No question divides traditionalist from modernises quite so profoundly and controversially. Australia led the way, and now England appears to be embracing external capital like a long lost lover – or should that be like an illicit mistress. Europeans – and for the most part, Americans – still shout ethical foul when the prospect of non-lawyer investment is raised. Indeed, only a few days ago, a New York court dismissed an application from one law firm seeking to overturn state legislation forbidding non-lawyer investment. Our survey of law firms from around the world illustrates just how split the profession is on this fundamental issue.
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