Bloomberg reports that three London-based private equity firms are looking at purchasing significant stakes in U.K. law firms once laws allowing those firms to accept outside investments go into effect in 2011.
The Legal Services Act of 2007 will allow outside investors to acquire stakes in British law firms and allow firms to publicly trade shares. Two years ago, Australian plaintiffs firm Slater & Gordon became the first law firm to go public — The American Lawyer‘s Richard Lloyd reported on how that firm was handling the change in a feature story in the magazine’s December issue.
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