ABA investigates limited ownership of law firms by non-lawyers
The ABA is currently considering the implications of opening firms to outside investment.
It was over a decade ago that the New York State Bar Association joined with other state bar associations to reject an ABA proposal to allow non-lawyer ownership in firms. The associations reasoned that such a move would compromise the integrity and independence of law firms.
The proposal currently being considered by the ABA would allow non-lawyers to own a stake in law firms, but would require that lawyers maintain a controlling financial interest and voting rights in the firm. The proposed model would not allow non-lawyers to have their own clients or offer non-legal services to clients.
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