Our prohibition on using equity to raise capital for law firms is premised on the notion that lawyers in thrall of stockholders will be likely to do things and take chances that may disadvantage their clients. I don’t buy it.
I saw an announcement the other day that the first English law firm has gone public. The firm, Gately, has 380 lawyers in six offices in England and an office in Dubai. Its promotional material notes that its work is concentrated in banking, financial services, corporate and employment. According to the offering materials, the firm grosses something in the nature of 100 million pounds annually. That’s about $160 million.
