Float if you like, but what's in it for clients?

An article in The Times today about Dickinson Dees' plans to list on the stock market when the Legal Services Bill comes into force caught my eye this morning. (You can read the article here.)

In all this debate about the Bill, private equity stakes, floating law firms and so on, commentators talk about releasing capital for cash-starved equity partners, unlocking share option possibilities for staff, massive profit margins for investors and other supposed benefits.

But what is in it for the client? I wonder whether we are losing sight of the original purpose of the Clementi report, which was ostensibly about serving the public interest (later translated by the government into consumer interest).

External investment is only worth doing if it helps a law firm deliver what clients need more effectively.