The WSJ has a front-page online item on an effort within the American Bar Association to change the rule on who can own law firms. Right now, only lawyers can, as a matter of legal ethics, share in law firm equity. But the rule differs in U.K. and even more so Down Under.
People who oppose changing the rule tend to urge that letting non-lawyers buy into firms would cloud lawyers' judgment and force them to adopt the dubious morals of the market.
What do you think?