3 ms·

Bankruptcy law firm should IPO.

• lotsofpulp 4y ago
  Law firms cannot be publicly listed in the US, they have to be owned by lawyers.
  • ISL 4y ago
    This idea was entirely new to me. Here's the top Google result on the subject: https://abovethelaw.com/2021/05/will-we-soon-see-an-american-law-firm-go-public/ https://abovethelaw.com/2021/05/will-we-soon-see-an-american...
    • rayiner 4y ago
      Legal ethics rules in the US preclude a non-lawyer from controlling or supervising the legal judgment of a lawyer, which makes the notion of non-lawyer shareholders problematic.
      • dboreham 4y ago
        Something similar pertains to organizations providing medical services. Must be run by an MD.
        • lotsofpulp 4y ago
          In the US, it is the opposite, since doctors are generally prohibited from owning hospitals. https://www.cms.gov/Medicare/Fraud-and-Abuse/PhysicianSelfReferral/Physician_Owned_Hospitals https://www.cms.gov/Medicare/Fraud-and-Abuse/PhysicianSelfRe... And buying healthcare provider groups has been very popular with private equity in the past decade, there is no requirement for owners to be doctors. https://www.bloomberg.com/news/features/2020-05-20/private-equity-is-ruining-health-care-covid-is-making-it-worse https://www.bloomberg.com/news/features/2020-05-20/private-e... https://www.ineteconomics.org/perspectives/blog/er-doctor-private-equity-is-killing-american-healthcare https://www.ineteconomics.org/perspectives/blog/er-doctor-pr...
    • lotsofpulp 4y ago
      Interesting link, thanks!