The Law Society of Upper Canada (LSUC) is examining proposals which would allow Canadian law firms to float on the stock market in order to raise capital.
The LSUC has reportedly asked its regulation committee to look at models which would allow law firms to utilise the capital market to finance themselves.
Such a development is said to have the support of many of the country's large commercial firms, and the discussions will be closely scrutinised by the US and UK legal communities, both of which may see similar reforms in the future.
According to the Legal Week news service, the proposals stem from a memo sent earlier this year by LSUC treasurer, Frank Marrocco. Writing to senior members of the Society, Mr Marrocco announced that:
"I want to look into whether our rules unduly or unreasonably restrict law firms from financing themselves in ways that are available in a modern capital market."
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