The German Bar Association is threatening any UK law firm that has an office in Germany with severe sanctions if they take advantage of the Clementi proposals to take in external investment. Here's a link to an article in The Lawyer on this.
Does this mean the death of the unified law firm? Will they start to imitate Baker & McKenzie and adopt the Swiss Verein as their new corporate form? The accounting firms have found this structure useful.
We know the US legal profession already has its preventative measures in place. Will other countries follow the German lead? Is the backlash starting?