You have a point,since the M5 is a fixed blade. I carry mine routinely in CA when I tote my day pack, or any pack for that matter, but it is in the pack, not on my person.

As a practical matter, I somehow doubt that an arresting officer would make a big deal out of an M5 carried on body, unless the context of the encounter was such that other factors suggest that you are up to no good.

A very capable folder that could sub for the M5 would be the Gerber LST, about a two inch blade. I have carried one of those in my pack as well as a backup. And I wouldn't snivel at the SAK Classic, as well.