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Law

What do people think about the prospect of law firms converging in the US like they have in the UK? Anyone see a future where firms are publicly traded like i-banks?

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I seriously doubt it. The ABA has a stranglehold on professional regulations and would never let that happen.

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It may happen, but there's no indication that day will come anytime soon.

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Much of this depends on how states like California amend Rule 5.4. A few states are in the processes of amending their 5.4 rule in an attempt to allow "greater access to justice." The big 4 accounting firms are active in the process and have already invested considerably in their legal capabilities. If the rules are loosened, the big 4 could hasten industry consolidation because current biglaw would have a hard time competing with the vast resources that those companies bring to market.

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