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Clementi Plays Down Fears Over Outside Ownership Of Law Firms

by Robin Pilgrim, LawAndTax-News.com, London

21 March 2005

Speaking at a recent conference jointly organised by the UK Law Society and the International Bar Association, Sir David Clementi sought to downplay suggestions that his proposal to allow external ownership of law firms could have a negative impact on the sector.

Sir David, author of the far-reaching government-commissioned review of the UK's legal services industry, argued that the existence of in-house lawyers shows that commercial pressures can be withstood.

"The idea that outside ownership (of law firms) would introduce a commercial element that is not already there is fanciful," he told delegates attending the Law Society's law management section annual conference.

However, the Prudential chairman predicted that conflict of interest issues would likely prevent firms which work closely with solicitors, such as insurers, from buying stakes in law firms.

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