Lawyers can now partner with non-lawyers e.g. large corporations provided the non-lawyers/businesses don’t own more than 49% of the organisation. In terms of company law, even 25% can give you some useful rights in terms of shaping the direction of your business.
What impact, then, will this have for law firms and lawyers in Scotland?
Will we see more traineeships being opened up? Or less? Will equity partners earn even more than their hundreds of thousands or millions of pounds each year? Or will equity partners be more likely to sell their stake and escape the practice of law? What effect for management decisions? Will we see greater outsourcing? Will cloud computing be more fully embraced? Will Lawsoft’s stranglehold on legal software be broken up? Will Scots law merge into English law, or will it flourish more by itself?
What do you think?