US Law Firms Still Flirting With Going Public

Law360, Chicago (July 1, 2015, 2:30 PM EDT) -- News this month that Gateley PLC became the first publicly traded U.K. law firm added fuel to the long-simmering debate over rules barring nonlawyer ownership of U.S. firms, but deeply held views on ethics and attorney independence pose daunting obstacles to law firms going public on this side of the pond, experts say.

Gateley debuted on the London Stock Exchange on June 8, raising $46.4 million in an initial public offering made possible by a 2007 law that liberalized ownership rules for law firms in England and Wales. The firm said the proceeds would support its ability to pursue top rainmaker...

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