You can now now root Android 5.0 Lollipop on all Nexus devices

Have you been holding off updating to Android 5.0 Lollipop in fear of losing your root access? Fortunately there is no need to worry anymore as ChainFire, has managed to obtain administrator privileges on all modern Nexus devices, including the Nexus 4, Nexus 5, Nexus 7 (2012 and 2013), Nexus 9, and Nexus 10.

Despite initial fears that Lollipop maybe harder to root than previous versions of Android, it would appear that it's not actually impossible. For now the root is limited to Nexus devices though, so it remains to be seen if  devices from other manufacturers like Samsung and LG will also be rootable.

Keep in mind that you may have to unlock your Nexus device bootloader, and flash a fastboot image in order to obtain root. It is not recommended that you continue if you are not familiar with these processes. If you understand the risks, it should be pretty simple and you can follow the source links to get started.

source - XDA Dev | Chainfire (Google+)