Were it possible to buy shares in big British and American law firms, they would appear to be attractive investments. They boast double-digit revenue growth at a time when many companies are suffering. Baker & McKenzie, one of America's biggest firms, has just announced a 20% increase in annual revenues, which exceeded $2 billion for the first time. Britain's top four firms have reported revenues up by an average of 15% this year, with all four passing the ￡1 billion ($1.85 billion) mark.rnInvesting in law firms is more than just a pipe dream. A change in British law, introduced last year, enables law firms to use business structures other than private partnerships, and allows for external investment and initial public offerings (IPOS). Law firms will have to wait for a new regulator, the Legal Services Board, but everything is due to be in place by 2011 Listing could have a dramatic effect on law firms' behaviour. Slater & Gordon, an Australian law firm that went public in May 2007, used the proceeds to go on an acquisition spree, swallowing up six smaller rivals within a year. The firm's share price has risen 50% since the IPO.
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