Lawsuits Seek to Open Up the Legal Biz (Law Firms Ownership)
This is a discussion on Lawsuits Seek to Open Up the Legal Biz (Law Firms Ownership) within the Law News forum, part of the FORUM INFORMATION category; Pressure is building in the business to let law firms raise capital from nonlaywers. Yesterday, plaintiffs' firm Jacoby & Meyers ...
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May 19th, 2011, 09:50 AM
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Lawsuits Seek to Open Up the Legal Biz (Law Firms Ownership)
Pressure is building in the business to let law firms raise capital from nonlaywers. Yesterday, plaintiffs' firm Jacoby & Meyers filed suits in New York, New Jersey and Connecticut claiming that their state rules barring outsiders from owning stakes in firms unconstitutionally restricts interstate commerce.
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May 19th, 2011, 03:32 PM
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Re: Lawsuits Seek to Open Up the Legal Biz (Law Firms Ownership)
Australia and England have enacted laws allowing nonlawyers to own stakes in law firms, and legislation is pending in North Carolina that would likewise permit law firms to raise capital from nonlawyers. The American Bar Association is exploring the issue of relaxing the outside ownership rules, which some lawyers consider outdated.
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May 20th, 2011, 09:35 AM
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Re: Lawsuits Seek to Open Up the Legal Biz (Law Firms Ownership)
The DC rule is not well described. But the article does touch on a tricky issue that could influence what happens next. If an Australian firm goes public, and wants to open an office in NYC, whose law governs? Does the NY bar rule mean that the Australian form is forbidden from opening the NYC office?
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