharing profits w/ non-lawyers." Guess it's more nuanced than that...should've figured as much.


Considering this article is about the UK...

lovelaw27
Posts: 218
Joined: Thu Dec 18, 2008 6:35 am

Re: Law firms going public?

Postby lovelaw27 » Sun Sep 19, 2010 10:05 pm

MrKappus wrote:Interesting. I thought the Rules of Professional Responsibility (or their equivalent) for all state bar associations said something along the lines of "no partnering or sharing profits w/ non-lawyers." Guess it's more nuanced than that...should've figured as much.


There is some rule change in the UK that will go into effect next year that will allow this sort of sharing of profits next year with non-lawyers. There has been talk about similar rule change in the US, but it hasn't happened yet.

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MrKappus
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Re: Law firms going public?

Postby MrKappus » Sun Sep 19, 2010 10:09 pm

Sorry, didn't read the article. My bad. But that's interesting (what lovelaw said), about possible changes to rules in the U.S.




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