From law firm to stock exchange listed law practice: an examination of institutional and regulatory reform

This article examines the institutional reforms that, among other things, brought about the listing of two law practices on the Australian Stock Exchange. Using the framework for institutional change developed by Greenwood, Suddaby and Hinings, the article examines socio-economic changes that led to government regulatory reform. It examines the conflicting norms found in traditional professional practice with the institutions of corporate law and the stock exchange. After a thorough examination of the reforms and the two distinctive listed law practices, it then evaluates the reforms in terms of the profession, the administration of justice and economics.