In an action expected to reverberate across international borders, the U.K. government announced last month that lawyers may soon be able to go into business with other professionals and outside investors.
Many legal experts on both sides of the Atlantic see the May 24 unveiling of the draft bill as a fundamental shake-up of the legal services market in England and Wales. A similar move was contemplated just several years ago for American law firms and accounting practices in the United States, until the scandals involving Arthur Andersen and Enron deflated some of the ardor surrounding multidisciplinary practices.
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