According to The Lawyer.com today in Australian law firms to make IPO history:
"Three small West Australian firms are set to make legal history with a proposed IPO and listing on the Australian Stock Exchange (ASX)."
"Australian law allows non-lawyers to control ownership of firms based in New South Wales, Victoria and Western Australia."
Punchline: Anyone who does not think that the Clementi Review of the UK legal services regulatory framework which made floating UK law firms theoretically possible is not going to have an impact is smoking the wrong substances. Stay tuned for the end of the legal profession as you knew it.