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Publicly Traded Law Firms

Here's one item sure to attract the interest of plaintiffs' securities lawyers: Publicly traded law firms. As Bruce MacEwen writes at his blog Adam Smith, Esq., it will be a reality next year in the United Kingdom. And a newly published paper and a planned symposium put the focus on the concept's feasibility for firms on this side of the pond.

The paper, Law Firms, Ethics, and Equity Capital: A Conversation, published yesterday by Georgetown Law School's Center for the Study of the Legal Profession, collects correspondence among MacEwen, Georgetown law professor Milton C. Regan and University of Illinois law professor Larry E. Ribstein, in which they discuss whether current ethics rules would permit firms to sell financial instruments and debate the arguments for and against. (MacEwen and Ribstein support the concept; Regan "is more ambivalent.") The symposium, which Georgetown will host in April 2008, will focus on the prospects for public investment in U.S. firms.

"The importance of these issues to our profession in the 21st Century demands that our approach not be determined by inertia, free-floating (and in my opinion, irrational) fear, or an undue reverence for tradition," MacEwen writes. To which he adds: "Let the conversation begin."

Posted by Robert J. Ambrogi on April 25, 2007 at 05:56 PM | Permalink | Comments (1)


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