The Clementi Commission reforms appear closer than ever to
reality, and their implementation could
be as early as next year. For those of you who are only recent
visitors to "Adam Smith, Esq.," the UK’s Clementi reforms will,
in an utterly fascinating-to-watch real-world experiment, permit law
firms to obtain capital from outside investors and even, mirabile
dictu, go
public through IPO’s, as well as partner with accountants, management
consultants, and others.
From a public-relations standpoint, the reforms are being touted as
"absolutely consumer-driven," according to the BBC: "I
don’t see why consumers should not be able to get legal services as easily
as they can buy a tin of beans." And for the first time,
regulations will restrict "claims farms," a/k/a ambulance chasers.
