Jacoby & Meyers challenges partnership model in US courts
Jacoby & Meyers is making a challenge to state laws that prevent non-lawyers from owning stakes in law firms. According to the firm, the restrictions have restricted its ability to raise capital to cover technology and expansion costs, and have hampered it in providing affordable legal services to its working-class clients.
The partnership model, under which a firm is owned by its most senior lawyers, is designed to ensure professional independence and accountability.
Jeffrey Carton, the law firm's counsel, explained that the litigation targets New York, New Jersey, and Connecticut, but that the litigation could have a wider impact, since the relevant laws are essentially the same across all US states.
Read more at online.wsj.com.comments powered by Disqus