Legaladvice来自律所的投资意见.docVIP

Legal advice 来自律所的投资意见Aug 21st 2008From The Economist print editionShould you buy shares in a law firm?你应该投资律师事务所的股票吗?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.若能持股欧美大律师事务所，那将是一笔利润可观的投资。当其他大公司苦苦挣扎的时候他们却能一枝独秀,其收入拥有两位数的傲人增长.美国最大的律师事务所之一, 贝克麦坚实公司刚刚宣布年收入增长20%, 并首次突破20亿美元.英国四大法律事务所也公布了不低与15%的平均收入增长, 其收入均超过10亿英镑(约合18.5亿美元)大关.Investing 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. 如今, 向这些律师行投资并不是白日做梦.去年英国修改了法律, 允许律所在私人合伙制之外使用商业模式, 并允许外来投资,也许可首次公开募股.这些律师行还需要等待新的监管者---法律事务委员会---的到来,但是一切可望在2011年到位.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. Companies could also use the money from a flotation to expand abroad more rapidly, or to poach talented lawyers from rivals.上市对于律师事务所的业务有重大的影响. 2007年5月, 澳大利亚斯来托高顿事务所大肆挥霍上市募得的资金, 一年之内吞并了六家规模较小的对手. 该公司自首次公开募股以来股价上升了五成.律师事务所还可以利用发行股票募得的资金更快的扩张海外市场, 或从竞争对手那里高薪聘请有才华的律师.Law firms have high profit margins (typically 20-40%), grow rapidly when the economy is buoyant and are resilient in downturns. Big international firms have litigation and financia