The First U.K. Law Firm IPO
According to "IPO to value Galetey at £100m" in The Law Society Gazette:
That value translates to $190 million, with the seven partners spilling about $38 million.
I know I'm not the only one wondering how this drive for law firms to mimic multinational corporations in structure, operations, and emphasis on increasing shareholder value (or profits per partner) will continue to undermine the legal profession's traditional apprenticeship model of training lawyers, and emphasis on client and public service.
This is also more reason why lawyers need to learn to show value in their resumes and LinkedIn profiles. If you're still operating under the belief that law firms aren't "really" businesses, then stop. Right now. Law firms are businesses, and increasingly profit-centered businesses at that.