Thursday, May 19, 2011

Jacoby & Myers files suits in New York, New Jersey, and Connecticut challenging nonlawyer ownership and investment restrictions

The ABA's Model Rule of Professional Conduct 1.17 bars sale of a law practice to anyone other than a lawyer or law firm.  Model Rule 5.4 bars sharing of fees with a non-lawyer, and bars "partnership with a non-lawyer if any of the activities...consist of the practice of law."

Jacoby & Myers has challenged the bar in complaints filed ins everal jurisdictions.  The New Jersey complaint is HERE.

Isn't it remarkable that only a lawyer can own a law firm when anyone can own a hospital? Although I practiced as a small firm owner, isn't it logical to believe that a better-financed lawyer - one backed by an owner with substantial resources - is more likely to deliver competent services than a thinly-financed solo or small firm firm?
Legal Ethics Forum: Law firm files suits in New York, New Jersey, and Connecticut challenging nonlawyer ownership and investment restrictions

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