In May, Australia’s Slater & Gordon became the first law firm to complete an initial public offering. It did so with a bang — the personal injury firm listed on the Australian Securities Exchange at Aus.$1 per share, and over the first three days of trading, the stock surged 68 percent. Today Slater & Gordon is trading at more than 70 percent over its offer price.
Will any American firms follow suit? Probably not. The U.S. legal industry is regulated by a mishmash of 50 state laws. There’s little chance they’ll be federalized anytime soon.
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