TheLawyer.com reports a perhaps unprecedented agreement among all of the managing partners of the Magic Circle firms to protest against the Clementi report’s suggested reforms (which are reflected in a bill pending before Parliament). The Clementi reforms propose, among other changes, alternative business structures for law firms–including those allowing non-lawyers to own equity in law firms.  There has been some dissent, including the Magic Circle firms’ current claim that such alternative structures would jeopardize the legal profession’s independence–and lose lots of revenue.   

Stay tuned.  Any such reforms sweeping the UK would likely cross the Pond…